hellodolly Posted June 13, 2013 Share Posted June 13, 2013 If anyone is to blame for the volatility here it is Kittirat himself. Much of it is down to the US$ volatility but if Kittirat had actually concentrated on his own job instead of continually interfering with the BOT, the interest rate probably wouldn't have needed to be dropped. He's just playing politics and trying to put another lackey in charge of another largely independent organisation. I would love you to back this up with some explanation, especially the part about the interest rate probably wouldn't have needed to be dropped part. You are aware these things are fairly complex? Well said. That is exactly why he should never even been allowed to look at the job. Link to comment Share on other sites More sharing options...
jbrain Posted June 13, 2013 Share Posted June 13, 2013 (edited) Does Kittirat know anything about economics at all? Why he needs to know anything? He's a friend of Khun Thaksin, isn't that a good enough curriculum? Edited June 13, 2013 by jbrain 1 Link to comment Share on other sites More sharing options...
hellodolly Posted June 13, 2013 Share Posted June 13, 2013 "Mr Kittiratt said Thailand’s national reserves are much higher than other countries’ and it could be a vital mechanism in maintaining the baht movement to avoid volatility and ensure more stability." What has Thailand's high reserve of rotten rice got to do with it. Not my field at all but didn't the baht start to weaken when Moody's questioned there ability to manage money? Link to comment Share on other sites More sharing options...
jbrain Posted June 13, 2013 Share Posted June 13, 2013 “If the baht was not jacked up to Bt28 against the dollar, we would not have to encounter the weakened baht like today. The currency movement should be gradual instead of being strong for three months and weak for four months,” said the deputy prime minister. Doesn't the BoT realise how much the drop costs us when we have to sluice 2 trillion Baht out of Thailand . Link to comment Share on other sites More sharing options...
waza Posted June 13, 2013 Share Posted June 13, 2013 It seems the PTP cabinet of billionaires are in competition to see who is dumb, dumber and dumbest because it appears they are taking turns to make the most idiotic statements and perform the most embarrassing actions. Link to comment Share on other sites More sharing options...
jbrain Posted June 13, 2013 Share Posted June 13, 2013 "Mr Kittiratt said Thailand’s national reserves are much higher than other countries’ and it could be a vital mechanism in maintaining the baht movement to avoid volatility and ensure more stability." What has Thailand's high reserve of rotten rice got to do with it. Not my field at all but didn't the baht start to weaken when Moody's questioned there ability to manage money? Indeed when Moody's started questioning investors got wary and pulled out. If those investors had read Thaivisa a long time ago............. 1 Link to comment Share on other sites More sharing options...
lungmi Posted June 13, 2013 Share Posted June 13, 2013 The bloke has just proven himself to be an economic neanderthal. I will sue you for this posting. (in the name of neanderthal). Where is the court ? 1 Link to comment Share on other sites More sharing options...
stoffel45 Posted June 13, 2013 Share Posted June 13, 2013 As Ban Harn Silpa-Archa was slinking off to Suphan Buri and Mr Froggie was becoming Prime Minister and all the Ministers were 'cashing in as fast as their little legs would allow them. When the cranes were the most prominent items on the skylines of most Thai cities - when it was all "we are booming" - when the US Dollar, after years of stability weakened against a baht of doubtful strength, my friend in Bangkok told me, "Don't buy that apartment Stoffel - High Baht, Property Development out of control" - it's going to POP. And it did with a resounding WHOOOOOOSH - and that STRONG baht was suddenly 55 to the US$ and Big Jaew was looking at Casinos in Cambodia with a Telecomms guy by the name of Shinawatra. Today, the Property Developers are "Way Up There" - the Baht is strong - but no particular reason for it - do you think something's going to "POP?" 2 Link to comment Share on other sites More sharing options...
bigbamboo Posted June 13, 2013 Share Posted June 13, 2013 "Mr Kittiratt said Thailand’s national reserves are much higher than other countries’ and it could be a vital mechanism in maintaining the baht movement to avoid volatility and ensure more stability." What has Thailand's high reserve of rotten rice got to do with it. Not my field at all but didn't the baht start to weaken when Moody's questioned there ability to manage money? Indeed when Moody's started questioning investors got wary and pulled out. If those investors had read Thaivisa a long time ago............. Exactly. No TV.... no comment ! Link to comment Share on other sites More sharing options...
