Atm Rate Eases Back To Gbp 1.00 = Thb 70.00

[Foggy Bottom]

Ignoring seasonal (tourism related) factors that lower the Baht for Bucks during Q1 every year, the baht rate plummetted to 64 to the pound shortly after the sale of Shin Corp to Temasek.

At the time I speculated that Cheerless leader's sale had a disproportionate effect on the currency markets causing overstrengthening of the Baht due to Temasek having to make a huge purchase of Baht to pay Little Brother. On TV (in English) the then PM refused to explain the sale saying all would become clear in good time.....

Well it appears to have done so as the Baht today was back to only a couple of dozen satang away from hitting 70 to the pound again -

- has he been using those Shim Corp billions to buy foreign currency?

- Was his 3-nation Songkhran whistle-stop foreign holiday to look for investment or residential property in the countries whose citizens are not allowed to buy the same here?

- Has the BoT been watching his bank balance for super-large (thus illegal without authority) transfers to other countries, which could explain the sudden weakening of the Baht in the same way that it strengthened at the time of selling Shin Corp?

Or

Has he done some crafty bank shuffling?

Simple example .....

He sells Shin Corp and gets paid (e.g.) 1,000,000,000 Baht

1 month later Baht strengthens to 64 to the GBP - he buys 15,625,000 UK Pounds (GBP)

1 month later Baht weakens back (normalises) to 70 to the GBP - he buys Baht & gets 1,093,750,000

that's a 93.75 MILLION Baht increase in just under 2 months by waiting for market normalisation.

(of course that's at ATM rate - he'd have done even better on interbank rates)

Nice work if you can get it

Jealous? Me?

ABSOLUTELY

That profit would pay for a very nice sailing yacht and marina slot down in the islands.

.

[Totster]

Actually www.xe.com is reporting bt72.0608859920 today.

totster