topfield Posted December 19, 2006 Share Posted December 19, 2006 Thank you K.Tarisa, Governor of the BOT ! You could not given us a better present for Xmas. The pound is currently (1am 20 December) 70.56 a full baht per pound higher than Tuesday morning. There certainly is a precedent for currency controls preventing a currency rising too high too fast. Some years back Switzerland introduced a negative interest rate on deposits. Malaysia introduced strict controls and despite what one reporter on Thailand Outlook stated, this gave enormous stability, employment and economic benefit to Malaysia. Shares dropping as a result ? Yes, but the Thai exporters will reap enormous benefits, and shares in such exporting companies will certainly rise in the medium term. Nevertheless I am sure others who already bought baht at a much lower rate and also Thai importers will be extremely unhappy, indeed hopping mad , with the new currency controls . Link to comment Share on other sites More sharing options...
doctormann Posted December 20, 2006 Share Posted December 20, 2006 Thank you K.Tarisa, Governor of the BOT ! You could not given us a better present for Xmas.The pound is currently (1am 20 December) 70.56 a full baht per pound higher than Tuesday morning. Yes, but ... I don't want spoil your party but have you seen some of the other posts on this forum? Seems as though it might be a tad difficult to reap the benefits at the moment as many banks seem to have stopped trading in the Baht. This seems to apply to UK banks so just how you are going to convert your GBP to Baht is a bit questionable at present. Hopefully, only a short-term problem. DM Link to comment Share on other sites More sharing options...
Krub Posted December 20, 2006 Share Posted December 20, 2006 (edited) Thank you K.Tarisa, Governor of the BOT ! You could not given us a better present for Xmas.The pound is currently (1am 20 December) 70.56 a full baht per pound higher than Tuesday morning. Yes, but ... I don't want spoil your party but have you seen some of the other posts on this forum? Seems as though it might be a tad difficult to reap the benefits at the moment as many banks seem to have stopped trading in the Baht. This seems to apply to UK banks so just how you are going to convert your GBP to Baht is a bit questionable at present. Hopefully, only a short-term problem. DM If you cannot sedn Baht maybe they will send foreing currency and let the Thai bank convert which is always better anyway. Bangkok Bank Tokyo Branch told me there is no change or restrictions as long as the transferred amounts are not too high (around equivalent of 2.000 US seemed to be OK) Anything substantially bigger requires extra restrictions (I did not get the details) Edited December 20, 2006 by Krub Link to comment Share on other sites More sharing options...
doctormann Posted December 20, 2006 Share Posted December 20, 2006 Thank you K.Tarisa, Governor of the BOT ! You could not given us a better present for Xmas.The pound is currently (1am 20 December) 70.56 a full baht per pound higher than Tuesday morning. Yes, but ... I don't want spoil your party but have you seen some of the other posts on this forum? Seems as though it might be a tad difficult to reap the benefits at the moment as many banks seem to have stopped trading in the Baht. This seems to apply to UK banks so just how you are going to convert your GBP to Baht is a bit questionable at present. Hopefully, only a short-term problem. DM If you cannot sedn Baht maybe they will send foreing currency and let the Thai bank convert which is always better anyway. Bangkok Bank Tokyo Branch told me there is no change or restrictions as long as the transferred amounts are not too high (around equivalent of 2.000 US seemed to be OK) Anything substantially bigger requires extra restrictions (I did not get the details) As you indicate, there are two ways to do a SWIFT transfer. You can either do the conversion at the 'sending' end or you can send the cash in your native currency and have the conversion done at the destination. I agree that it's far better to take the second option as you seem to get a much better exchange rate. I've no idea if both options are being affected by the block and possibly, as you say, small amounts may not be affected. DM Link to comment Share on other sites More sharing options...
