Thai Baht hits highs, BoT to take measures

[HHTel]

I was agreeing with you.

[Dannie Boy]

I was agreeing with you.

Wow there’s a first time for everything

[Ginjaninja]

Here's hoping that's the $-THB now recovering from that trough and making headwards towards that 35thb++

Fingers crossed as I got my yearly condo common-fees to pay for..

[buksida]

Bank of Thailand ready to manage excessive baht volatility
The Bank of Thailand (BoT) said on Wednesday it was closely monitoring capital movements and the baht currency and was ready to take action on any excessive volatility.

The weakening and fluctuation of the baht were driven by expectations the US Federal Reserve would accelerate policy tightening, and concerns over a global economic slowdown, said Daranee Saeju, senior director at the BoT, in a text message to media.

Such factors have pushed up the dollar to its strongest level in nearly 20 years, resulting in a steady weakness in regional currencies and the baht, she said.

The baht has weakened by 4.5% against the greenback so far this year, compared with a fall of 3% to 7% in other regional currencies, she said.

The baht closed at 35.01 per dollar on Wednesday, hitting its weakest level in more than five years.

https://www.bangkokpost.com/business/23 ... volatility

Headline should read: "Bank of Thailand ready to manipulate the currency once again."

[handdrummer]

It's good for incoming money from the US, and bad for buying anything imported.

[HHTel]

I wish I could say the same about the GBP.

[Ginjaninja]

Good news for those of us exchanging USD:

Baht at a 15-year low

Currently $1 close to 37thb.

[PeteC]

Here's the chart: https://www.oanda.com/currency-converte ... B&amount=1

The Fed may bump up interest rates by a full percent, or at least 3/4 shortly. The dollar may hit 38 after that. 40 is not out of the question if you're a gambler and willing to wait. However, when things go south the drop will be fast.

[bigston]

Thai Baht / Aust Dollar related question
with the strengthening currency i may be wanting to park a sizeable amount of AUD in one of my Thai bank accounts shortly , for the purpose of purchasing " yes i know i dont own it " a plot of land ,,,,and building a house on it
the 2 accounts are with Krungsi and Kasikorn,
remembering some chatter sometime ago about banks,
is the money safe in either of these banks, or is there somewhere else safer to park it, with access to it
in anyone's opinion....
Thank You

[Nereus]

Thai Baht / Aust Dollar related question
with the strengthening currency i may be wanting to park a sizeable amount of AUD in one of my Thai bank accounts shortly , for the purpose of purchasing " yes i know i dont own it " a plot of land ,,,,and building a house on it
the 2 accounts are with Krungsi and Kasikorn,
remembering some chatter sometime ago about banks,
is the money safe in either of these banks, or is there somewhere else safer to park it, with access to it
in anyone's opinion....
Thank You

Not sure about "the strengthening currency". The AUD to Baht is crap right now and unless it strengthens a bit against the US, it will need the Baht to drop a lot to be of any use.

I use Bangkok Bank, but I guess that the major banks are all aboiut the same. Funds held in term deposits incur a tax of 15% on the interest, which in itself is laughable. There is a bank garantee system in Thailand, but if I recall correctly, the maximum cover was substanially reduced.

Gold has been good, but probably peaked right now. And as you have to buy the physical form there is allways a security risk.

You could always buy my house in Hua Hin and rent it out.

[bigston]

At 25.6 2 days ago its almost in heaven , compared to the 20.5- 20.9 range it was end of 2020 when i had this current house built
thats what i remembered now you mention it, some banks only guarantee up to 1 Mill ??? baht
do any of the banks guarantee a deposit of a lot more than that.??
im sure its a lovely house but i wont need 3..

[Nereus]

At 25.6 2 days ago its almost in heaven , compared to the 20.5- 20.9 range it was end of 2020 when i had this current house built
thats what i remembered now you mention it, some banks only guarantee up to 1 Mill ??? baht
do any of the banks guarantee a deposit of a lot more than that.??
im sure its a lovely house but i wont need 3..

Yes, it all depends on which way you are transferring it! At the moment it is the low AUD along with an over placed Thai Baht.

[Nereus]

At 25.6 2 days ago its almost in heaven , compared to the 20.5- 20.9 range it was end of 2020 when i had this current house built
thats what i remembered now you mention it, some banks only guarantee up to 1 Mill ??? baht
do any of the banks guarantee a deposit of a lot more than that.??
im sure its a lovely house but i wont need 3..

Earlier this year the deposit guarantee offered by the majority of banks in Thailand was reduced to one million baht. One exception was the Government Savings Bank which continued to offer a 100% guarantee of protection to funds on deposit.
https://www.bangkokpost.com/opinion/postbag

Also note his comment regarding online banking!

[handdrummer]

At 25.6 2 days ago its almost in heaven , compared to the 20.5- 20.9 range it was end of 2020 when i had this current house built
thats what i remembered now you mention it, some banks only guarantee up to 1 Mill ??? baht
do any of the banks guarantee a deposit of a lot more than that.??
im sure its a lovely house but i wont need 3..

Earlier this year the deposit guarantee offered by the majority of banks in Thailand was reduced to one million baht. One exception was the Government Savings Bank which continued to offer a 100% guarantee of protection to funds on deposit.
https://www.bangkokpost.com/opinion/postbag

Also note his comment regarding online banking!

CIMB, only in Bangkok, has a higher guarantee on its savings accts.

[Ginjaninja]

Here's the chart: https://www.oanda.com/currency-converte ... B&amount=1

The Fed may bump up interest rates by a full percent, or at least 3/4 shortly. The dollar may hit 38 after that. 40 is not out of the question if you're a gambler and willing to wait. However, when things go south the drop will be fast.

Good recovery on the USD-THB.
Roll on your 40 Pete.


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