SICHONSTEVE Posted June 13, 2013 Share Posted June 13, 2013 "Mr Kittiratt said Thailand’s national reserves are much higher than other countries’ and it could be a vital mechanism in maintaining the baht movement to avoid volatility and ensure more stability." What has Thailand's high reserve of rotten rice got to do with it. Not my field at all but didn't the baht start to weaken when Moody's questioned there ability to manage money? Indeed when Moody's started questioning investors got wary and pulled out. If those investors had read Thaivisa a long time ago............. Its actually to do with whats happening over the pond in America as they are bringing money back in due to the improvement in their economy and changes in strategy. Link to comment Share on other sites More sharing options...
bigbamboo Posted June 13, 2013 Share Posted June 13, 2013 Maybe Thaksin could ask Korn to give Kittirat a few pointers in macroeconomics...... for the sake of the nation. OK Kitty will lose face but better that than the country losing a fortune. And while he's about it perhaps he could get on his knees and beg Korn for a few tips in how to manage what was the world's most successful rice export trade before that's completely ruined too. Link to comment Share on other sites More sharing options...
anon467848 Posted June 13, 2013 Share Posted June 13, 2013 You do wonder at times with muppets (sorry puppets) like him in senior ministerial positions, how the Thai economy is as strong as it's being purported to be. Link to comment Share on other sites More sharing options...
Eesat Posted June 13, 2013 Share Posted June 13, 2013 Maybe he should read some international press or watch some CNN or BBC ....he would note that $AUS & $NZD have also depreciated by 10%+ against the $US in the last couple of weeks....don't read about their finance ministers running around like a chock with no head The Kiwi Dollar has been the 3rd strongest performing currency against the US Dollar after the Mexican Peso and the Swedish Krona over the past 12 months.The Japanese Yen and the Euro have both appreciated against the US Dollar recently also. Link to comment Share on other sites More sharing options...
Eesat Posted June 13, 2013 Share Posted June 13, 2013 "Mr Kittiratt said Thailand’s national reserves are much higher than other countries’ and it could be a vital mechanism in maintaining the baht movement to avoid volatility and ensure more stability." What has Thailand's high reserve of rotten rice got to do with it. Not my field at all but didn't the baht start to weaken when Moody's questioned there ability to manage money? Indeed when Moody's started questioning investors got wary and pulled out. If those investors had read Thaivisa a long time ago............. Its actually to do with whats happening over the pond in America as they are bringing money back in due to the improvement in their economy and changes in strategy. Improvement in the US economy,seriously? I've heard very recently that the Federal Reserve is about to raise the amount of Quantitative Easing month-on-month,from the USD $85 billion it stands at now!Even the Eurozone is doing better than them which is why the Euro's rising again and heading straight for $1.35! Link to comment Share on other sites More sharing options...
Eesat Posted June 13, 2013 Share Posted June 13, 2013 "Mr Kittiratt said Thailand’s national reserves are much higher than other countries’ and it could be a vital mechanism in maintaining the baht movement to avoid volatility and ensure more stability." What has Thailand's high reserve of rotten rice got to do with it. Not my field at all but didn't the baht start to weaken when Moody's questioned there ability to manage money? Indeed when Moody's started questioning investors got wary and pulled out. If those investors had read Thaivisa a long time ago............. Exactly. No TV.... no comment ! Mr Kittiratt say Mr Moody him very bad Falang man,him Water Monitor! Link to comment Share on other sites More sharing options...
rametindallas Posted June 13, 2013 Share Posted June 13, 2013 come on, 35-1 My Sukhumvit tailor wants 36 to one for his business to return to 'normal'. Link to comment Share on other sites More sharing options...
