Thai baht goes from top-performing to worst-hit currency in Asia

[gummy]

well 45.46 THB to 1 GBP just now

[ThaiFoodGuy]

3 hours ago, Soidog said:

I’d love to think this current situation will reset that mindset. I don’t think for one second it will.

I agree, and I suspect it will shift to an attitude of "they could have saved us, but they didn't. Those selfish greedy assholes are only here to exploit us after they destroyed our country."

[Stonker]

2 hours ago, Stardust said:

For any production you need to import resources and from the supplychains. All the loans Thailand took are all in foreign currency mostly  in usd and euro. By the way same like Thaiairways the credits came from USA, Germany, Swiss and Japan. Highest private household debt from all Asia and the Banks took the money in US dollars when the interests were low and baht higher, then a huge liquidity problem, no demand for baht,  already and a government with a huge household deficit again that they have to refinance again over loans plus covid. This is the perfect storm! 

You're mixing or confusing household debt with national debt - very different.

[HappyExpat]

As of this time/space continuum:

[Paco]

maybe some day they respect the foreigner, instead of always doing like we rich and come from another planet... you just got burned Thailand

[EdwardV]

It was long overdue as the Thai government propped up the Baht for years now. They started to relax capital controls late last year and did so again a few months ago. Clearly at this point the weak baht is something the government wants. Exports are the only bright spot in the economy and they are not as strong as needed. Hopefully we get to 36 or even 38 to the dollar by the end of the year. 

[Saunk]

FIrst time I went to Thailand was in 2017 and the USD to BAHT was around 33. 

Second time I went to Thailand was in 2019 and the USD to BAHT was down to around 31. 

Let's hope by early 2022  the number is in the upper 30's, would make for a great vacation.

[diegogg]

Strongest-performing/worst-hit... 555 really? The junta brought the Thai baht down when they closed down the country, so every remaining foreigner will be paying an extra 10~15% on everything. Oh such a coincidence! When they started the Phuket sandbox the currency is coming back to its real value.

Edited July 26, 2021 by diegogg

[SuzyFakeNames]

1 hour ago, diegogg said:

so every remaining foreigner will be paying an extra 10~15% on everything.

More insight please? 

[Soidog]

2 hours ago, Saunk said:

FIrst time I went to Thailand was in 2017 and the USD to BAHT was around 33. 

Second time I went to Thailand was in 2019 and the USD to BAHT was down to around 31. 

Let's hope by early 2022  the number is in the upper 30's, would make for a great vacation.

I share your pain @Sanuk but even more so. When I first started living out in Thailand in 2006 I was getting 65 to the GB£. It then got 74 in 2007. Since then it has fallen and fallen. Back in 2019 it hit 36.9. That’s over half the value I was getting in 2007. Plus inflation has pushed prices up in the intervening 12 years. In real terms my pound was worth around 60% less than when I arrived. Now that’s a real problem. You Americans who lost 10% really should not complain too much

[PapayaBokBok]

17 hours ago, Soidog said:

restaurants and bars who have more new stickers over their menus to inflate prices.

A secret way to see the truth and a glimpse inside thais minds of when they are concerned..the good ole menu and masking tape"gauge" of what"Thais will never speak of to outsiders"

And how another posted about how can Thais think they are not just a 3rd world country....

They like in a "bubble world" that world stop at the Thai borders, much like a "Disneyland" to some and the education system that teaches nationalism and all things "Thai" are number 1, and their disdain for any suspicious outsiders or stereotypes of them. Or Thais would have lived in a small province and never traveled within their own country, and event those that say and hour flight from BKK to CNX is so far, as I counter with traveling from one side of the world to get to LOS is considered "far" in my rebuttal to their closed minds

In my exps living in Los a few months yearly since 2008, it just feels like the lazy "North Korea" of sorts with standing at movies and this system of what happens in LOS stays in LOS and one rarely reads news of anything about LOS when outside of the country, is somewhat of a closed society that is based on illusions of grandeur, they people are all lining up to get there and marvel at the Grand "Illusion", and Thais hoping the truths never gets out, as we are starting to see how the internet is countering this.

