Thai Govt Eases Calls For Action On Baht

[how241]

Ok, so the Baht dropped 1% and it immediately appreciated 1/2% from that low. Now just because there was a "blip" in Forex trading does not mean a trend has started and this news will not help.

+1

[lee b]

Please give me more THB for my money. I only have a little to start with !!

[rijb]

"... Prime Minister Yingluck Shinawatra and BOT Governor Prasarn Trairatvorakul also attended the meeting."

An unavoidable interruption to shopping. And I wonder what the PM learned at the meeting?

She learned lots of new words and phrases, such as monetary policy, economic conditions, inflation-linked bonds, currency speculation, foreign capital, budget deficit, bond market, investment, volatility, etc

- all good stuff for her to Google later.

Ooh! You big strong men are so smart.

It's so clever how you two use arrogant misogyny to shed light on the Thai baht situation.

[MaxYakov]

http://www.exchange-rates.org/history/THB/USD/T

[JetsetBkk]

"... Prime Minister Yingluck Shinawatra and BOT Governor Prasarn Trairatvorakul also attended the meeting."

An unavoidable interruption to shopping. And I wonder what the PM learned at the meeting?

She learned lots of new words and phrases, such as monetary policy, economic conditions, inflation-linked bonds, currency speculation, foreign capital, budget deficit, bond market, investment, volatility, etc

- all good stuff for her to Google later.

Ooh! You big strong men are so smart.

It's so clever how you two use arrogant misogyny to shed light on the Thai baht situation.

So, no sense of humour, then?

[epicstuff]

Wish I could track who was selling currency and when . I'm sure certain goverment and banking individuals will be buying a lot of foriegn currency just at the point it all goes the other way. Very unfair everyone else has to do it blind. I moved loads of cash out a couple of years back when it fell from 70 to 64 or there abouts, only to find it carried on dropping, then I ran out of cash and had to bring much of it back in at a sh*t rate, waste of bloody time........ sods law the bank interest rates also change at unfavourable times from one country to another.

[robert888d]

It is a great time for rich THAIS to secrete their ill-gotten gains in England, Europe, USA Aand Swiss Banks...pride always leads to a FALL !

[jimbeam1]

Whilst Thailand is happy to see the baht grow stronger and stronger Australia is working overtime to try and bring the strong aisssie dollar down. Tourism, local manufacturing and exports are suffering. The car industry is in danger of going under and job loses are on the rise. It is putting a strain on the government purses. The strong dollar is good for aussies travelling abroad and expats but back home it is not so rosie.

what makes you think "Thailand is happy to see the Baht grow stronger and stronger?" did you conduct a poll or interviewed "Thailand"?

For every winner there is a loser, I haven't heard the weak currency rich country argument in the long term.

in my [not so] humble view a rather ignorant uninformed opinion. but that's besides the point. my question was "what makes you think "Thailand is happy to see the Baht grow stronger and stronger?"

Please be gentle with me here. But would it be for the reason that they appear to have done nothing to curb it's rise?

jb1

[yourauntbob]

When will governments learn to let the markets work themselves out. Only more harm can come from Thailand printing more money to keep parity. For those out there that are going to scream "but if the baht gets too strong then our foreign currencies are going make it more expensive to live/travel here" remember that the only way for them to keep the currency value down is to print off more money. When they print off more money there will be more inflation and the cost of living/traveling here will be more expensive as well.

I remember on these forums last year people complaining about the increase in prices, you cant have it both ways.

[dcutman]

Ok, so the Baht dropped 1% and it immediately appreciated 1/2% from that low. Now just because there was a "blip" in Forex trading does not mean a trend has started and this news will not help.

-Baht dropped 3.3% vs GBP

-Baht dropped 2.6% vs USD

-€UR the Baht dropped 1.6% vs €UR

friday market closing, appreciation not applicable

a "blip" in forex trading does not last 2½ trading days (Asia opening april 24, NY close april 26).

Ok whatever you say NAAM,

[yourauntbob]

The strong dollar is good for aussies travelling abroad and expats but back home it is not so rosie.

Why isn't it so "Rosie" if you live there..?? Australia can now import all its consumer goods for the population cheaper than before (& it imports most).

Yes the mining Industry is not getting as many Billions as it did last year with the strong $Aus---however do not go thinking that a strong currency is automatically bad for its citizens. I think your find that most Americans--both inside & outside of the USA, would wish back to the days when the strong $USA, was what we all traded in. What most people are complaining about the strong baht on this forum is that they do not get paid in it.