Mampara Posted June 13, 2013 Share Posted June 13, 2013 This idiot shouldn't be in charge of running a bath let alone compaining about running the Baht. Incredible ignorance. Korn will have to straighten him out Again! You obviously know what you are doing, and i am sure well schooled in financial matters, so do tell us dear friend, what would you do to try and keep the countries head above water? and furthermore i am sure that your level of education is more than adequate to realize what the term "Idiot" really means? Link to comment Share on other sites More sharing options...
A2Distribution Posted June 13, 2013 Share Posted June 13, 2013 (edited) A strong Baht is OK for importers Bt28/1US$ (a) ??? It is terrible for the government as import taxes are a percentage of the total costs before importing. Bt31/1US$ (b)is 11% extra income for the government on import taxes. If something costs 10 US$ shipping included. It would have had cost in Bt (a) 280 THB + import tax. (b) 310 THB + import tax. So also the retailer wants it's 11% back and the price will be 11% more expensive. And I still have to mention the sales tax of 7%. This also increases with 11%. Who gets fuc_k up? Yes, the consumer. Who is the BIG winner? The government because it receives 11% more taxes on imported items. Who is buying imported items? Right the people that can affort them. My question for Kittiratt: Are you planning to buy an imported item that is f*cking expensive ??? If not. Shut up and go back to school, ~d~ot !!! Let the Bt/USD be 30THB/USD. I counts a lot easier for the tourists. It is way better for the export. Purchase prices will be lower outside Thailand. Thailand is exports more than it imports, so Thailand will have more benefit with a lower rate. Also for investors it will be way more interesting when they get 31 THB for their Dollar than when they get 28 THB. By the way. The Euro is rising again. Also compared to the USDollar. Probably because they need a lot of extra Euros in July 2013 and in January 2014 when Croatia and Letvia are the Euro as their currency. We have to keep an eye on those rates. PS. How about the GOLD - Bt prices. How much more expensive is gold now as 3 weeks ago? Count this also in percentage. Eventualy you will see that Thailand is richer now than 3 weeks ago. Edited June 13, 2013 by A2Distribution Link to comment Share on other sites More sharing options...
noitom Posted June 13, 2013 Share Posted June 13, 2013 Ship High In Transit. Link to comment Share on other sites More sharing options...
A2Distribution Posted June 13, 2013 Share Posted June 13, 2013 (edited) A strong Baht is OK for importers Bt28/1US$ (a) ??? It is terrible for the government as import taxes are a percentage of the total costs before importing. Bt31/1US$ (b)is 11% extra income for the government on import taxes. If something costs 10 US$ shipping included. It would have had cost in Bt (a) 280 THB + import tax. (b) 310 THB + import tax. So also the retailer wants it's 11% back and the price will be 11% more expensive. And I still have to mention the sales tax of 7%. This also increases with 11%. Who gets fuc_k up? Yes, the consumer. Who is the BIG winner? The government because it receives 11% more taxes on imported items. Who is buying imported items? Right the people that can affort them. My question for Kittiratt: Are you planning to buy an imported item that is f*cking expensive ??? If not. Shut up and go back to school, ~d~ot !!! Let the Bt/USD be 30THB/USD. I counts a lot easier for the tourists. It is way better for the export. Purchase prices will be lower outside Thailand. Thailand is exports more than it imports, so Thailand will have more benefit with a lower rate. Also for investors it will be way more interesting when they get 31 THB for their Dollar than when they get 28 THB. By the way. The Euro is rising again. Also compared to the USDollar. Probably because they need a lot of extra Euros in July 2013 and in January 2014 when Croatia and Letvia are the Euro as their currency. We have to keep an eye on those rates. PS. How about the GOLD - Bt prices. How much more expensive is gold now as 3 weeks ago? Count this also in percentage. Eventualy you will see that Thailand is richer now than 3 weeks ago. What I mean is that the GOLD price, compared to the Thai Baht, did NOT rise 11%. To my knowledge is has only risen for 1,7% in the past 3 weeks. Thailand became 11 - 1,7% => 9,3 % richer in 3 weeks. Anyone agrees / disagrees? So buy GOLD in Thailand and sell it outside Thailand (i.e. Eurozone or USA), exchange that currency in Thai Baht. And see your money grow.... Edited June 13, 2013 by A2Distribution Link to comment Share on other sites More sharing options...