They have convinced themselves to the point that they can carry this house of cards forever but when a hard truth such as covid comes to town an "illusion" has to contend with some hard facts and truths as we are all witnessing with this pandemic. Lies are plural..Truth is a singular..and Covid is a hard cold example of this.

My thought has always been that once anything effects the "teflon baht" expect Thais to actually panic. This is certainly been a seemingly wake up call to the Thais...lets see if they learn from it as the lesson is repeated until it is learned, and by the looks of the baht nowadays the only ones that will suffer will the the Thais, and what goes around comes around..

The saying Som Naam Naa comes to mind or even the Buddhist beliefs of good ole "Karma"...chok dee

Edited July 27, 2021 by KaptainRob
Refer rule #3

[gummy]

9 hours ago, Soidog said:

I share your pain @Sanuk but even more so. When I first started living out in Thailand in 2006 I was getting 65 to the GB£. It then got 74 in 2007. Since then it has fallen and fallen. Back in 2019 it hit 36.9. That’s over half the value I was getting in 2007. Plus inflation has pushed prices up in the intervening 12 years. In real terms my pound was worth around 60% less than when I arrived. Now that’s a real problem. You Americans who lost 10% really should not complain too much

But back in 1982 when I first visited Thailand the THB was pegged to the US $. That meant the GBP against the Thai baht was around 28  if I recall due to the GBP poor value against the US $

[Paco]

13 hours ago, whitesnake said:

Great news for me as I have a BIG UK (GBP) INHERITANCE this coming December!! The baht can nose dive all it likes as far as I'm concerned! Quids in for me.....as Harry Enfield once said, "Loadsamoneyyyyyy!!!!!!" 

Yep, I remember when the pound was extremely high and all English  showing off to give rounds on the bar then it fell and they quiet ... hahahaha but is good I also have most of my earnings in pounds and I love it

[dmacarelli]

 

This all happened due to sheer stupidity and stunning greed. Thailand is really going into a world of hurt now. Tourism will not recover for years and domestic tourism just died. Millions of jobs lost.

The people will not tolerate these goons much longer. My theory is that the army brass already knows this, and are now forming an escape plan. Hopefully into exile, but far better, into prison. They can fight a few tens of thousands. They cannot possibly beat many millions. And that is what we will see when this army created debacle is over with.

Prayuth has zero credibility, on any level. He is stunningly incompetent, and has long overstayed his welcome. And now, he has failed the nation miserably with this second wave, which could have easily been avoided, had some precautions been taken by locking down Samut Sakhon province immediately, and rooting out his bad apple immigration guys, on the border. There is no saying the extent of the corruption in this administration, but the army is not exactly known for integrity.

Well, one thing is for certain. And if it was not apparent before Covid, it sure is now. They have a nearly non existent concern for the well being of the masses here, who have been affected negatively by Covid, the economic shutdown and the utter, long term collapse of the Tourism industry. 

The entire nation should be heaping criticism on this utter failure of a PM. He is literally destroying his nation, by the day. Anything, absolutely anything that can be done to limit the power of the army, and the toxic and corrupt senators they appointed, is a good thing for the nation. The dinosaurs must be made extinct. And the youth must be allowed representation or control. Total control, if possible. They are the only ones who can move this nation forward, and stop the heinous and regressive  army.

 

[TobyAndrews]

18 hours ago, Stonker said:

If the baht collapses, who loses?

Tourists?  No, big winners.

Tourism? No, big winners.

Exporters? No, exports up.

Expats? Not those with a pension or overseas income ... except those wanting to sell up and leave.

Average or lower-economic locals? Not much, buy Thai.

Why would this be such bad news?

Forgive me for my lack of your logic. but if the baht collapses, say to B80 to the GB Pound, why is a tourist not a winner when preciously they bought a stir fry for one pound at B40, and now can buy two stir fries for a pound?

