Baht Strengthens After No Measures Applied To Curb Currency Rise

[webfact]

Baht strengthens after no measures applied to curb currency rise
By Digital Media

BANGKOK, April 29 - Thai baht risen early today after no clear measures being taken to rein in the currency following Friday's meeting between the Finance Ministry, the Bank of Thailand (BoT) and related agencies.

The baht this morning stood at 29.23-29.25 against US dollar, stronger than Friday evening when it was at 29.36-29.38 baht/dollar, according CIMB Thai Bank officials.

The baht movement was expected to be 29.15-29.30 baht/dollar, while other factors that contribute to the currency appreciation are to be monitored.

Meanwhile, Federation of Thai Industries (FTI) Chairman Payungsak Chartsutipol and other FTI members will meet with BoT Governor Prasarn Trairatvorakul tomorrow to discuss the baht situation.

FTI still intends to propose its five recommendations to address the baht's strength for central bank consideration, including a key interest rate reduction by one percentage point and measures to stem capital inflows. (MCOT online news)

-- TNA 2013-04-29

[Thai at Heart]

But yesterday it was OK.

Maybe if they give enough mixed messages the market will pull money anyway. Job done.

[laurentbkk]

ridiculous ...... at least the very high bath is profitable for those investing abroad such as big companies like CP for example.

[rotary]

I really think it should be around 40 to 42 on the US$ funny money currency

[livil]

sister in law comming to uk next week for a visit . she loves it !

[davejones]

I'm going to USA for 6 months in a few weeks time, so this is great news for me.

[Dap]

I really think it should be around 40 to 42 on the US$ funny money currency

Jai yen yen. These chickens will inevitably come home to roost.

Then maybe even better than 40/42. It will be a miracle if it doesn't.

IMO of course.

[skorchio]

yea, and when I am in europe using the Thai ATM card, I love it too. Taking out 200 euro or 200 quid is a joy.

that is until I have to replenish the Thai account ......

[tullynagardy]

Still weakening against the pound.

Currently at 45.55 - weakest its been for 3 months

[Robbie Dye]

Funny tho how the prices in shops/bars of imported British stuff doesnt get any cheaper!!

[ricku]

It is time to devalue the baht. Bring it down to where it was 30 years ago.

Thailand is known to be a cheap destination. Tourists and expats come here for easy and affordable living. A strong baht will turn people off.

Edited April 29, 2013 by ricku

[stingray]

I really think it should be around 40 to 42 on the US$ funny money currency

And pay 60+ Baht for one liter gasoline???

It should be 25 to the US, same as 20 year ago, when i first came here. Then i sell everyting and move back to Europe:-)

[IMA_FARANG]

But yesterday it was OK.

Maybe if they give enough mixed messages the market will pull money anyway. Job done.

------------------------

I'm not complaining to much.

Put my retirement funds into a Thai bank two years ago in Thailand at about 31 baht per dollar.

Just bought some dollars for a trip to Vietnam at 29,35 baht per dollar last week.

Not really a big difference, but I'll take the small gain I got on that money.

After all, as we Americans say, it's not much, but it's better than a swift kick in the a--.

Problem of course is that I'm retired and living on a fixed pension which is getting me less baht for the same dollars each month.

But so far I'm keeping my head above water.

[circusman]

I had money wired Friday to here. 28.8 is what I got.

[webfact]

Deputy PM/Finance Minister expresses satisfaction at baht weakening, asserts BoT will implement measures to protect baht if necessary/ MCOT

[HardenedSoul]

It is time to devalue the baht. Bring it down to where it was 30 years ago.

Thailand is known to be a cheap destination. Tourists and expats come here for easy and affordable living. A strong baht will turn people off.

More wisdom from the Muppet School of Economics.

Sure, let's devalue the baht to please plane loads of sex tourists and to hell with the runaway inflation and an already inflated real estate market.

If Western tourists or expats can't afford to visit/live here anymore, just stay/go home or somewhere their home currencies are worth a bit more than a roll of Andrex toilet paper.

Pretty simple

Edited April 29, 2013 by HardenedSoul

[schondie]

I wouldn't be surprised if this is being done so the elite can get their ill gotten gains into other currencies cheaply, and unfortunately at the expense of all the sort of people that support PTP, namely farmers, factory workers and the tourist industry.

As I earn a Thai salary it doesn't affect me as much the many workers involved in exports etc and many of the retired people that chose to make their home here. It looks like some will either have to tighten their belts or move back to their countries.

[Naam]

It is time to devalue the baht. Bring it down to where it was 30 years ago.

Thailand is known to be a cheap destination. Tourists and expats come here for easy and affordable living. A strong baht will turn people off.

hey genius!