bigbamboo Posted June 13, 2013 Share Posted June 13, 2013 This idiot shouldn't be in charge of running a bath let alone compaining about running the Baht. Incredible ignorance. Korn will have to straighten him out Again! You obviously know what you are doing, and i am sure well schooled in financial matters, so do tell us dear friend, what would you do to try and keep the countries head above water? and furthermore i am sure that your level of education is more than adequate to realize what the term "Idiot" really means? Well first of all I would appoint qualified people to head government departments. Next up give an unequivocal signal that corruption will not under any circumstances be tolerated. And finally ensure that government was transparent, working for the people and thereby breed confidence from foreign investors in a freed up market. That enough to be going on with? 1 Link to comment Share on other sites More sharing options...
Robby nz Posted June 13, 2013 Share Posted June 13, 2013 Could it be that Kittiratt like the commerce man is due for the heave ho in the cabinet reshuffle that the MP says isn't going to happen and he wants to get in a last bit of noise to be remembered by? How about Jatuporn for finance minister? He can count to ten......without taking his shoes off. Link to comment Share on other sites More sharing options...
Thai at Heart Posted June 14, 2013 Share Posted June 14, 2013 There is a headline in the other paper from kittirat, urging the bot to put on the brakes to halt the depreciation. You can't make this crap up. 1 Link to comment Share on other sites More sharing options...
Thait Spot Posted June 14, 2013 Share Posted June 14, 2013 “If the baht was not jacked up to Bt28 against the dollar, we would not have to encounter the weakened baht like today. The currency movement should be gradual instead of being strong for three months and weak for four months,” said the deputy prime minister. Doesn't the BoT realise how much the drop costs us when we have to sluice 2 trillion Baht out of Thailand . In reply to a couple of your posts: I believe that Kitttirat is one of Yingluck's boys and that Thaksin has no time for him - but I could be wrong The 2 Trillion will be 5 once interest is added in Link to comment Share on other sites More sharing options...
SICHONSTEVE Posted June 14, 2013 Share Posted June 14, 2013 "Mr Kittiratt said Thailand’s national reserves are much higher than other countries’ and it could be a vital mechanism in maintaining the baht movement to avoid volatility and ensure more stability." What has Thailand's high reserve of rotten rice got to do with it. Not my field at all but didn't the baht start to weaken when Moody's questioned there ability to manage money? Indeed when Moody's started questioning investors got wary and pulled out. If those investors had read Thaivisa a long time ago............. Its actually to do with whats happening over the pond in America as they are bringing money back in due to the improvement in their economy and changes in strategy. Improvement in the US economy,seriously? I've heard very recently that the Federal Reserve is about to raise the amount of Quantitative Easing month-on-month,from the USD $85 billion it stands at now!Even the Eurozone is doing better than them which is why the Euro's rising again and heading straight for $1.35! From the Nation yesterday. "The baht has fallen from its 16-year peak of 28.55 on April 19 amid a mix of negative factors such as capital outflows, which began after Fed chairman Ben Bernanke's recent remark that the US central bank would scale back asset buying if growth is maintained" This is the reason that the Baht has weakened ie: growth in the USA has exceeded expectancy and they plan to cut back on buying thai assets such as stocks and bonds and presumably switch to Dollar denominated ones. Link to comment Share on other sites More sharing options...
