Popular Post webfact Posted June 1, 2020 Popular Post Share Posted June 1, 2020 Thai central bank worried about strong baht, ready to use necessary measures By Orathai Sriring FILE PHOTO: A woman displays Thai baht currency notes in Bangkok in this April 21, 2010 file photo. REUTERS/Vivek Prakash BANGKOK (Reuters) - Thailand's central bank is worried that a rapid rise in the baht <THB=TH> may not be in line with economic conditions which remain fragile due to the impact of the coronavirus outbreak, a deputy governor said on Monday. The Bank of Thailand (BOT) is ready to consider necessary measures to prevent strength in the baht from adding to fragility in the economy, Mathee Supapongse said in a statement. The baht has strengthened at a faster pace than most Asian currencies over the past two weeks helped by slowing coronavirus infections and better-than-expected first quarter economic figures, he said. "The BOT is worried that a rapid rise in the baht may not be in line with economic conditions which remain fragile," he said. Several parts of the economy have been hard hit by COVID-19, which will be clearly seen after second-quarter economic data is released, Mathee said. The baht traded at 31.74 per U.S. dollar at 0252 GMT, its strongest in more than two months. The currency, Asia's best performer in 2019, is down 5.8% since the start of the year. Mathee said that as the coronavirus situation improves, investors may park more of their short-term funds in Thailand, a situation that is not wanted. "The BOT is ready to consider necessary steps to prevent the baht's strength from exacerbating fragility in the economy." Recent high gold prices have helped push up the baht and the central bank will investigate gold transactions and consider additional measures to reduce its impact on foreign exchange rates, he said. The baht is likely to be volatile given changing global developments, and also from transactions related to public and private investment, Mathee said. (Reporting by Orathai Sriring; Editing by Jacqueline Wong) -- © Copyright Reuters 2020-06-01 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates 4 Link to comment Share on other sites More sharing options...
Popular Post sanuk711 Posted June 1, 2020 Popular Post Share Posted June 1, 2020 weaken the baht, make Thailand cheaper to visit---Gosh --what a good idea ----why didn't anyone else think of that................... 25 1 2 7 Link to comment Share on other sites More sharing options...
Popular Post colinneil Posted June 1, 2020 Popular Post Share Posted June 1, 2020 WOW....they are finally waking up to the fact that keeping the baht artificially high is damaging the economy. Most people have known that for ages, oh well better late than never. 14 1 2 Link to comment Share on other sites More sharing options...
Popular Post smedly Posted June 1, 2020 Popular Post Share Posted June 1, 2020 been saying it for months now - the Thai baht is being manipulated because it floats and is basically free to roam They are right in their assessment that the strength doesn't match the economic climate especially with a 2 trillion bailout loan on the cards which they will never be able to pay I suggest people do some research on 1997 crash - the similarities are obvious 12 2 2 Link to comment Share on other sites More sharing options...
Popular Post smedly Posted June 1, 2020 Popular Post Share Posted June 1, 2020 43 minutes ago, sanuk711 said: weaken the baht, make Thailand cheaper to visit---Gosh --what a good idea ----why didn't anyone else think of that................... The problem is that if they make a move to weaken the baht (very few options left) it will cause it to crash, it should have been managed over a long period not a sudden knee jerk action The baht was allowed to rise unabated because it suited certain people as they moved money and invested abroad - we all have a pretty good idea who they are and they have no interest in the economy because that is not how they got their money 20 7 1 Link to comment Share on other sites More sharing options...
Popular Post bluesofa Posted June 1, 2020 Popular Post Share Posted June 1, 2020 40 minutes ago, webfact said: Thai central bank worried about strong baht, ready to use necessary measures It's that word 'worried' making yet another appearance in an article about the BOT and the strong Baht. I'm sure it must be four or five times now the governor or anyone designated to speak to the press claims they're 'worried'. Too much worrying and no action. It seems obvious to me the higher-ups pulling the BOT's governor's strings must have told him not to interfere with their personal interest in keeping the Baht strong. 10 2 1 Link to comment Share on other sites More sharing options...
Popular Post Misterwhisper Posted June 1, 2020 Popular Post Share Posted June 1, 2020 Tourism industry... as good as ground to a halt Hospitality sector... in dire straights as a result Labor force... millions laid off Agricultural sector... production down due to drought Inflation... steep price rises across pretty much all products Local businesses... closed down for months and only now slowly opening again Exports across the board... in the cellar Manufacturing sector... heavy losses due to flattening out exports Government... questionable "democracy" and military-installed parliament and senate Corruption... getting worse, with Thailand having dropped several points in the ICI Aviation... Thai Airways bust and country's airports still in lockdown for incoming flights Economic growth... predicted to be almost nil And yet, the baht keeps strengthening. Can anyone explain to me why? 29 2 3 Link to comment Share on other sites More sharing options...
