webfact Posted February 18, 2013 Share Posted February 18, 2013 BoT introduces three measures to tackle strong baht BANGKOK, 18 February 2013 (NNT) - The Bank of Thailand (BoT) has revealed three measures to tackle the strong baht, all aimed at encouraging baht holders to use the baht to buy more foreign currencies. The BoT is reportedly in the process of authorising three measures to weaken the baht. The first measure is to lift the limit on the amount of investment that SMEs and individual investors can invest in foreign properties. Earlier SMEs and individual investors had to ask for authorisation from the BoT for any investment larger than 50 million US dollars. The second measure is to allow those with loans in foreign currencies to buy and deposit foreign currencies in their accounts, in amounts no larger than the size of their loans. The third measure is to lift the limit on the amount of money that may be transfered outside of the country, previously capped at 2,000 US dollars per transaction. The measure will allow transfers of funds of any amount according to the transferer's need, subject to authorisation by the BoT. The measures came after the Finance Ministry pressured on the BoT to urgently solve the problem of the strong baht. Commenting on the current situation, Assistant to the BoT Governor on Financial Markets, Chantawan Sucharitkul said that there would still be an influx of capital into the country in April, but the it would not be as strong as that in March. As for capital control measures, Ms Chantawan said the BoT "does not consider a capital control measure appropriate at this point", pointing out that the BoT has different levels of measures suitable for different levels of imbalances. -- TNA 2013-02-18 1 Link to comment Share on other sites More sharing options...
mccw Posted February 18, 2013 Share Posted February 18, 2013 The words drop and ocean spring to mind Link to comment Share on other sites More sharing options...
Naam Posted February 18, 2013 Share Posted February 18, 2013 The third measure is to lift the limit on the amount of money that may be transfered outside of the country, previously capped at 2,000 US dollars per transaction. ¿¿¿ ??? 2 Link to comment Share on other sites More sharing options...
Pib Posted February 18, 2013 Share Posted February 18, 2013 Where it mentions the previous limit of 2,000 USD per outgoing transaction....I guess going above the $2000 threshold was where paperwork out the arse and approval by some banking god was required. Once again it shows this is indeed the Land of Smiles for "incoming" money; but for outgoing money it turns into the Land of Frowns. 1 Link to comment Share on other sites More sharing options...
IMA_FARANG Posted February 18, 2013 Share Posted February 18, 2013 The words drop and ocean spring to mind ----------- I would prefer the term pi--ing into the wind as more direct .... because it all just blows back in your direction eventually anyhow, doesn't it? Link to comment Share on other sites More sharing options...
lemoncake Posted February 18, 2013 Share Posted February 18, 2013 I am not very good at economics but do not really understand how these 3 measures would weaken the baht. May be someone can explain Link to comment Share on other sites More sharing options...
Naam Posted February 18, 2013 Share Posted February 18, 2013 Where it mentions the previous limit of 2,000 USD per outgoing transaction....I guess going above the $2000 threshold was where paperwork out the arse and approval by some banking god was required. Once again it shows this is indeed the Land of Smiles for "incoming" money; but for outgoing money it turns into the Land of Frowns. "outgoing transaction" makes sense Pib. "transfered outside of the country" does not. Link to comment Share on other sites More sharing options...
Baerboxer Posted February 18, 2013 Share Posted February 18, 2013 Quite uesful though if you happen to be an individual sitting on a large amount of Thai Baht who wants to move some out of the country - into USD,GBP,EUROS, SF or whatever. Build up the foreign cash and investments, just in case of a rainy day sometime. Get the idea some might want to do this, so change the rules and take advantage whilst its strong, and getting stronger. 1 Link to comment Share on other sites More sharing options...
