Thai News: The Baht v Sterling.
After an initial drop post Brexit the Pound Sterling had recovered slightly but dipped further today after the latest speech from the chancellor. However, UK shares have risen for a third day, after Bank of England governor Mark Carney hinted at fresh stimulus measures following the Brexit vote.
Don’t forget that the Bank of England have intentionally kept the exchange rate low for years to favour exports. No consolation if you are changing £’s today but it does suggest that this low rate will not necessarily continue if the BOE is unhappy with it.
Many expats will remember when economic crises worked in our favour and the £ was worth a hefty 70 Bahts. Currently at 46 to the £, at one stage this year the exchange rate had rallied to 56 Baht to the pound and things were looking a lot brighter. Looking at today’s rate let’s hope that the only way is up.
As we reported last week:
“Forecasts from K Bank point to the baht weakening against the U.S Dollar by the end of the year. Looming interest rate hikes in the United States and the potential of the U.K leaving the European Union are to blame.
The bank’s capital market research department asserts that the baht will weaken in the second half of the year as global uncertainties push the currency downward.”
Pound Sterling – Thai Baht – One Month.
Thai news round up:
What Thailand needs to learn from Brexit – an interesting article from the Bangkok Post contrasting and comparing Brexit to Thailand’s current situation.
Thai Elephant Mosha gets prosthetic limb
Hostage Drama at Tesco in Chantaburi
Reports of Fake Thousand Baht notes in circulation
Not often we link to the Skegness Standard “Nightmare for a disabled British man at Thai Airport”
“A disabled British man is in a Thai jail after he claimed he picked up the wrong suitcase at an airport, which allegedly contained £20,000 worth of diamonds.”
Photos From Pattaya in Sixties and Seventies
Taxi Driver returns money to Swiss tourist
This Weeks Video: Spot anyone you know?
Have a great weekend.
BT.