Neeranam Posted December 20, 2006 Share Posted December 20, 2006 Terrible new for us that get paid in baht and are going home for a holiday. Link to comment Share on other sites More sharing options...
doctormann Posted December 20, 2006 Share Posted December 20, 2006 Terrible new for us that get paid in baht and are going home for a holiday. Not sure just where you're going home to. If it's the UK then you'll find that the relatively small shift in the exchange rate (70 + a little bit, today) will be of little consequence really as the rate has actually been pretty stable for the last few months. Everything in UK is now unbelievably expensive though - I was back there last May, for a while, and the costs were horrifying. On the other hand, if you're off to the US then you have a bit more of a problem, I suppose. Have a good hol., wherever you are. DM Link to comment Share on other sites More sharing options...
mexxx Posted December 21, 2006 Share Posted December 21, 2006 Terrible new for us that get paid in baht and are going home for a holiday. Not sure just where you're going home to. If it's the UK then you'll find that the relatively small shift in the exchange rate (70 + a little bit, today) will be of little consequence really as the rate has actually been pretty stable for the last few months. Everything in UK is now unbelievably expensive though - I was back there last May, for a while, and the costs were horrifying. On the other hand, if you're off to the US then you have a bit more of a problem, I suppose. Have a good hol., wherever you are. DM Link to comment Share on other sites More sharing options...
mexxx Posted December 21, 2006 Share Posted December 21, 2006 dont be so fast to count your chickens before they hatch. the poonds u need to purchase baht will be considered capital inflows & have a with holding tax of 30% taken out, except if you invest on the thai stock exchange but excluding debt instruments. so the presumed 70 baht per poond u hope to get will actually be 49 baht. Link to comment Share on other sites More sharing options...
bendix Posted December 21, 2006 Share Posted December 21, 2006 dont be so fast to count your chickens before they hatch.the poonds u need to purchase baht will be considered capital inflows & have a with holding tax of 30% taken out, except if you invest on the thai stock exchange but excluding debt instruments. so the presumed 70 baht per poond u hope to get will actually be 49 baht. utter nonsense, and more misinformation. this is simply not true. try to keep up with developments, why don't you? Link to comment Share on other sites More sharing options...
brianbrain Posted December 21, 2006 Share Posted December 21, 2006 "Fabulous News for UK Expats" ... not! Maybe good for you and other layabouts but some of us work in Thailand, don't you know? Link to comment Share on other sites More sharing options...
dave111223 Posted December 21, 2006 Share Posted December 21, 2006 I am also very happy with the news. I think we were all very quite to judge the BoT policy as terrible, but it looks like it may help many of us. Thank you BoT you can devalue the currency as much as you want! (and please do!) Link to comment Share on other sites More sharing options...
tomyamg00ng Posted December 21, 2006 Share Posted December 21, 2006 "Fabulous News for UK Expats" ... not!Maybe good for you and other layabouts but some of us work in Thailand, don't you know? Its not our fault we get paid in £. I guess if you make the decision to get paid in baht and work in Thailand you gotta put up with the downside. In fx market there is always an upside and a downside. Sterling holders werent so lucky in 1992. It all swings in roundabouts. Link to comment Share on other sites More sharing options...
SamSipEt Posted December 21, 2006 Share Posted December 21, 2006 "Fabulous News for UK Expats" ... not!Maybe good for you and other layabouts but some of us work in Thailand, don't you know? Sure some of you do but some of us don't Link to comment Share on other sites More sharing options...
bkkandrew Posted December 21, 2006 Share Posted December 21, 2006 "Fabulous News for UK Expats" ... not!Maybe good for you and other layabouts but some of us work in Thailand, don't you know? Indeed, I work, but in export from Thailand to UK, so happy days are here again Link to comment Share on other sites More sharing options...
Ricardo Posted December 22, 2006 Share Posted December 22, 2006 "Fabulous News for UK Expats" ... not!Maybe good for you and other layabouts but some of us work in Thailand, don't you know? May I take issue with your term 'layabouts' ? Some of us prefer to sit in chairs, while reading or posting, rather than lay on beaches or a couch. Which would make me a 'sitabout' , no ? Or perhaps I need to get out more ?? Link to comment Share on other sites More sharing options...
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