Locationthailand Posted February 18, 2013 Share Posted February 18, 2013 I gave up on the Thai banking system and only bring in from my multi currency accounts offshore exactly what I need. There is no way I will use a bank here to receive funds, I leave that to intelligent banks offshore. 1 Link to comment Share on other sites More sharing options...
wirat69 Posted February 18, 2013 Share Posted February 18, 2013 Hmmm, will that affect the Baht to Emirati Dirham exchange rate? Certainly make it easier to turn graft into foreign domiciled bricks and mortar!! Link to comment Share on other sites More sharing options...
khunken Posted February 18, 2013 Share Posted February 18, 2013 The $2,000 limit is news to me. I transferred $20,000 not many months ago from my local Thai Baht account - no questions asked. I suppose it's possible that the bank had to get BOT approval but they didn't mention it to me. Link to comment Share on other sites More sharing options...
Gonsalviz Posted February 18, 2013 Share Posted February 18, 2013 The third measure is to lift the limit on the amount of money that may be transfered outside of the country, previously capped at 2,000 US dollars per transaction. ¿¿¿ ??? I think it is maybe 20,000. Same as you can carry in and out. 2,000 is nothing. Link to comment Share on other sites More sharing options...
Gonsalviz Posted February 18, 2013 Share Posted February 18, 2013 I gave up on the Thai banking system and only bring in from my multi currency accounts offshore exactly what I need. There is no way I will use a bank here to receive funds, I leave that to intelligent banks offshore. I use it all the time. Never had a problem. KBank. 1 Link to comment Share on other sites More sharing options...
how241 Posted February 18, 2013 Share Posted February 18, 2013 I am not very good at economics but do not really understand how these 3 measures would weaken the baht. May be someone can explain +1 Link to comment Share on other sites More sharing options...
jts-khorat Posted February 18, 2013 Share Posted February 18, 2013 The $2,000 limit is news to me. I transferred $20,000 not many months ago from my local Thai Baht account - no questions asked. I suppose it's possible that the bank had to get BOT approval but they didn't mention it to me. What the bank usually does, is breaking the transaction down into smaller parts under the limit. In typical Thai logic, those transactions do not get tracked, even when it is obvious to anybody that this is purely to circumvent the rules. Link to comment Share on other sites More sharing options...
davidstipek Posted February 18, 2013 Share Posted February 18, 2013 (edited) The words drop and ocean spring to mind What is good in any country.... Anything come to mind? How about Gold?? If your funds are in a Bank here... Good! and you have a Debit Card issued from this Thai Bank... There are plenty of Chinese Gold Merchants who will GLADLY accept your card any day of the week! Now is a good time to Purchase Gold! You can keep in Security Box wherever you choose. Then when you deside to sell it transfer it into the currency of your Choice..... Many ways to exit with it then... Correct? You can walk into any Bank and as an example ask them to transfer to your account this ammount of USD's, for a fee they will, it is not deposited with their Bank so no approval is needed. If asked where it came from... Hey! I just sold my XXXX or there is an internation Gold Firm that name starts with Au..... Deposit it with them and when you arrive wherever withdraw it in the currency of your demand... You just need certificate showing legal Ownership... When you play with the Big Boys.... Play with the same Toys.... (funny as I was typing someone was trying to read.. before I posted! Got very Hard to type words correctly! Glad I have double Firewalls! and use wireless that server is in Bangkok and I am.... ) Edited February 18, 2013 by davidstipek Link to comment Share on other sites More sharing options...