30 years ago the Baht was 31% stronger than today

[Naam]

It is time to devalue the baht. Bring it down to where it was 30 years ago.

Thailand is known to be a cheap destination. Tourists and expats come here for easy and affordable living. A strong baht will turn people off.

More wisdom from the Muppet School of Economics.

Sure, let's devalue the baht to please plane loads of sex tourists and to hell with the runaway inflation and an already inflated real estate market.

If Western tourists or expats can't afford to visit/live here anymore, just stay/go home or somewhere their home currencies are worth a bit more than a roll of Andrex toilet paper.

Pretty simple

"Muppet School of Economics" is a very diplomatic expression for a genius who thinks we had a weak Baht 30 years ago.

[hellodolly]

This whole thread is ridicules. The small change in the exchange range is no more than we see in many days .

Some times it is up that much only to close down and other days it is down that much only to close up.

Besides until the recent strengthing run on the Baht Mondays were generally lower than the Friday close now we don't know what is going to happen.

the Government bickering about it is not helping.

As for 42 baht to the dollar well That would just mean prices going up in the 1/3 range.

Right now it is 29.02 on one exchange 29.2940 on another.

It opened at at 29.23-29.25 this morning.Up on one down on another. Unless you have very large amounts of money not worth worrying about.

[DDuval]

somebody change the record please.......

[Joe Mamma]

Let the market decide and worry about gold melting.

[BlackJack]

i used to get 16 baht to the OZ dollar and now its much better

bought bahts at 32

then put it in Thai funds

win win

Thailand says it wont interfere with the baht until it breaches 27 to the USD

If they lower the baht then exports improve - win win on the funds again

i hope

[Ricardo]

The other thread says that the market should decide the exchange-rate, this one has proposals for stemming capital inflows, and a serious cut in the interest-rate.

So which is it, guys ?

Thank heavens PTP aren't currently planning to run a party in a brewing-establishment, if only because they're against alcohol-consumption, this week !

[LuckyLew]

I wouldn't be surprised if this is being done so the elite can get their ill gotten gains into other currencies cheaply, and unfortunately at the expense of all the sort of people that support PTP, namely farmers, factory workers and the tourist industry.

+1

[geriatrickid]

It is time to devalue the baht. Bring it down to where it was 30 years ago.

Thailand is known to be a cheap destination. Tourists and expats come here for easy and affordable living. A strong baht will turn people off.

Tourism accounts for a small fraction of the GDP. Perhaps good for you, but other sectors of the economy are benefiting. Energy is one of the largest costs for Thailand and the strong baht has provided much needed relief for the manufacturing and petrochemical sector. This has also allowed some manufacturers to purchase heavy equipment that is foreign sourced. The Thai air transport sector is getting a much needed helping hand in respect to fuel and equipment purchases.

I find it surprising that so many TVF capitalists and proponents of free markets now want intervention ala socialist or liberal finance policies.

The baht will adjust downwards on its own. There is no need for intervention at this time.

[geriatrickid]

I wouldn't be surprised if this is being done so the elite can get their ill gotten gains into other currencies cheaply, and unfortunately at the expense of all the sort of people that support PTP, namely farmers, factory workers and the tourist industry.

As I earn a Thai salary it doesn't affect me as much the many workers involved in exports etc and many of the retired people that chose to make their home here. It looks like some will either have to tighten their belts or move back to their countries.

Yes, some foreign residents are having a hard time. However, some Thais that previously paid the price because of a weak baht are having a better time. I am one of those that has taken a hit. That's life. In a year or so, circumstances will be different.

[Hedghog]

Every time I go to the ATM it gives me money.

So I'm alright Jack.

[AnotherOneAmerican]

It is time to devalue the baht. Bring it down to where it was 30 years ago.

Thailand is known to be a cheap destination. Tourists and expats come here for easy and affordable living. A strong baht will turn people off.

30 years ago it was 25bht to the USD.

[lungmi]

It is time to devalue the baht. Bring it down to where it was 30 years ago.

Thailand is known to be a cheap destination. Tourists and expats come here for easy and affordable living. A strong baht will turn people off.

Tourism accounts for a small fraction of the GDP. Perhaps good for you, but other sectors of the economy are benefiting. Energy is one of the largest costs for Thailand and the strong baht has provided much needed relief for the manufacturing and petrochemical sector. This has also allowed some manufacturers to purchase heavy equipment that is foreign sourced. The Thai air transport sector is getting a much needed helping hand in respect to fuel and equipment purchases.

I find it surprising that so many TVF capitalists and proponents of free markets now want intervention ala socialist or liberal finance policies.

The baht will adjust downwards on its own. There is no need for intervention at this time.

You forget the rice and food exporters,no problem, rotten rice and toxic seafood (prohibited in EU) didn't need to be exported. Vietnam has better quality.