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Home » Reader question » Reader question: Value of the Baht, what is wisdom?
Reader question: Value of the Baht, what is wisdom?
Dear readers,
I have been with my lovely wife for 5 years now. When we got married the Baht was a lot higher. Now that the downfall has set in, we are of course noticing this in our expenditure.
The Thai itself does not notice it much. A few days ago I read an article that most Thais live by the minute and don't anticipate. Most likely neither will the finance minister. Due to the exchange rate of the Baht, many tourists stay away.
Well, what is wisdom?
Regards,
Robert
I was able to experience the time when the Euro had a value of TBH 50,-. Then I built my house. If I were to sell it now for the same price I would make a nice profit in Euros. An old football philosopher Mr. J.Cruijff already said “every disadvantage has its advantage”.
But nevertheless, the Thai government should by now consider taking some action. Tourism and exports (including rice) are under pressure. For import of goods, the current exchange rate is of course top. So the key question is: do exports and tourism outweigh imports? That question will be answered automatically if import is no longer possible due to a lack of income.
I buy most luxurious things in the Netherlands when I am in the Netherlands - because many things are much cheaper - because of the expensive baht
The question is also who benefits from imports. The big money benefits from this and not the average Thai, who has to deal with tourists etc., from which they can earn immediately. The hard-working Thai complains bitterly about the high prices and the margins have only become smaller on the sale of goods. So who is listening to this cabinet in Thailand. Just like in the Netherlands where the rich are getting richer and Jan is just muddling along and getting sick of everything that comes at him or her. Yes, the economy is doing well and Sinterklaas is black and we have to make do with that because there is not much opposition.
Unfortunately, since the introduction of freely fluctuating exchange rates, determined by the market, the nation states have all but lost their influence over the exchange rate of their currencies.
That currencies of developing countries would become stronger – look around you and compare that with 10-20-30 and 40 years ago in terms of employment, infrastructure, placed machines, better training, so higher production efficiency – everyone can see that the economic strength an exchange rate would go along with it.
I think it's the other way around. The national states (governments) and central banks do have their finger in the pie and keep the Euro and the Dollar low by, when they deem it necessary, printing new money, which is not backed by anything. Also due to the low and even negative interest rates, the money, as far as I understand (the money -> also Euro and Dollar here) is worth less.
Although I am not a financial expert, because I am involved with Bitcoin, I inadvertently also read a lot about the development of the fiat market. And when I see that, I get really scared… I'd rather keep saving Bitcoin, here in Thailand, as long as I can spare it.
For the expat applies: "whoever is shaved, must sit still".
For the Thai government, the bill will be presented sooner or later!
No tourist will be turned away by the value of the Baht. A tourist for two weeks has no idea of the evolution of the value of the currency of the country where he is going on holiday. The people who live there know that, but a tourist is not interested at all. Most tourists only know when they are there what the local currency is and approximately how much it is worth compared to their own currency.
Ask on the street in Europe which is the currency of, say, Vietnam and what it is worth compared to the Euro ??? That is laughter.
I have a friend who has been coming to Thailand for 49 years and now stays away…
Well, for your friend, 4 others have replaced it. All those complaining Europeans are being replaced by wealthy Asian tourists. In a little while, development aid will be sent to the West: Greece is already receiving support from China, ditto Iceland after the banking crisis and now poor Portugal is already eyeing China.
A few days ago on this blog there was a similar discussion about the value of the baht. In 2002 you got 50 baht for a Euro and there were more than 10 million tourists in Thailand. Last year, 2018, the baht was 35 to the Euro and there were 38 million tourists. So the stronger the baht, the more tourists. Or is it perhaps the fewer (complaining) Europeans to Thailand, the more tourists from other countries?
Could it have something to do with his age, that he no longer comes?
If his first visit was at the age of 20, he is now 69.
At some point, traveling is no longer necessary.
I'm not yet 69, but I'm already looking forward to a return ticket to the Netherlands.
Hanging around airports, a 12 hour flight, waiting for your suitcase, from Schiphol to the hotel.
All in all about 24 hours on the road, where I never sleep a wink.
And 2 weeks later the trip again in reverse order.
probably has nothing to do with the value of the baht. Thailand is still cheap for a tourist. It's a different story for the expat.