Joe Mamma Posted February 18, 2013 Share Posted February 18, 2013 The words drop and ocean spring to mind What is good in any country.... Anything come to mind? How about Gold?? If your funds are in a Bank here... Good! and you have a Debit Card issued from this Thai Bank... There are plenty of Chinese Gold Merchants who will GLADLY accept your card any day of the week! Now is a good time to Purchase Gold! You can keep in Security Box wherever you choose. Then when you deside to sell it transfer it into the currency of your Choice..... Many ways to exit with it then... Correct? You can walk into any Bank and as an example ask them to transfer to your account this ammount of USD's, for a fee they will, it is not deposited with their Bank so no approval is needed. If asked where it came from... Hey! I just sold my XXXX or there is an internation Gold Firm that name starts with Au..... Deposit it with them and when you arrive wherever withdraw it in the currency of your demand... You just need certificate showing legal Ownership... When you play with the Big Boys.... Play with the same Toys.... (funny as I was typing someone was trying to read.. before I posted! Got very Hard to type words correctly! Glad I have double Firewalls! and use wireless that server is in Bangkok and I am.... ) Yes, gold and platinum, all are portable real estate that can travel and spend most places nowadays. I notice that many large modern countries are printing their currencies with a frenzied urgency. They are buying gold reserves to hedge this printing bonanza. This and many new and emerging countries ability to pay and trade gold have made it a contender to make currencies worthless? Or is a global gold standard in store? What if a selling frenzy of gold happens, will it's price stay stable? Or will it be a panic market that causes?? Link to comment Share on other sites More sharing options...
Locationthailand Posted February 18, 2013 Share Posted February 18, 2013 (edited) I gave up on the Thai banking system and only bring in from my multi currency accounts offshore exactly what I need. There is no way I will use a bank here to receive funds, I leave that to intelligent banks offshore. I use it all the time. Never had a problem. KBank. I use SCB, dropped UOB as a waste of space and now have Bangkok Bank. KBank has been recommended to me by quite a few. Next contract in, I will give them a run but my pet complaint is they exchange my currencies on receipt into Baht and I get paid in all manner of currencies. As an e.g. I did a Japanese contract and was paid, then the Tsunami and the Yen tanked. I held that as Yen in my HK accounts until it rose and in fact now exchanged it to HKD and made money. I can't do that with Thai banks that I am aware of. Thanks for the heads up. Edited February 18, 2013 by Locationthailand Link to comment Share on other sites More sharing options...
Naam Posted February 19, 2013 Share Posted February 19, 2013 I use SCB, dropped UOB as a waste of space and now have Bangkok Bank. KBank has been recommended to me by quite a few. Next contract in, I will give them a run but my pet complaint is they exchange my currencies on receipt into Baht and I get paid in all manner of currencies. As an e.g. I did a Japanese contract and was paid, then the Tsunami and the Yen tanked. I held that as Yen in my HK accounts until it rose and in fact now exchanged it to HKD and made money. I can't do that with Thai banks that I am aware of. Thanks for the heads up. please check your records. if you "in fact now exchanged it to HKD" you did not make any money but lost. several months after the tsunami till september last year you could buy HKD 1 for JP¥ 10, "now" you have to pay 20% more, i.e. JP¥ 12 for HKD 1. Link to comment Share on other sites More sharing options...
alanferdi Posted February 19, 2013 Share Posted February 19, 2013 The words drop and ocean spring to mind Thailand still groping in dark! Exports drop, housing booming but less foreign buyers, why? Thnk you fellas! Dont think chinese... The world still exsists without them Link to comment Share on other sites More sharing options...
belg Posted February 19, 2013 Share Posted February 19, 2013 so sad to see in the 21st century, with those perky double standards... so business here and individuals can invest all they have in property abroad, but a farang cannot even own 100% of his business or 1 rai of land to build HIS house with HIS money, because all of that can either be taken away by the government itself or your dear old misses that would go crazy and kick you out of YOUR investment and life savings, any time she desires Link to comment Share on other sites More sharing options...
Naam Posted February 19, 2013 Share Posted February 19, 2013 Thailand still groping in dark! Exports drop, housing booming but less foreign buyers, why? Thnk you fellas! Dont think chinese... The world still exsists without them = excellent professional statement! Link to comment Share on other sites More sharing options...
mccw Posted February 19, 2013 Share Posted February 19, 2013 so sad to see in the 21st century, with those perky double standards... so business here and individuals can invest all they have in property abroad, but a farang cannot even own 100% of his business or 1 rai of land to build HIS house with HIS money, because all of that can either be taken away by the government itself or your dear old misses that would go crazy and kick you out of YOUR investment and life savings, any time she desires Boo hoo Buy a condo if you can't afford the risk. Link to comment Share on other sites More sharing options...
