currency

  • Business News

    Baht hits two-week high but faces long-term depreciation risks

    The Thai baht surged to a two-week high yesterday, surpassing 36.5 to the dollar, marking a strong short-term gain. However, Kiatnakin Phatra Financial Group (KKP) has issued a cautionary note about the potential depreciation of the currency, attributing it to persistent structural issues in Thailand’s economy. Yesterday, the baht led gains among Asian currencies, appreciating by 0.3% to its highest…

  • Thailand News

    Gold ornament prices leap to 41,200 baht in surprise surge

    Gold prices soared unexpectedly, prompting swift action from interested buyers, as the latest figures from the Gold Traders Association (GTA) showed a significant jump. Today, gold ornaments’ selling price broke through to 41,200 baht per baht-weight, an increase of 350 baht from the previous day’s closing price. The surge in gold prices is not just an isolated economic event but…

  • Thailand News

    Gold prices in Thailand soar, buyers urged to stay updated

    Gold prices in Thailand saw a rapid increase, urging interested buyers to check the latest updates. Today, April 26, the price for gold ornaments surged to 41,350 baht, marking a 100 baht rise from the previous day’s close as reported by the Gold Traders Association (GTA) at 9.04am. The global gold spot price hovers around US$2,333 (86,379 baht) per ounce,…

  • Business News

    BoT may adjust policy due to economic changes and challenges

    The Bank of Thailand (BoT) may revise its monetary policy if economic changes in the landscape and structural challenges significantly lower its long-term potential growth, disclosed BoT Deputy Governor Alisara Mahasandana. This follows governmental pressure on the central bank to decrease interest rates. Alisara, speaking from the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, highlighted that…

  • Business News

    Foreign currency deposits surge in Thailand

    The past year has seen a significant upturn in foreign currency deposits (FCDs), spurred by appealing interest rates due to global rate hikes. According to data from the Deposit Protection Agency (DPA), member financial institutions observed a surge in FCDs to a total value of 812 billion baht (US$22 billion) by November 2023, up from an earlier figure of 640…

  • Business News

    Weakening Thai baht forecast due to economic cost factors

    Analysts predict a decline in the value of the Thai baht, the nation’s currency, attributed to various factors such as sluggish economic growth, elevated freight expenses, and discord regarding reductions in interest rates. It is anticipated that the baht will fluctuate within the range of 36 to 36.50 against the US dollar throughout this month. On Wednesday, the baht recorded…

  • Business News

    Thai govt considers issuing US$1 billion foreign currency bonds

    The Thai government recently announced its consideration to issue foreign currency-denominated bonds valued at US$1 billion, approximately 36 billion baht, an announcement which has sparked debates over the worth and risks associated with such an undertaking. As part of this move, the Public Debt Management Office (PDMO) under the Finance Ministry is examining the feasibility of offering these bonds in…

  • Business News

    Thai baht surges as US dollar weakens ahead of Federal Reserve meeting

    The Thai baht experienced an upturn against a weakening US dollar, with investors predicting the US Federal Reserve to hold its policy rate steady in the upcoming meeting this week. The baht yesterday, January 30, initiated at 35.38 to the dollar, a rise from Monday’s close at 35.58. The local currency fluctuated between 35.28 and 35.45 against the dollar and…

  • Business News

    Thai Commerce Ministry set to liberalise ten service businesses this year

    The Business Development Department under the Commerce Ministry is anticipated to liberalise ten service businesses within this year, encompassing sectors like telecommunications services, treasury centres, and currency exchange businesses. Director-General Auramon Supthaweethum stated that the department has already completed studies on eight of these businesses, with the remaining two set to open for public hearings soon. As soon as the…

  • Business News

    Thai baht predicted to appreciate amid expected US interest rate cuts

    The Thai baht is predicted to appreciate to 33 against the US dollar in the near future, as the market anticipates an early start to US Federal Reserve interest rate cuts, possibly as soon as March. This expectation could trigger an inflow of funds into the Thai currency. The baht registered at 34.26 to 34.28 per US dollar yesterday, a…