.
You underestimate the 'ordinary' tourist who, after a year of work, are really concerned with the course, you can only spend (holiday) money once, the budget is adjusted accordingly.
Incidentally, I know several compatriots who have returned to the Netherlands on hanging legs, it is also funny that there are some who 'laughed' at me when the € gave around 50 baht because at the time I did not yet want to take the step to make myself like them there to settle in Thailand.
Well Fred I do not agree with you, I think that many people who make such a long journey do prepare themselves and then also have some insight into the exchange rates.
But if I'm not planning to travel to Japan then I don't look at the exchange rate of the Yen either, so asking someone randomly about a certain exchange rate makes no sense.
And coincidentally, in 3 months we will be going to my in-laws in Thailand for 2 months, but we will actually be spending less Bath financially, simply because I get less Bath for my Euro.
What kind of bullshit story is that? I have been coming to Thailand for 16 years, sometimes twice a year, and I do know how things are with the bath. The first years I still got 2 baht for one euro. That has decreased considerably and in the Tesco and Big C supermarkets they simply strip you. Holidaying in Thailand has really become a lot less fun (financially)
Yes, in the clothing department of Tesco and BigC there might be a nice lady who will help you change or undress. In the nineties you got converted from the guilder to the Euro 26 to 30 baht for a Euro. Now even around 34. After the 7 lean years (in the nineties), many now have almost 20 fat years.
If you have been in Thailand for 16 years, then you should actually know that you have never received 56 Baht for a Euro.
That everything has become more expensive in these 16 years is not only the fault of the strong Thai Baht, but simply an international phenomenon.
Dear John I have also been coming to Thailand for 13 years. I remember well I think
7 to 8 years ago that we once (but only once) received 58 bath for 1 euro. I have often thought that I should have exchanged 100000 euros back then.
That must have been a mistake by the exchange office or a very nice favor. The euro has never been higher than a small 52 baht
There are plenty of graphs to back this up
See for yourself how much you got 7 or 8 years ago.
https://www.indexmundi.com/xrates/graph.aspx?c1=THB&c2=EUR&days=3650&lang=nl
Best of Aachen Rene, The highest rate the Euro has had against the Thai Baht was in the year 2008.
There the exchange rate for the Euro-Baht was 53.6041, so that because the Exchange also wants to earn money, you have had an amount of approximately 52 Baht for the Euro at the most.
Your one-off rate of 58 Baht is unfortunately a myth, and could have taken place in your dreams at the most.
Take a look at the link below, which is slightly more reliable than your dream story.
https://www.boerse.de/historische-kurse/Euro-Baht/EU0006169955
Dear From Aachen Rene, https://currencies.zone/chart/thai-baht/euro gives the highest price for the past 15 years at 51.91 on November 5, 2005. For the past 8 years, the price has only just been 45. Our memory isn't perfect, but maybe it's for the better.
You have been coming to Thailand for 16 years and still don't know that the currency spoken of here is BAHT and not bath? Not paying attention all these years, I'd say.
And the question is…?
Dear Robert, if you spend most of your expenses in baht, you should of course buy baht, even if the exchange rate seems unfavorable. Holding on to anything else is pure gambling.
But of course you can be lucky that someone responds who can see into the future. But if you trust that, you should have put your question to the Thai because I have more confidence in the Thai as a predictor of the future than in the farang.
I think that every tourist or expat who is dependent on the exchange rate can certainly not be happy with the exchange rate of the strong Baht.
But to come up with the stories every time that we once received about 50 Baht for the Euro was of course a one-off occurrence.
That in times of the Dutch guilder and even the strong German mark, people also knew times when it was clearly less, is gladly forgotten.
It's not nice, but it is what it is, and we can't help but wait.
Many Thais live to the minute because of low wages. It is difficult to plan if you barely have enough to pay for the basic necessities of life (rent, food, clothing). Many people in debt. Partly my own fault (car, bling-bling, whiskey, beers, etc.), but often still hard work for too little Baht.
People are also affected because inflation in Thailand has increased significantly in recent years. Everyone on the market and in the shop notices this, both Thai and foreigner.
In addition, the challenge of the weak EURO, which has already cost us a lot of purchasing power and is being further affected by the policy of the ECB.