Popular Post ozz1 Posted June 1, 2020 Popular Post Share Posted June 1, 2020 Wow its only taken 12 months to realize this whos paying these people but unfortunately i think they have left it too late a lot of exports have gone to other countries and tourists not coming because of this and the virus is a double whammy 4 Link to comment Share on other sites More sharing options...
Popular Post sammieuk1 Posted June 1, 2020 Popular Post Share Posted June 1, 2020 The easiest way to weaken the Baht is to ask Boris to lend them a bus???? 5 Link to comment Share on other sites More sharing options...
Popular Post BuddyPish Posted June 1, 2020 Popular Post Share Posted June 1, 2020 56 minutes ago, colinneil said: WOW....they are finally waking up to the fact that keeping the baht artificially high is damaging the economy. Most people have known that for ages, oh well better late than never. Tell us HOW the baht is being kept "artificially high" if "most people have known that for ages". Just a little something to back up the barstool economics. 2 1 3 6 2 Link to comment Share on other sites More sharing options...
Popular Post colinneil Posted June 1, 2020 Popular Post Share Posted June 1, 2020 7 minutes ago, Buddha Pist said: Tell us HOW the baht is being kept "artificially high" if "most people have known that for ages". Just a little something to back up the barstool economics. Always better if you think before posting, so you dont make yourself look stupid. Just a little something to back up bar stool economics, crazy saying that to a none drinking paraplegic.???????????? 5 9 Link to comment Share on other sites More sharing options...
kevin612 Posted June 1, 2020 Share Posted June 1, 2020 No tourists, no problem. Thai baht is still rising, Thai Currency is the god. 2 Link to comment Share on other sites More sharing options...
Popular Post Nong Khai Man Posted June 1, 2020 Popular Post Share Posted June 1, 2020 To The BOT.......STOP " Worrying " Just let the Baht " C-R-A-S-H "....A Lot of Problems will be Solved IMHO !! 7 Link to comment Share on other sites More sharing options...
Brer Posted June 1, 2020 Share Posted June 1, 2020 4 minutes ago, Nong Khai Man said: To The BOT.......STOP " Worrying " Just let the Baht " C-R-A-S-H "....A Lot of Problems will be Solved IMHO !! And how do they crash the baht, oh yeh lets move to negative interest rates like our cousins in Japan, let’s print more money oh gawd my 800,000baht in Kbank no interest and it’s basically got to stay there, what a bummer, they will probably charge me now to keep it there, just when the stock markets are going bull. so easy right now to turn my 800000baht into a million and it probably next year is going to be worth 792000 when I probably pay a 1% fee to keep it in bank. 1 Link to comment Share on other sites More sharing options...
Popular Post VillageIdiot Posted June 1, 2020 Popular Post Share Posted June 1, 2020 29 minutes ago, Nong Khai Man said: To The BOT.......STOP " Worrying " Just let the Baht " C-R-A-S-H "....A Lot of Problems will be Solved IMHO !! For sure. Just like the '97 baht crash solved so many of my problems. Bring it on. 2 1 Link to comment Share on other sites More sharing options...
Popular Post ratcatcher Posted June 1, 2020 Popular Post Share Posted June 1, 2020 2 hours ago, Misterwhisper said: Tourism industry... as good as ground to a halt Hospitality sector... in dire straights as a result Labor force... millions laid off Agricultural sector... production down due to drought Inflation... steep price rises across pretty much all products Local businesses... closed down for months and only now slowly opening again Exports across the board... in the cellar Manufacturing sector... heavy losses due to flattening out exports Government... questionable "democracy" and military-installed parliament and senate Corruption... getting worse, with Thailand having dropped several points in the ICI Aviation... Thai Airways bust and country's airports still in lockdown for incoming flights Economic growth... predicted to be almost nil And yet, the baht keeps strengthening. Can anyone explain to me why? Well, you seem to have covered all the positives, now, how about some negatives? 5 Link to comment Share on other sites More sharing options...
BobbyL Posted June 1, 2020 Share Posted June 1, 2020 Teflon Thailand. We all know the establishments that are benefiting from a high THB and they certainly won't be allowing it to fall too much. 2 Link to comment Share on other sites More sharing options...