Edited July 27, 2021 by TobyAndrews
mistake

[Lowseasonlover]

9 minutes ago, dmacarelli said:

This all happened due to sheer stupidity and stunning greed. Thailand is really going into a world of hurt now. Tourism will not recover for years and domestic tourism just died. Millions of jobs lost.

The people will not tolerate these goons much longer. My theory is that the army brass already knows this, and are now forming an escape plan. Hopefully into exile, but far better, into prison. They can fight a few tens of thousands. They cannot possibly beat many millions. And that is what we will see when this army created debacle is over with.

Prayuth has zero credibility, on any level. He is stunningly incompetent, and has long overstayed his welcome. And now, he has failed the nation miserably with this second wave, which could have easily been avoided, had some precautions been taken by locking down Samut Sakhon province immediately, and rooting out his bad apple immigration guys, on the border. There is no saying the extent of the corruption in this administration, but the army is not exactly known for integrity.

Well, one thing is for certain. And if it was not apparent before Covid, it sure is now. They have a nearly non existent concern for the well being of the masses here, who have been affected negatively by Covid, the economic shutdown and the utter, long term collapse of the Tourism industry. 

The entire nation should be heaping criticism on this utter failure of a PM. He is literally destroying his nation, by the day. Anything, absolutely anything that can be done to limit the power of the army, and the toxic and corrupt senators they appointed, is a good thing for the nation. The dinosaurs must be made extinct. And the youth must be allowed representation or control. Total control, if possible. They are the only ones who can move this nation forward, and stop the heinous and regressive  army.

Empty all their bank accounts before they leave to pay for the damage they have done

[Stardust]

6 hours ago, PapayaBokBok said:

A secret way to see the truth and a glimpse inside thais minds of when they are concerned..the good ole menu and masking tape"gauge" of what"Thais will never speak of to outsiders"

And how another posted about how can Thais think they are not just a 3rd world country....

They like in a "bubble world" that world stop at the Thai borders, much like a "Disneyland" to some and the education system that teaches nationalism and all things "Thai" are number 1, and their disdain for any suspicious outsiders or stereotypes of them. Or Thais would have lived in a small province and never traveled within their own country, and event those that say and hour flight from BKK to CNX is so far, as I counter with traveling from one side of the world to get to LOS is considered "far" in my rebuttal to their closed minds

In my exps living in Los a few months yearly since 2008, it just feels like the lazy "North Korea" of sorts with standing at movies and this system of what happens in LOS stays in LOS and one rarely reads news of anything about LOS when outside of the country, is somewhat of a closed society that is based on illusions of grandeur, they people are all lining up to get there and marvel at the Grand "Illusion", and Thais hoping the truths never gets out, as we are starting to see how the internet is countering this.

They have convinced themselves to the point that they can carry this house of cards forever but when a hard truth such as covid comes to town an "illusion" has to contend with some hard facts and truths as we are all witnessing with this pandemic. Lies are plural..Truth is a singular..and Covid is a hard cold example of this.

My thought has always been that once anything effects the "teflon baht" expect Thais to actually panic. This is certainly been a seemingly wake up call to the Thais...lets see if they learn from it as the lesson is repeated until it is learned, and by the looks of the baht nowadays the only ones that will suffer will the the Thais, and what goes around comes around..

The saying Som Naam Naa comes to mind or even the Buddhist beliefs of good ole "Karma"...chok dee

Yes karma is at work in Thailand. But most go to temples but not understand any of teachings of Buddha bit they call them Buddhists. Same like this nationalists who talking about buddhism but have clue of it and living, acting and talking the opposite of what Buddha teaches. What goes around comes around,  yes we can see and hear it daily now. 

[dmacarelli]

39 minutes ago, Lowseasonlover said:

Empty all their bank accounts before they leave to pay for the damage they have done

They will empty their own accounts, but it is likely they have trillions of baht overseas, in banking havens around the world already. Nobody really knows the extent of the corruption of this administration. It is likely they are robbing the treasury blind and planning their exit strategies right now. 

