The Bank of Thailand (BoT) said it was concerned about the recent rapid increase in the value of the currency and added that it would take steps to prevent a further rise and not to further endanger an already fragile economy. .
Reader Submission: “Finally – while it lasts, you can now get more Thai baht for your euro!”
Have you not noticed in the last 2 weeks? You get more Thai baht for the euro. Just checked today, 35.64 baht. I think the following developments have taken place…..
The Central Bank of Thailand is considering additional measures to curb the rising baht but believes there is no need to raise its benchmark rate if inflation rises.
Many people complain on Thailand blog that Thailand has become so expensive, but is that really the case?. Yes, the baht is strong against the Euro and you could also say that the Euro is no longer a strong currency. So to say that Thailand has become expensive is not correct in my opinion. Another important point is the inflation rate in Thailand and that is not too bad, it is usually less than 1%. What do others think about that?
Thailand can eventually be seen by the US as a country that manipulates its own currency (keeps it artificially high or low). The US Treasury Department uses three criteria for this in its foreign exchange report. If Thailand complies, it will be placed on the monitoring list of currency manipulators, says Siam Commercial Bank's Economic Intelligence Center (EIC).
Bank of Thailand agrees that the baht is too expensive
The governor of the Bank of Thailand (BoT), Veerathai Santiprabhob, admits that the baht has become too expensive and that the speed of its appreciation is remarkable. Still, the central bank's top boss thinks interest rate cuts alone will not weaken the baht.
Strong Thai baht stands in the way of economic recovery
The Thai government is currently making frantic efforts to revive the country's economy, for which more than 316 billion baht has already been invested. However, the rising value of the Baht throws a spanner in the works for Thai curry.
European tourists avoid Pattaya for expensive Thai Baht
Tourism from Europe to Pattaya has suffered greatly due to the expensive baht. The Entertainment & Tourism Association of Pattaya City says European travelers have barely traveled to Pattaya in recent months.
The Thai Baht has become hugely more expensive in a few days. I don't think it's good for the economy. Bought a piece of land at the beginning of last week at 34,42. Now that I want to transfer money, the country has suddenly become € 1.145 more expensive due to the increase in the Baht. Hopefully that will change? Doesn't seem calm to me for tourism and Thai exports.
Reader submission: 'We are getting poorer in Thailand'
It was 2016 when I first put my unclean feet on the Thai soil. In a daze of insomnia and new impressions I can remember that I exchanged my euros for no less than 39 baht each.
Fear of decline in tourism due to strong Thai Baht
The strong baht is expected to negatively impact the tourism industry, with travelers potentially opting for other destinations in the region where the local currency is more favourable.
The business community is stepping up pressure on the government to solve the problem of the overvaluation of the baht. Not only the exporters are duped, but also the domestic suppliers.
No measures yet to curb baht
The government is not yet taking any measures to dampen the appreciation of the baht. Measures have been prepared, but they will only be taken if the increase continues. Yesterday, the baht/dollar exchange rate fell slightly.
News from Thailand – April 26, 2013
Today in News from Thailand:
• Sixteen Asian countries start partnership negotiations
• Stubborn minister drills hole in water tank
• Documentary about border conflict with Cambodia is allowed
News from Thailand – April 19, 2013
Today in News from Thailand:
• 'The seven dangerous days': 321 dead and 3.040 injured in traffic
• Amnesty proposal gets priority in parliament
• Gold price falls to lowest level in 2 years; shops are closing
The Bank of Thailand and the Ministry of Finance are keeping their heads cool amid the uproar over the baht's appreciation. Short-term measures are not being taken, says the Minister of Finance.
Bank of Thailand: No intervention in the baht
The Bank of Thailand (BoT) and the Ministry of Finance decided during an emergency meeting yesterday not to intervene to contain the appreciation of the baht against the dollar. On Wednesday, the baht reached a level not seen in 16 years.