  • Business News

    Thai baht hits six-week high ahead of Federal Reserve meeting

    The Thai baht reached a six-week high against the US dollar yesterday morning, trading at 35.86. Analysts predict further appreciation if the Federal Reserve does not provide clear indications regarding United States interest rate trends at its upcoming meeting. As Head of Research at Kasikorn Research Centre, Kanjana Chockpisansin observed that the baht’s quick appreciation from 36.50 to the US…

  • Economy News

    Baht depreciation: Experts foresee currency’s decline amid global market turbulence

    Financial experts are predicting a further depreciation of the baht throughout this month and next, due to the increased volatility in the global money and capital markets. This follows the US Federal Reserve’s recent suggestion of a potential increase in its benchmark interest rate. Poon Panitchpibun, a strategist at Krungthai Global Market, a research centre of Krungthai Bank, noted that…

  • World News

    Vietnamese man inherits 1.4 million baht from elderly mother-in-law’s banknote

    A Vietnamese man cared for his frail and elderly mother-in-law at home, fulfilling his wife’s wishes to have her close by. This action yielded unexpected rewards when the woman’s death led to accidental wealth for him and his wife. Minh, a Vietnamese man, and his family welcomed his sick and elderly mother-in-law into their home as per the request of…

  • Thailand News

    Final suspect in Thai counterfeit bond scam apprehended by OIG

    The Office of Inspector General (OIG) apprehended the final suspect involved in a counterfeit bond scheme. The gang collaborated with fraudulent money-lenders to deceive prominent owners of guesthouse businesses, by soliciting payment for the approval of large loans. This culminated in the arrest of 64 year old man yesterday under the charge of currency counterfeiting. The arrested individual, Thanakrit, is…

  • Business News

    Thai baht’s unexpected surge makes a splash, takes the lead in Asian currency gains

    In an unexpected buoy of currency today, the Thai baht took the lead in Asian currency gains, reaching a two-month apex. This surge, of 0.9%, comes in the wake of strong hopes for the resolution of Thailand‘s political deadlock and a waning US dollar, factors that buoyed the sentiments of investors. Meanwhile, share market traders adopted a cautious stance; local…

  • Economy News

    Business uncertainty fuels Thai Baht dip amid political unrest and Asian currency devaluation

    Embroiled in political and business uncertainty, the Thai baht plummeted to a low unseen since last November, a seven-month dip, agitating investor confidence. This occurred alongside a universal lowering in the value of various emergent Asian currencies versus an emboldened dollar, fuelled by robust US data allaying recession fears. Stock markets in the region largely painted a bleak picture, with…

  • Business News

    Bank of Thailand to relax rules on Chinese yuan use for trade this year

    The Bank of Thailand (BoT) plans to ease regulations on the use of China’s yuan for trade this year, aiming to mitigate the effects of currency volatility, according to BoT Deputy Governor Mathee Supapongse. Ongoing discussions between the central bank and its Chinese counterpart are focused on promoting the usage of the Chinese currency. China is a significant trade partner…

  • Business News

    China increasingly uses yuan for trade with Russia, sidelining the dollar

    China has significantly raised its use of the yuan for purchasing Russian commodities in the past year, with almost all its procurement of oil, coal, and some metals from the neighbouring country now settled in the Chinese currency instead of US dollars, multiple trading executives with direct knowledge of the situation have revealed. The shift towards using the yuan to…

  • Thai Life

    Thailand: Check your 20 baht bills, they might be worth more than you think…

    A Thai coin and banknote collector is offering big cash for a rare kind of 20 baht bill that could be in anyone’s wallet in Thailand. Some of the new plastic polymer 20 baht bills which entered circulation last year were printed without a vertical line on the left-hand side, as seen in the picture. “Gig” the rare money collector…

  • Economy News

    Fate of Thai baht depends on return of Chinese tourists, economists say

    The Thai baht has been flying recently but its upward trend could draw to a standstill unless Chinese tourists return to the Kingdom of Thailand, according to economists. In the past month, the baht appreciated almost 6% against the US dollar as reports indicated the US Federal Reserve (Fed) would slow down its aggressive interest rate hikes. Despite inflation, a reinvigorated…

