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Thailand’s Central Bank start twiddling the currency knobs to curb baht speculators

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Thailand’s Central Bank start twiddling the currency knobs to curb baht speculators | The Thaiger

The Thai Central Bank says it is taking steps to ease the impact of speculative currency trading which has contributed to strengthening the baht. They say they’re ready to use additional measures if speculative trading continues to persist.

The Bangkok Post reports the Central Bank reduced the outstanding balance of non-resident baht accounts (NRBA) and non-resident baht accounts for securities to 200 million baht per non-resident, from 300 million baht, effective July 22.

“For accounts with outstanding balances at the end of the day higher than 200 million baht per non-resident, financial institutions are required to tell owners to comply with the changes before that date.”

The Central Bank also says they will enhance the reporting requirements for non-residents’ holdings of debt securities issued in Thailand where the names of end beneficiaries shall be reported for all non-residents’ holdings of Thai debt securities. This measure will help enhance the BOT’s surveillance of non-residents’ investment behaviours and will come into effect as of the July 2019 reporting period.

Local economists admit that most of the upward pressure on the Thai Baht is due to inward currency speculation with Thailand being seen as a ‘short term’ currency haven.

The BOT will continue to closely monitor the Thai baht movements as well as non-resident behaviours, and stand ready to use additional measures if undesirable speculative behaviours persist.

Meanwhile, the Commerce Ministry under the new government faces tough challenges as Thai exports are expected to drop due to the ongoing US-China trade war and it is becoming a struggle to maintain the price of agricultural products due to an oversupply.

In the first five months of this year, Thai exports dropped by 3 per cent compared to the same period last year, contracting in value by more than US$4 billion (Bt122.5 billion). Thailand’s economic institutions have started predicting that Thai exports will drop by around 1 per cent in 2019, compared to last year’s 6.9 per cent year-on-year growth.



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TMB – strong baht hits foreign investment funds

The Thaiger & The Nation

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TMB – strong baht hits foreign investment funds | The Thaiger

TMB Bank are reporting that the strong baht has cut the value of the foreign investment fund under fund management, falling by 27 billion baht from 1.2 trillion baht at the start of the year.

TMB said the drop reduced the fund’s return by 0.47%. The least impacted funds are those covering oil investment, gold, and property funds, at 0.53%, followed by a balanced fund.

Naris Sathaphondecha, the senior director of the TMB economic analysis centre, said that the baht’s appreciation not only affected the export market and tourism businesses but investors’ portfolios – especially the FIF. The currency has risen 5.8% this year.

The 1.2 trillion baht earlier valuation for the existing FIF funds comprised 836 billion baht in fixed income, 243 billion baht in equities, and 30 billion baht in commodity and property funds.

“The baht’s appreciation widely affects every sector related to business. When investing in US dollars, inventors find returns have less value in baht. The strong baht affects the returns on funds as investors are concerned about the exchange rate. The investment markets have gone down, especially the stock market. Investors will soon know that they are losing profits because of exchange rate. ” he said.

Read the rest of the story at The Nation

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X2 Vibe brand adds third hotel in Phuket

The Thaiger & The Nation

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X2 Vibe brand adds third hotel in Phuket | The Thaiger

PHOTO: Existing X2 Vibe Patong hotel

Cross Hotels & Resorts has signed an agreement with PT Three Land for its third Phuket property, the X2 Vibe Phuket Patong Centre. Poised to open middle of 2021, it is a 50 minute drive from Phuket International Airport and a 10 minute walk to Patong Beach and the bustling Bangla Road walking street.

X2 Vibe Phuket Patong Centre will offers 323 guestrooms, all-day dining restaurants, café and bar, meeting room and fitness facilities. Key features include specially designed family rooms, a state-of-the-art kids club and a large adult swimming pool with sunken DJ Bar, underwater speakers, relaxing music and cocktails.

The announcement follows the debut of X2 Vibe Phuket Patong in September 2018 and the signing of Away Phuket Le Coral in May 2019. Cross Hotels & Resorts chief executive Peter Lucas said the company was very pleased to be signing a contract for its third hotel in Phuket.

“It is a significant milestone to be adding X2 Vibe Phuket Patong Centre to our growing portfolio of hotels in Phuket – officially recognised as one of Asia’s, and indeed the world’s, best places to visit.’’

“Phuket has been clearly identified as a key target destination for Cross Hotels & Resorts now and into the future.’’

Cross Hotels & Resorts currently operates 25 hotels across three distinct brands –X2, X2 Vibe and Away in Thailand, Vietnam and Indonesia.

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Thai PC and notebook sales set to increase 5% in second half of year

The Thaiger & The Nation

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Thai PC and notebook sales set to increase 5% in second half of year | The Thaiger
The market for personal computers and notebook computer will grow around 4.7% in the second half of this year, as students, gaming and e-sports continue to drive growth
The prediction from marketing director at Acer Computer, Nitipat Praweenwongwuthi. Acer recently conducted a survey into the needs of computer users and found that about 50% of customers who purchase gaming computers will utilise their computer for playing games and work while about 15% of users say they will use their computer to develop and create video.

Apple is one of computer players in the market driving student market growth. Early this month, the firm launched a global notebook computer campaign at prices some 4,000 baht lower than those on the market targeting university students.

Apple has updated its MacBook Air, adding True Tone to its Retina display for a more natural viewing experience, and lowering the price to 35,900 baht for members of the public and 31,900 baht for students.

In addition, the entry level 42,900 baht 13-inch MacBook Pro has been updated with the latest 8th-generation quad-core processors, making it twice as powerful than before. It also now features Touch Bar and Touch ID, a True Tone Retina display and the Apple T2 Security Chip, and is available to college students for 38,900 baht.

And it’s not only Apple that’s aiming to do better. Alvin Chen, country manager at Asus (Thailand) said that the second half this year will be better than the first, which saw a decline of 5%.  The second half, however, is expected to catch up with sales divided between 70% for notebooks and 30% for gaming notebooks.  Meanwhile, the processor market share as of May 2019 was shared by Intel at 59.3% and AMD at 40.7%.

Customers in Thai market today want middle and high end products and while in the past, gamers were after high performance, now it’s all about thin and light design and 15 inch screens.

“We kicked off our campaign by offering ASUS Pro Duo and other products specifically designed for the target group,” Chen said.

Since Microsoft Windows is used by more than 95 per cent of operating system (OS) for PC in Thailand, ASUS believe that the growing trend for content creator will favour the company over Apple’s Macbook,” said Alvin, adding that ASUS opening its first is going to have the first ASUS Store this month at Central World and in Rayong in early August.

SOURCE: The Nation

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