Baerboxer Posted June 1, 2020 Share Posted June 1, 2020 3 hours ago, sanuk711 said: weaken the baht, make Thailand cheaper to visit---Gosh --what a good idea ----why didn't anyone else think of that................... And just how do you advise doing that genius? 1 Link to comment Share on other sites More sharing options...
Popular Post Baerboxer Posted June 1, 2020 Popular Post Share Posted June 1, 2020 3 hours ago, colinneil said: WOW....they are finally waking up to the fact that keeping the baht artificially high is damaging the economy. Most people have known that for ages, oh well better late than never. Colin, with respect, they haven't been keeping the baht artificially high. How do you imagine they would do that? They have been trying to stop it rising for some time. But they, in reality, have little control over the forex traders and money markets. Major currencies are weak. Traders look for what they consider better currencies at the moment, As we've seen, the markets can be fickle. 3 Link to comment Share on other sites More sharing options...
Popular Post SteveK Posted June 1, 2020 Popular Post Share Posted June 1, 2020 The people with all the money don't want it devalued. And they seem to be the ones who make the decisions in Thailand. 5 Link to comment Share on other sites More sharing options...
Trillian Posted June 1, 2020 Share Posted June 1, 2020 (edited) 3 hours ago, smedly said: been saying it for months now - the Thai baht is being manipulated because it floats and is basically free to roam They are right in their assessment that the strength doesn't match the economic climate especially with a 2 trillion bailout loan on the cards which they will never be able to pay I suggest people do some research on 1997 crash - the similarities are obvious THB uses a managed peg to USD which means it must remain within a specific range of values, THB does not float. And there is almost nothing today that's similar to the economy of 1997 other than the fact the Baht was used on both occasions! Edited June 1, 2020 by Trillian 2 Link to comment Share on other sites More sharing options...
Popular Post Colabamumbai Posted June 1, 2020 Popular Post Share Posted June 1, 2020 All talk won't happen, hear this every three months. 3 Link to comment Share on other sites More sharing options...
Popular Post CNXexpat Posted June 1, 2020 Popular Post Share Posted June 1, 2020 So many "experts" here they think it´s easy to bring a currency up or down by the government. Funny! 4 2 2 1 2 Link to comment Share on other sites More sharing options...
smedly Posted June 1, 2020 Share Posted June 1, 2020 46 minutes ago, Trillian said: THB uses a managed peg to USD which means it must remain within a specific range of values, THB does not float. And there is almost nothing today that's similar to the economy of 1997 other than the fact the Baht was used on both occasions! your whole post is nonsense Link to comment Share on other sites More sharing options...
smedly Posted June 1, 2020 Share Posted June 1, 2020 45 minutes ago, CNXexpat said: So many "experts" here they think it´s easy to bring a currency up or down by the government. Funny! it isn't which is why it has to be managed over time, it's all about sentiment and how big funds read those in charge - as soon as there is a change in sentiment or intentions it will tank and people in the know will get a nod first - dirty game Link to comment Share on other sites More sharing options...
smedly Posted June 1, 2020 Share Posted June 1, 2020 54 minutes ago, SteveK said: The people with all the money don't want it devalued. And they seem to be the ones who make the decisions in Thailand. correct 1 Link to comment Share on other sites More sharing options...
DPKANKAN Posted June 1, 2020 Share Posted June 1, 2020 4 hours ago, colinneil said: WOW....they are finally waking up to the fact that keeping the baht artificially high is damaging the economy. Most people have known that for ages, oh well better late than never. No problem. The hiso brigade and PM cronies have now invested their ill-gotten gains off shore in property etc., so time to look good to the people.... ???????????????????????????????? 1 Link to comment Share on other sites More sharing options...
transam Posted June 1, 2020 Share Posted June 1, 2020 3 hours ago, Buddha Pist said: Tell us HOW the baht is being kept "artificially high" if "most people have known that for ages". Just a little something to back up the barstool economics. Well stay at home chap.....???? 1 1 Link to comment Share on other sites More sharing options...
transam Posted June 1, 2020 Share Posted June 1, 2020 1 hour ago, CNXexpat said: So many "experts" here they think it´s easy to bring a currency up or down by the government. Funny! Well then enlighten us all, but in a nutshell eh... ???? 1 Link to comment Share on other sites More sharing options...
madmen Posted June 1, 2020 Share Posted June 1, 2020 The baht will strengthen further on this news. Everybody knows its just lip service. 2 Link to comment Share on other sites More sharing options...
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