BrianCR Posted February 20, 2013 Share Posted February 20, 2013 Want to weaken the Baht? No problem just copy the weakening process of 1997 - take all the funds out of a major bank (Bangkok Bank of Commerce), let the bank go bankrupt, add all the unpaid debt and wallop!! The baht becomes worthless - problem solved!! Link to comment Share on other sites More sharing options...
reflectionx Posted February 20, 2013 Share Posted February 20, 2013 ROFLMAO, IT'S ALREADY WORKING: Baht Advances for a Second Day http://www.bloomberg.com/news/2013-02-20/baht-advances-for-a-second-day-as-german-data-boosts-risk-taking.html Thailand’s baht rose for a second day and government bonds advanced after stronger-than-estimated German data and gains in global stocks improved risk appetite ahead of the central bank’s meeting on interest rates. Link to comment Share on other sites More sharing options...
fletchsmile Posted February 20, 2013 Share Posted February 20, 2013 so sad to see in the 21st century, with those perky double standards... so business here and individuals can invest all they have in property abroad, but a farang cannot even own 100% of his business or 1 rai of land to build HIS house with HIS money, because all of that can either be taken away by the government itself or your dear old misses that would go crazy and kick you out of YOUR investment and life savings, any time she desires Always worth bearing in mind: - Thailand is a couple of centuries behind in some things in terms of development - Thailand is only in the 21st century when measured from a western viewpoint of what day it is today for you in Thailand by a western calendar - While large parts of the west run their societies based on 21st century western principals for everyone in their country, Thailand still has many elements of society which are feudalistic in nature, running the country based on a large exploited peasant population and limited rights for foreign visitors Link to comment Share on other sites More sharing options...
mccw Posted February 20, 2013 Share Posted February 20, 2013 so sad to see in the 21st century, with those perky double standards... so business here and individuals can invest all they have in property abroad, but a farang cannot even own 100% of his business or 1 rai of land to build HIS house with HIS money, because all of that can either be taken away by the government itself or your dear old misses that would go crazy and kick you out of YOUR investment and life savings, any time she desires Always worth bearing in mind: - Thailand is a couple of centuries behind in some things in terms of development - Thailand is only in the 21st century when measured from a western viewpoint of what day it is today for you in Thailand by a western calendar - While large parts of the west run their societies based on 21st century western principals for everyone in their country, Thailand still has many elements of society which are feudalistic in nature, running the country based on a large exploited peasant population and limited rights for foreign visitors If Thailand is a nation of exploited peasants then west must just be nations of peasants with ability to rack up debts. Further I'd say the Thai peasants have considerably more freedom than their western counter parts. 1 Link to comment Share on other sites More sharing options...
mccw Posted February 20, 2013 Share Posted February 20, 2013 (edited) The unrestricted property ownership in west is terrible for local people and one of the reason things are such s mess. Although Thai law bad for Joe falang small cash. It is muchthe best for the thThai nation Edited February 20, 2013 by mccw Link to comment Share on other sites More sharing options...
yoshiwara Posted February 21, 2013 Share Posted February 21, 2013 The unrestricted property ownership in west is terrible for local people and one of the reason things are such s mess. Although Thai law bad for Joe falang small cash. It is muchthe best for the thThai nation drivel. Link to comment Share on other sites More sharing options...
yoshiwara Posted February 21, 2013 Share Posted February 21, 2013 so sad to see in the 21st century, with those perky double standards... so business here and individuals can invest all they have in property abroad, but a farang cannot even own 100% of his business or 1 rai of land to build HIS house with HIS money, because all of that can either be taken away by the government itself or your dear old misses that would go crazy and kick you out of YOUR investment and life savings, any time she desires Your opinion, even if genuinely held, is not likely to impact on the strength of the Thai baht in 2013. Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now