If a country was impoting all thier consumer goods do you think that would be good for the country? A lot of money flowing out and not much comming in. When the local farms and manufacturers go under and staff are put on the welfare line then who is going to purchase all the imported goods when there is no money.

Yes, other countries are giving us valuable resources for, in all reality, paper.

If I wanted to clean your house for you at a very cheap price, would you complain that I am putting you out of work? Or would you go out and find more productive things to do?

[Naam]

Don't suppose it has occured to them that sooner or later the investors will want to sell these bonds and get there money back plus interest!

that's what every investor wants

[metisdead]

Off topic posts and replies have been removed.

[waza]

"Finance Minister Kittiratt Na-Ranong has again stepped up pressure on the Bank of Thailand,"........Share manipulators should be subject to civil penalties as well as criminal punishment, says Finance Minister Kittiratt Na-Ranong.............March 20 Thailand's baht currency surged to a record high in five years today, compelling the jittery finance minister to discuss a possible intervention by the central bank.............Thai Finance Minister Calls on Central Bank to Cut Policy Rate..............."I think of changing the BoT chief everyday," Mr Kittiratt said.

After months of slagging the BOT and its chief, "Kittiratt says measures may no longer be needed as currency's rise loses steam". Why wont they be needed?

"Meanwhile, the Finance Ministry will stop issuing inflation-linked bonds as they have been attractive among foreign investors, putting added pressure on the appreciating baht...........Finance permanent secretary, said that of the Bt50-billion bonds issued, about Bt40 billion were inflation-linked bonds, and that foreign investors had bought up 60 per cent of these."

Will he be calling for his own resignation now that he finds that his own department is helping "cause the baht to appreciate further." But these bonds are needed to fund the PTP governments program of debt............"Areepong said the issuing of bonds was necessary for the government's budget deficit,"

More of the PTP governments economic miracle

Edited April 27, 2013 by waza

[JGV]

Who I wonder has made huge profits over buying up cheap dollars

Give you a clue

T******

[Breville]

"So which of the previous PMs were fully conversant with all aspects of
government finance and did not need to have advice from specialists, oh
silly me, you must all be talking about Abhisit and Suthep lol.".....Cannot believe there are actually people out there who defend this shop-a-holic fraud and compare her to real politicians. I dread running into this type when I visit my local for a beer.

[ginjag]

Keep your rice stored till it all rots, crazy. Maybe at sometime they will be able to export at a competative price.

[wackysleet]

Breville.

Try to read, inwardly digest, and understand the English language and point out where I defended Yingluck against any other past PMs. Nowhere did I show support for Yingluck.

As for dreading meeting me or anyone with an open mind then have no fears, that would never happen as I avoid stupid westerners like the plague and with a closed mind like yours then discussion would definitely not take place.

[Westaurel]

Yeah it's increasing back ! Good hopping it continue gradually increasing and no more down !

[Thai at Heart]

Whilst Thailand is happy to see the baht grow stronger and stronger Australia is working overtime to try and bring the strong aisssie dollar down. Tourism, local manufacturing and exports are suffering. The car industry is in danger of going under and job loses are on the rise. It is putting a strain on the government purses. The strong dollar is good for aussies travelling abroad and expats but back home it is not so rosie.

what makes you think "Thailand is happy to see the Baht grow stronger and stronger?" did you conduct a poll or interviewed "Thailand"?

For every winner there is a loser, I haven't heard the weak currency rich country argument in the long term.

in my [not so] humble view a rather ignorant uninformed opinion. but that's besides the point. my question was "what makes you think "Thailand is happy to see the Baht grow stronger and stronger?"

What makes you think there isnt a massive opinion the other way.

I have written many reasons why a stronger baht doesn't feed 100% to an exporters bottom line in increased costs, for the simplest reason that Thailand is not(other than agriculture) a primary producer of anything.

The imported component (not forgetting fuel) in any exported product is very high. So it isn't a simple case of strong baht bad, weak baht good at all.

From my perspective, I spend a lot on fuel for business, and wouldn't fancy pump prices to go up by 20%. Just imagine what that does to logistics costs?

Every bit of steel in a Toyota is imported for example. When economies grow, wealth increases in a country so, a currency strengthens. Balancing inflation with currencies is a complex job. They managed the currency value once before, look where that got them.