  • Economy News

    20 baht bills getting a modern polymer update on March 24

    Money enthusiasts, get ready! On March 24 the 20 baht bill is getting a radical new update. The Royal portrait will still be prominent but the flimsy, green paper the bills have been printed on for decades is being replaced with a modern new polymer with a glossy, plasticky feel. Starting on March 24, the new, more durable polymer 20…

  • Economy News

    Thai baht falling over Omicron fears and strong US dollar

    As the Covid-19 pandemic drags on, it’s not just our patience and our resolve that is weakening. The Thai baht is falling too, weakening against a stronger US dollar and global fears over the impact of the Omicron variant rapidly spreading throughout the world. Today the conversion rate stands at 33.59 baht to the US dollar just off of its…

  • Thailand News

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

    Before the pandemic, the Thai baht was the strongest-performing currency in Asia. Now, it’s the worst-hit currency in the region, according to Japan-based Mizuho Bank. The Thai economy has been shrinking over the past year, hitting lows which some compare to the contraction during the 1997 Asian financial crisis. The Japanese bank says the under-performance of the Thai baht is…

  • Economy News

    Officials not worried Thailand remains on US currency watch list

    Thailand remains on the United States Treasury’s “Monitoring List” of countries whose currency trade practices need to be watched, though Thai officials say they are not worried. US Treasury Secretary Janet Yellen releases a foreign exchange report twice a year including labelling alleged currency manipulators and flagging suspect trading partner countries to be monitored. The Bank of Thailand said remaining…

  • Thailand News

    Bank of Thailand says being on US currency “watchlist” won’t have a “material impact”

    Thailand being added to the United States Treasury’s “watchlist” for suspected currency manipulation won’t impact foreign trade and investment too much, the Bank of Thailand says. Now that Thailand is on the “monitoring list,” US government says it will keep “close attention” on the country’s currency practices to determine if any measures are intended to gain an unfair advantage in…

  • Thailand News

    Thailand on US Treasury’s “watchlist” for suspected currency manipulation

    Thailand is now on the United States Treasury’s “monitoring list” for suspected currency manipulation, unfair policies to gain an advantage in international trade. Vietnam and Switzerland were both labeled currency manipulators in the US Treasury’s recent report “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.” Along with Thailand, the Treasury also added Taiwan and India…

  • Business News

    Bank of Thailand takes action to curb Thai baht’s strength

    The Bank of Thailand has moved forward measures, originally meant to begin early 2021, but most of which will now take effect from end of this month. The end result is that the new rules will make it easier for Thais to shuffle money overseas and invest in foreign assets. It will also make is easier for Thai citizens to…

  • Thailand News

    Thailand News Today | Emergency Decree, Protesters shot, Baht boost temporary | Nov 18

    There’s a link to the final story underneath the video on YouTube. Here we go for Thai PM extends emergency decree to January next year. The government will extend a nationwide emergency decree until at least January 15 next year. The PM has cited the need to prevent a resurgence in coronavirus infections during the peak New Year’s travel period.…

  • Economy News

    Thai baht up 3% against USD over past month

    Potential tourists and expats shipping in money from overseas were hoping the Thai baht would continue to fall against the US dollar. But they’d be surprised that the baht has rebounded in April against the greenback – about 3% in value. But Thailand’s Central Bank is warning that the recent strengthening of the baht against the USD may “not be sustainable”.…

  • Covid-19 News

    Currency will be a key driver in Phuket’s (eventual) tourism recovery?

    OPINION by Bill Barnett from c9hotelworks.com In the lead-up to the Covid-19 crisis one constant complaint by Thailand’s hotel sector has been the strength of the Thai Baht. Zeroing in specifically on the Mainland Chinese market, the rapid demise to the island was in part triggered by the tragic boat accident in mid-2018, along with a number of other country-wide negative…