topfield Posted June 4, 2006 Share Posted June 4, 2006 FROM TODAYS NATION NEWSPAPER. NB THE BAHT HIT 92 TO THE POUND----- 55 TO THE DOLLAR IN 1997/8 Leading economists warned yesterday that Thailand could face a new round of economic problems in light of world economic uncertainty. Speaking at the Thai Strategies in the Global Trend seminar, organised by Triam Udom Suksa School yesterday, the economists said Thais should prepare in advance to cope with the possibility of another economic downturn similar to the 1997 crisis. Link to comment Share on other sites More sharing options...
Thaiquila Posted June 4, 2006 Share Posted June 4, 2006 So you are saying hold off on any large money transfers and buying any condos off the plan. In 1997, of course the currency was radically devalued, but the banks didn't seize money in people's bank accounts like happened in Argentina. Link to comment Share on other sites More sharing options...
topfield Posted June 4, 2006 Author Share Posted June 4, 2006 FROM TODAYS NATION NEWSPAPER. NB THE BAHT HIT 92 TO THE POUND----- 55 TO THE DOLLAR IN 1997/8 Leading economists warned yesterday that Thailand could face a new round of economic problems in light of world economic uncertainty. Speaking at the Thai Strategies in the Global Trend seminar, organised by Triam Udom Suksa School yesterday, the economists said Thais should prepare in advance to cope with the possibility of another economic downturn similar to the 1997 crisis. CORRECTION oops...the Bangkok Post NOT the Nation !!!!!!!!! Link to comment Share on other sites More sharing options...
topfield Posted June 4, 2006 Author Share Posted June 4, 2006 So you are saying hold off on any large money transfers and buying any condos off the plan. In 1997, of course the currency was radically devalued, but the banks didn't seize money in people's bank accounts like happened in Argentina. From Topfield : its only an opinion ! Just means you have to be cautious. NB Correct , baht a/c's not frozen but Not allowed to take baht out of Thailand even when money brought in from UK and exchanged legally for investment , without permission from the Bank of Thailand. In my case permission refused by the BOT to allow my baht funds BROUGHT FROM THE UK to return to the UK !! Link to comment Share on other sites More sharing options...
Thaiquila Posted June 4, 2006 Share Posted June 4, 2006 That is quite bad, but eventually I assume that restriction was lifted? Well, at least they didn't seize your funds completely. If you have an international ATM card from a Thai bank account, could you have just moved the money slowly that way? Link to comment Share on other sites More sharing options...
topfield Posted June 4, 2006 Author Share Posted June 4, 2006 That is quite bad, but eventually I assume that restriction was lifted? Well, at least they didn't seize your funds completely. If you have an international ATM card from a Thai bank account, could you have just moved the money slowly that way? REPLY Permission refused when application made by Citibank : Their fee to transfer the funds : Bt 1500 Permission later granted when application to BOT submitted by Bangkok Bank Head Office . Fee to transfer the BAHT out Bt 36,000 . [Fees fixed for ALL Thai banks by Thai Bankers Cartel !] Corruption, but had no choice as most people frightened baht would lose its value almost completely like happened in Cambodia and Lao.! These restrictions were introduced and applied by the then finance minister Amnuay Virawan in April 1997 and lifted around a year later. [small sums through ATM'S not affected] Link to comment Share on other sites More sharing options...
samran Posted June 4, 2006 Share Posted June 4, 2006 Geez Topfield. All these negative threads. You strike me as a glass half empty kind of fella. As for transfering money abroad, well, these rules have been on the books for a little while now. Link to comment Share on other sites More sharing options...
OneeyedJohn Posted June 4, 2006 Share Posted June 4, 2006 Negative....Nah No way I'm wised up now, if i wanna buy a case of Chang 375 locally then it surely makes sense to drive 15 kms to town and buy it at 370 cos parking the car is a piece if piss and humping the beer myself is far more satisfying than having some excruciatingly beautiful 16 year old carry it for me. Its truly how pathetic how i throw my money around. I even tip in a kwaetiouw shop...more fool me Link to comment Share on other sites More sharing options...
topfield Posted June 4, 2006 Author Share Posted June 4, 2006 Geez Topfield. All these negative threads. You strike me as a glass half empty kind of fella. As for transfering money abroad, well, these rules have been on the books for a little while now. If these rules still exist ,please explain how our dear beloved honourable Acting PM managed to get two BILLION dollars, yes, $2,000000000 or eighty BILLION Baht 80,000000000 out of Thailand and into Singapore, will you. Link to comment Share on other sites More sharing options...