If you are referring to the justice system emptying their accounts, this will not happen. It would require a real judiciary, and it would require going after men who are totally above the law. Any and all laws. And despite the staggering sums they have likely stolen, it would not be enough to repair this economy, nor to compensate the Thai people for damage done. We are already well into tens of trillions of baht in damage. 

[gummy]

1 minute ago, dmacarelli said:

They will empty their own accounts, but it is likely they have trillions of baht overseas, in banking havens around the world already. Nobody really knows the extent of the corruption of this administration. It is likely they are robbing the treasury blind and planning their exit strategies right now. 

If you are referring to the justice system emptying their accounts, this will not happen. It would require a real judiciary, and it would require going after men who are totally above the law. Any and all laws. And despite the staggering sums they have likely stolen, it would not be enough to repair this economy, nor to compensate the Thai people for damage done. We are already well into tens of trillions of baht in damage. 

The rape of this country goes back far beyond this administration, if it was only that simple.

[Poolie]

21 minutes ago, gummy said:

The rape of this country goes back far beyond this administration, if it was only that simple.

By definition, I wonder how you set about raping a country?

[Soidog]

4 hours ago, gummy said:

But back in 1982 when I first visited Thailand the THB was pegged to the US $. That meant the GBP against the Thai baht was around 28  if I recall due to the GBP poor value against the US $

Sorry you must be mistaking it for the $US? Throughout 1982 the GB£ lowest level was 38.9 THB. This was also at a very poor financial time for the U.K. with record unemployment and Britain was engaged in the Falklands war. The £ to $ lowest point in 1982 was 1.69. 
 

The only time Pound reached 28 was for a very brief 3 month period between September and October of 1984. It had never been at that level previously or since. What is fair to say, is that over the last 50 years, the average has been around what it is today at 45 Baht to the Pound. Clearly the period in late 1983 to 1986 were tough times with the rate being in the low 30’s and the early 2000’s where it was over 70 people were living in a fools paradise. 
Ive attached a screenshot showing the rate since 1960. 

[gummy]

4 minutes ago, Soidog said:

Sorry you must be mistaking it for the $US? Throughout 1982 the GB£ lowest level was 38.9 THB. This was also at a very poor financial time for the U.K. with record unemployment and Britain was engaged in the Falklands war. The £ to $ lowest point in 1982 was 1.69. 
 

The only time Pound reached 28 was for a very brief 3 month period between September and October of 1984. It had never been at that level previously or since. What is fair to say, is that over the last 50 years, the average has been around what it is today at 45 Baht to the Pound. Clearly the period in late 1983 to 1986 were tough times with the rate being in the low 30’s and the early 2000’s where it was over 70 people were living in a fools paradise. 
Ive attached a screenshot showing the rate since 1960. 

You must be right it was a long time ago and in those days I always took traveller cheques, remember them  ? so yes possibly it was US $ I was thinking of. In recent times it hovered in the 46 to 54 levels for for a good time so even at say 48 - 50 would be good if it was maintained.

[Soidog]

1 minute ago, gummy said:

You must be right it was a long time ago and in those days I always took traveller cheques, remember them  ? so yes possibly it was US $ I was thinking of. In recent times it hovered in the 46 to 54 levels for for a good time so even at say 48 - 50 would be good if it was maintained.

Unfortunately I do remember travellers cheques. In fact as recently as 2006 I was still using them (perhaps it was just me ). I’d take 48-50 all day long. It’s when it gets below 40 that it becomes really painful. Mind you, I’d prefer it was back above 70 again. What a party time that would be! 

[gummy]

8 minutes ago, Soidog said:

Unfortunately I do remember travellers cheques. In fact as recently as 2006 I was still using them (perhaps it was just me ). I’d take 48-50 all day long. It’s when it gets below 40 that it becomes really painful. Mind you, I’d prefer it was back above 70 again. What a party time that would be! 

Can't see it unless law and order in this country goes into melt down

[Objectivance]

They'll never let it get much beyond 33. It'll be 30 again by December.