More Bang For Your Baht

Published on 12th May 2015 by Stickboy BKK

More Bang For Your Baht As Exchange Rates Plunge

Over the past few months the exchange rate has been going down quicker than a member of staff at Lolita’s on Soi 8 meaning visitors, or those earning their income from abroad, have been getting less bang for their baht.

According to a news report on Bloomberg, the baht has been Asia’s worst-performing currency over the past month and it has now sank to its weakest level since September 2009.

The money market experts said overseas investors sold a net $82m of local notes on Monday, a fourth straight day of outflows with a total of $786m withdrawn since the Bank of Thailand unexpectedly lowered benchmark interest rates on April 29.

What all that means for Joe Bloggs is that you are now getting 33.8 baht to the dollar, 52.99 baht to the pound and 38 baht to the Euro as I sit typing at 5pm on May 12th 2015.

It was only 7 or 8 weeks ago I exchanged money at 48 baht to the pound, and yes, I shed a tear as I pressed enter on the keyboard to confirm the transaction.

The question on the lips of many is will this trend continue and bring some joy to those coming on holiday or living off overseas incomes.

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