Meerkat Posted June 4, 2006 Share Posted June 4, 2006 (edited) Geez Topfield. All these negative threads. You strike me as a glass half empty kind of fella. As for transfering money abroad, well, these rules have been on the books for a little while now. If these rules still exist ,please explain how our dear beloved honourable Acting PM managed to get two BILLION dollars, yes, $2,000000000 or eighty BILLION Baht 80,000000000 out of Thailand and into Singapore, will you. I thought it was the other way around. Indeed, one of the reasons for the THB's strength was Temasek buying USD2bn worth of THB to pay for the share purchase... Edited June 4, 2006 by Meerkat Link to comment Share on other sites More sharing options...
stoneman Posted June 4, 2006 Share Posted June 4, 2006 Geez Topfield. All these negative threads. You strike me as a glass half empty kind of fella. As for transfering money abroad, well, these rules have been on the books for a little while now. If these rules still exist ,please explain how our dear beloved honourable Acting PM managed to get two BILLION dollars, yes, $2,000000000 or eighty BILLION Baht 80,000000000 out of Thailand and into Singapore, will you. I thought it was the other way around. Indeed, one of the reasons for the THB's strength was Temasek buying USD2bn worth of THB to pay for the share purchase... Link to comment Share on other sites More sharing options...
stoneman Posted June 4, 2006 Share Posted June 4, 2006 "I thought it was the other way around. Indeed, one of the reasons for the THB's strength was Temasek buying USD2bn worth of THB to pay for the share purchase..." I believe the 2 billion USD he is talking about is not Dr. Taksin's 2 billion USD, but rather the 2 billion USD that Temasek brought in to buy the remaining 49% of the shares that Taksin did not own... Link to comment Share on other sites More sharing options...
samran Posted June 4, 2006 Share Posted June 4, 2006 Geez Topfield. All these negative threads. You strike me as a glass half empty kind of fella. As for transfering money abroad, well, these rules have been on the books for a little while now. If these rules still exist ,please explain how our dear beloved honourable Acting PM managed to get two BILLION dollars, yes, $2,000000000 or eighty BILLION Baht 80,000000000 out of Thailand and into Singapore, will you. Geez, really showing off your economic prowess there toppy. If the prime minister owned something, and Tamasek purchased it, then the money would come IN to the country...not out. The shares are listed on the Thai stock exchange last I looked. Anyway, don't you have a 35 baht rip-off by a bunch of upstart Indians to worry about? Link to comment Share on other sites More sharing options...
ThaiPauly Posted June 5, 2006 Share Posted June 5, 2006 Is there any restriction on how much Sterling you can take out of the Kingdom?..or take into the UK? Just interested if anyone knows Cheers TP Link to comment Share on other sites More sharing options...
lordofdelusion Posted June 5, 2006 Share Posted June 5, 2006 In regards to the initial post, a possible Thai economic slow down; I am stuck here in the states for another month and I follow the financial news very closely. (Trying to get set up for retirement, ya know. ) Every fund manager, every talking head and everybody with a TV economics show is sayin get out of emerging markets now! A friend has her monies with a large investment firm and they called her reccomending a ZERO percent allocation to emerging markets. The dollar with all it's problems will probably rise against many smaller markets. Link to comment Share on other sites More sharing options...
Thaiquila Posted June 5, 2006 Share Posted June 5, 2006 When every talking head is saying the same thing, history shows to do the opposite. Link to comment Share on other sites More sharing options...
slimdog Posted June 5, 2006 Share Posted June 5, 2006 Is there any restriction on how much Sterling you can take out of the Kingdom?..or take into the UK?Just interested if anyone knows Cheers TP There are no currency restrictions for the importing or exporting of either local or foreign currencies into or out of the U.K. The last time restrictions were impossed was during the 1960's, these were formally abolished in 1970 Link to comment Share on other sites More sharing options...
Firefan Posted June 5, 2006 Share Posted June 5, 2006 When every talking head is saying the same thing, history shows to do the opposite. So very true - guess I will go and load up at the dip today! Cheers! Link to comment Share on other sites More sharing options...
soap Posted June 5, 2006 Share Posted June 5, 2006 Is there any restriction on how much Sterling you can take out of the Kingdom?..or take into the UK? Just interested if anyone knows Cheers TP There are no currency restrictions for the importing or exporting of either local or foreign currencies into or out of the U.K. The last time restrictions were impossed was during the 1960's, these were formally abolished in 1970 i would check on the no restrictions of taking sterling out of the uk, i know of a case ( and i have no reason to disbelieve this guy) he said has he was about to board a flight man-manilla 2 armed police pulled him over and asked him how much cash he had, when he told them 7,000 pound they took the money off him and told him to use his credit card until he could prove were he got the money from, since then i have noticed some people getting pulled over has they are about to board the flight,i could be wrong but i heard anything over 5 grand is dodgy Link to comment Share on other sites More sharing options...
bendix Posted June 5, 2006 Share Posted June 5, 2006 I'm interested to hear topfield's response to the explanation people gave him about the difference between money coming into thailand, and money leaving it. Every couple of weeks, a new TV legend emerges out of nowhere. This week, it's topfield, international economics guru Link to comment Share on other sites More sharing options...
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