Edited April 27, 2013 by Thai at Heart

[Thai at Heart]

When will governments learn to let the markets work themselves out. Only more harm can come from Thailand printing more money to keep parity. For those out there that are going to scream "but if the baht gets too strong then our foreign currencies are going make it more expensive to live/travel here" remember that the only way for them to keep the currency value down is to print off more money. When they print off more money there will be more inflation and the cost of living/traveling here will be more expensive as well.

I remember on these forums last year people complaining about the increase in prices, you cant have it both ways.

Hooray. Finally someone who gets it. Let's just devalue the baht to save something, whilst every drop off oil in the country is imported, for example.

Great strategy. Anyone vote for 20% more expensive oil at the pumps?, which feeds into the cost of absolutely everything.

Edited April 27, 2013 by Thai at Heart

[Thait Spot]

He's a bit bipolar is mister White Lie.

Gone from wanting to sack the governor to agreeing wholeheartedly with him

[Thai at Heart]

He's a bit bipolar is mister White Lie.

Gone from wanting to sack the governor to agreeing wholeheartedly with him

Indeed. There is little or nothing Thailand can do to fight this problem without having domestic inflation run further out of control.

[Soi Sauce]

The Gov, are shipping money overseas, and will, deliberatly, make fortunes when it collapses.

2.2 trillion bahtr @ 30 to the dollar?

How much is that worth @ 28?

[dickyknee]

2.2 trillion bahtr @ 30 to the dollar?

How much is that worth @ 28?

2.2 trillion baht.

[pacman32]

When will governments learn to let the markets work themselves out. Only more harm can come from Thailand printing more money to keep parity. For those out there that are going to scream "but if the baht gets too strong then our foreign currencies are going make it more expensive to live/travel here" remember that the only way for them to keep the currency value down is to print off more money. When they print off more money there will be more inflation and the cost of living/traveling here will be more expensive as well.

I remember on these forums last year people complaining about the increase in prices, you cant have it both ways.

Yes a strong baht should keep the price of import goods down in country but in reality prices of all import goods plus most home grown items have gone up considerably over the last 2-3 years...............so it would seem someone else has been pocketing the difference. The cost of living in Bangkok is comparable with living in England now and we have just narrowly avoided a triple dip.

Plainly a lot of money has been moving out of Thailand at high rates and will no doubt not return until the baht falls back to a more sustainable value. Certain people will certainly be making a killing in the near future.

I wonder what percentage of investment Frank has made and how much of his mass wealth has been moved out nearer his current base..........Maybe when he gets the ok to again take up residence back in Thailand we will see the baht suddenly drop to older levels to enable his capital to be returned with huge gains......Mass manipulation of finances for the rich and naff all for the poor.

[puukao]

This is classic. Make people sell the baht, while the gov't BUYS more. This is like saying, "I hate McD stock...SELL, SELL." So, the dumb money sells. the person that said sell is actually buying, but needed more suckers to sell to them.

don't be a sheep!!! wake up!!! buy the baht!!!!! make millions, it's easy.....

[belg]

i did i thaiiiiiiiiiiiiiiiiiiiiiiii wayyyyyyyyyyyyyyyyyy ... just do nothing, the problem will go away by itself, same as the flood prevention, just do nothing, pass to start, collect the cash and next round is up

[GeorgeO]

well at least some people made huge amount of money with this bath/USD issue.

If there was any currency speculation right now it would be in selling the Thai Baht, not buying it, and that would have the effect of slowing down the rise in the Thai Baht, thereby causing exactly the sort of 'blip' that we have just seen. Any analyst worth his salt would suggest that this indicates currency speculation....!

[TheGhostWithin]

-Baht dropped 3.3% vs GBP

Ok, so the Baht dropped 1% and it immediately appreciated 1/2% from that low. Now just because there was a "blip" in Forex trading does not mean a trend has started and this news will not help.

-Baht dropped 2.6% vs USD

-€UR the Baht dropped 1.6% vs €UR

friday market closing, appreciation not applicable

a "blip" in forex trading does not last 2½ trading days (Asia opening april 24, NY close april 26).

I'm sorry Naam, hate to pick on you, but a 2.5 day move does not necessarily constitute a long term trend reversal either - it could just be institutional investor(s) taking profits. The strengthening Baht is a very long term trend against almost all currencies, and is undeniable over a period of years.

I currently a currency trader, and have done well (though that's speculation without proof I guess ).

Edited April 28, 2013 by TheGhostWithin