What it will be? I don't have a crystal ball, but I see the monetary – financially less sunny.
All the more so because pension funds in the Netherlands are having a hard time and pensions will be cut; at some funds for the umpteenth time.
I hear a lot of people complain about the expensive baht. According to some, the Thai government should take measures. However, I think an important cause is the weak euro. Since the aid to southern European countries, the value of the euro has plummeted and you therefore get fewer baht for it, but it is of course easier to blame Thailand.
Disagree Gusje.
Thailand is the ONLY country in Southeast Asia where the currency has risen so much compared to the Euro.
Regards,
Geert.
Dear GuusW, It is not only the Euro that is indeed slightly lower, but especially the abnormally strong Thai Baht that gives less Bahtjes for the Euro.
If only the aid to the Southern European countries would have to do with this, then it is strange that people also receive less Baht for non-Euro currencies, such as the British Pound and the USA Dollar.
Believe me the Thai Baht is unusually high, and this can never be good for tourism, export, and the rest of the Thai economy in the long run.
Hi, a while ago for 100 euros I got 128 $, now I get 102 $ for 100 euros,. So the euro has also dropped considerably.. grtjs H
Nothing is as volatile as the US dollar and that affects other currencies to a great extent. Some time ago I had to pay 4 guilders for the $. Hardly any government can fully control its own currency anymore 🙂 If the exchange rate is favorable, no one complains with euros and if it turns out less favorable, everyone has done it wrong. Run for office and do better. You don't have my vote though 🙂
I have already mentioned it above, but if I follow the many messages on YouTube, it is precisely the governments and central banks that determine the rate of their own currency and, above all, make their own currency less valuable: the US had 22.000 billion at the beginning of this year in debt and they are getting bigger, so when the government needs money, another few billion are printed. It is only backed by the promise of the government anyway and not, as many may still think, by gold.
The big blow is yet to come and then our money will be worth nothing at all.
Dear,
From your letter I have to assume that the baht is low, but the opposite is true. It is the euro that is low so that we get less baht when exchanged.
Lionel.
BAHT not bath
Unfortunately, the economic law is seriously disrupted by the adolescent behavior of Trump and the
geopolitics of China.
See what's in store between China and the United States next December.
China wants, among other things, to increase the import duty on American cars by 1 percent from 40 December.
Trump hits back at, among other things, the trade in soybeans to protect the American farmer.
Thanks to Trump, the US economy is booming. If there are elections again, he will be president again with 2 fingers in his nose.
At the cost of the highest budget deficit ever during a boom and a trade war with China, all with only 1 goal: re-election.
Pardon
You mean thanks to Obama?
Trump must provide financial support to American farmers because they have lost a major buyer in China…
Furthermore, a recession is imminent in the US… Thanks to Trump
Ah, every man believes what he wants to believe. I rarely hear anyone with facts and sources.
Trump's heart is also in the right place, after all he is also a chauvinistic American. The US imports $500 billion from China and China only buys $100 billion from the US. The aim is to get or bring back more employment in the US by manufacturing it locally in the US. And in addition, they want China not to “steal” technology and then apply it in competing products. Noble pursuit.
I've been back from Thailand for a week now. 3.1/2 week there.. it was noticeable that there were many Chinese and even more Indians there.. the Europeans were clearly absent, and the Thai miss us.. the Indians are gone ht seems stingy and rude to the Thai and especially to the ladies.. nevertheless I had a nice and Blessed holiday
As Robert wrote, the Thais don't notice it much. The average Thai has always lived to the minute. The average Thai cannot anticipate. They keep laughing and get on with life. We can still learn something from that.
The Minister of Finance also keeps a cool head: don't panic, and above all don't cause panic.
20 years ago, my production manager said when considering changing/overturning the planning: “No changes to the planning is also an option.” By which he meant that a major intervention in planning was not always worth the commotion.
It makes a lot of difference whether you only go to Thailand for a few days or a few months. For the people who go short, the high rate may not be such a problem, but it adds up if you go longer. The number of tourists visiting Thailand is only an indication in my opinion, but more important for the government is how much the tourists spend on their holiday in total. I think that the Thai government is concerned about this and is therefore trying to make the expensive Baht cheaper. We are waiting….