GeorgeO Posted June 14, 2013 Share Posted June 14, 2013 I don't suppose government policies and a warning from moodys may have had anything to do with the situation? Most of the Thais I know seem to believe that they live in a vacuum, that no matter what goes on elsewhere, things in Thailand won't be affected Yes, very convenient of him to miss out these relatively unimportant issues (well, to him anyway). He also seems to be behind the curve with regard to the 2 trillion baht stimulus to the economy; does he still actually believe that Thailand is going to be able to borrow that kind of money given the sh1tstorm that has been hitting the press over recent weeks?! Link to comment Share on other sites More sharing options...
smutcakes Posted June 14, 2013 Share Posted June 14, 2013 If anyone is to blame for the volatility here it is Kittirat himself. Much of it is down to the US$ volatility but if Kittirat had actually concentrated on his own job instead of continually interfering with the BOT, the interest rate probably wouldn't have needed to be dropped. He's just playing politics and trying to put another lackey in charge of another largely independent organisation. I would love you to back this up with some explanation, especially the part about the interest rate probably wouldn't have needed to be dropped part. You are aware these things are fairly complex? Well said. That is exactly why he should never even been allowed to look at the job. What? Khunkhen is obviously extremely well versed on economics and as such can make a pretty definitive comment on how things are affecting the Thai economy. If, like many people on here say, and this guy is a complete dim wit, despite being head of the SET for 5 years, i would be very interested to know what all the scholars and academics on Thai Visa are doing here, rather than submitting resume's to the IMF. The guy seems to have his knickers in a twist at the moment, but he was complaining about volatility which is true. The same volatility which has been seen in the global markets for the past 10 years, its nothing new. He should shut his mouth and get on with it, but for people to question his intelligence when he has held the positions he has in the private sector, I think is a bit harsh. 2 Link to comment Share on other sites More sharing options...
Thai at Heart Posted June 14, 2013 Share Posted June 14, 2013 If anyone is to blame for the volatility here it is Kittirat himself. Much of it is down to the US$ volatility but if Kittirat had actually concentrated on his own job instead of continually interfering with the BOT, the interest rate probably wouldn't have needed to be dropped. He's just playing politics and trying to put another lackey in charge of another largely independent organisation. I would love you to back this up with some explanation, especially the part about the interest rate probably wouldn't have needed to be dropped part. You are aware these things are fairly complex? Well said. That is exactly why he should never even been allowed to look at the job. What? Khunkhen is obviously extremely well versed on economics and as such can make a pretty definitive comment on how things are affecting the Thai economy. If, like many people on here say, and this guy is a complete dim wit, despite being head of the SET for 5 years, i would be very interested to know what all the scholars and academics on Thai Visa are doing here, rather than submitting resume's to the IMF. The guy seems to have his knickers in a twist at the moment, but he was complaining about volatility which is true. The same volatility which has been seen in the global markets for the past 10 years, its nothing new. He should shut his mouth and get on with it, but for people to question his intelligence when he has held the positions he has in the private sector, I think is a bit harsh. Complaining about volatility whilst actively fighting with the Central bank, demanding a 1% cut in interest rates and then crying like a b***c when he gets his devalued currency, and a bit more. I wonder if he is going to keep fighting for his extra 0.75%? And he wonders where the volatility comes from? Please note: The value of your currency may go both up or down, at varying speeds, often depending on little more than how it appears to the outside world that your Finance Minster appears to be in unison with his Central Bank. Link to comment Share on other sites More sharing options...
iancnx Posted June 14, 2013 Share Posted June 14, 2013 69 to the £ when I arrived..... At 43 it really is hurting. Happy to split the difference.... 56 to the £ ...... If only Link to comment Share on other sites More sharing options...
Thai at Heart Posted June 14, 2013 Share Posted June 14, 2013 69 to the £ when I arrived..... At 43 it really is hurting. Happy to split the difference.... 56 to the £ ...... If only There is a help line to sort it out, 1-800- IBROKETHEUKECONOMY It will put you straight through to Gordon Brown. 2 Link to comment Share on other sites More sharing options...
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