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  1. #1
    Mid
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    BOT revokes capital control measure

    BOT revokes capital control measure
    February 29, 2008


    The Bank of Thailand eventually decides to scrap the 30 per cent capital reserve requirement, effective on Monday.

    The measure has been in place since December 18, 2006.

    Ahead of the press conference at 4pm, Amara Sriphayak, senior director of the bank's domestic economy department, on Friday said that many factors support the removal.

    "There are many factors supporting the removal of the capital controls but we need to wait and see how to remove them and when," she said.

    The Nation

  2. #2
    Days Work Done! Norton's Avatar
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    Quote Originally Posted by Mid
    There are many factors supporting the removal of the capital controls but we need to wait and see how to remove them and when
    And the implication vis a vis the Thai economy or baht to $ rate?

  3. #3
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    How fast can a rock drop

  4. #4
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    The USD is doomed. The Thai Baht has no reason to follow this faith.

  5. #5
    The Cat
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    Off shore rate and on shore rate will merge.
    At a value between the two, 31 or higher maybe.

  6. #6
    Mid
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    Quote Originally Posted by Norton View Post
    Quote Originally Posted by Mid
    There are many factors supporting the removal of the capital controls but we need to wait and see how to remove them and when
    And the implication vis a vis the Thai economy or baht to $ rate?



    Status : Close




    set.or.th

    believe the announcement came after lunch ............

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    Quote Originally Posted by Bluecat View Post
    Off shore rate and on shore rate will merge.
    At a value between the two, 31 or higher maybe.
    The FED does everything to kill the USD. Just yesterday Bernanke made clear that he is happy with the crash of the USD. ``Part of the effect of that depreciation has been that we are at least seeing some improvement in that trade deficit, which is a positive,'' he said yesterday. This guy must be sick...

  8. #8
    The Cat
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    Indeed.
    He keeps cutting interest rates, which makes the US$ crash even faster.
    And the inflation skyrocketing.
    Does he know that a lot of the things Americans buy are manufactured outside the US?
    The worse is yet to come...

  9. #9
    I am in Jail
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    Incidently this could mean a lower THB as the offshore market has been starving for the currency and went into pure speculative mode,

    without the barrier, the flow is restored, over supply of THB available, why pay more when there is plenty

    They could always do like Malaysia did, used a fixed rate, which is not a bad idea at the end

  10. #10
    The Cat
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    Not a bad idea but a very expensive one.
    And for the rest of the comment, this is whishful thinking Butterfly...

  11. #11
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    Quote Originally Posted by Bluecat View Post
    Indeed.
    He keeps cutting interest rates, which makes the US$ crash even faster.
    And the inflation skyrocketing.
    Does he know that a lot of the things Americans buy are manufactured outside the US?
    The worse is yet to come...


    It is a great strategy to put the interest rate below the inflation rate - what is a fake rate anyway. With this you can get the money of the awful savers. So everyone will end up with nothing in the long run. Not correct - the banks will get their great share. And who is behind the banks? This is a long and dangerous story...

  12. #12
    Mid
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    Thai baht falls offshore on news controls lifted
    Friday February 29 2008


    SINGAPORE, Feb 29 (Reuters) - The Thai baht weakened in offshore trading, moving closer to the onshore levels for the currency, after the central bank announced capital controls would be lifted from Monday.

    "It will converge towards the onshore price," said Callum Henderson, a strategist with Standard Chartered Bank.

    For the time being, market participants had assumed that all controls were being lifted, he said, and that would lead to the rates converging.

    In offshore deals, the baht moved to 30.90 per dollar from levels near 30.05 traded before the announcement.

    In onshore trading, the baht moved up to 31.35 from levels of 31.90 prior to the Bank of Thailand press conference.

    snip

    guardian.co.uk

  13. #13
    ding ding ding
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    Of course, this decision has nothing to do with box head

    The equivalent thread on tv has 510 people viewing.
    Last edited by Spin; 29-02-2008 at 08:43 PM.

  14. #14
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    Quote Originally Posted by Bluecat
    Does he know that a lot of the things Americans buy are manufactured outside the US? The worse is yet to come...
    After NAFTA there is actually no more mfg. in the USA, everything comes from offshore, you can find no MADE IN USA shit anymore.
    the Chinese are lapping it up like a cat at a milk bowl.

    And I swear that the Baht was 31.45 onshore and 32.xx offshore when i was down looking at TV awhile ago, bloomberg..

  15. #15
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    If you have any USD get out of them as soon as possible. Have some American Express checks left - they will go on the weekend. Does American Express still exist? .

  16. #16
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    Quote Originally Posted by Bluecat View Post
    Indeed.
    He keeps cutting interest rates, which makes the US$ crash even faster.
    And the inflation skyrocketing.
    Does he know that a lot of the things Americans buy are manufactured outside the US?
    The worse is yet to come...
    Americans need to cure their addiction to cheap imports and buying on credit. A dose of inflation with a weakened $ is the medicine. Most Americans don't even own their own underwear! It's all on tick. Medicine don't taste too good though.

  17. #17
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    Not much, few $100 for the pay for some shit a friend bringing over from the states, but by being retired there all my dough is in Bucks, so I am fucked, not like it was in Nam, 118 P=$1 at the bank, down on the street off the new guys coming in buy em from them and then sell for $1=300+ to guys going out, or the mommasans for their HK bank accts.

  18. #18
    nid aur yw popeth melyn
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    32 smth, I wouldnt worry - $ will increase!!!!

  19. #19
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    Quote Originally Posted by britmaveric View Post
    32 smth, I wouldnt worry - $ will increase!!!!
    I hope so much for the US guys that the $ will recover. But there is no reason for this to happen. Every $ is now covered already by many $ in debts. And look at the US industry. Take the car industry. The $ fell at least 50 percent and still no one wants to buy those cars. It is a very sad story. But it is. And look at the people responsible for the $. There is not much hope.

  20. #20
    nid aur yw popeth melyn
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    Dunno last motor I bought was a Ford Escape. Great vehicle - I love it!!!

  21. #21
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    Quote Originally Posted by britmaveric View Post
    Dunno last motor I bought was a Ford Escape. Great vehicle - I love it!!!
    Had a Chrysler Sebring convertible before Daimler took over. It was the best car I ever had. Much better than my Daimler 380 SE I drove before I moved from Germany to CA. The biggest scrap car I ever had. Broken aircon, broken automatic, broken engine at about 100000 km (but got a new one for about Euro 10000 only and this 25 years ago), broken new engine at about 120000 km, broken... It gets boring so I better stop. Here is the list of my Sebring - broken heart because they will never produce this car again. They have great products over there. But they just sell their hamburgers and cold coffee.

  22. #22
    Mid
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    hummn , when the reminiscing begins it ain't a good sign of a rising Empire ...............

  23. #23
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    Quote Originally Posted by Mid View Post
    hummn , when the reminiscing begins it ain't a good sign of a rising Empire ...............
    It is not a rising empire. It is just a country many people believed too long in it. But it is hard - for me - to admit this. It is very hard when your dreams do not have a future. I have Euros but it is still not easy to see a county dying because of some idiots there. Want to have a home loan? You don't have a home? But take one now because Greenspan put the interest rate to 1 percent. You can pay with your credit card later... The inflation is well above 5 %. So you will make your money.

  24. #24
    nid aur yw popeth melyn
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    ^^^ dreams are what u make of them mate. Work hard and you will be rewarded. I am making more dosh than I ever have. Times are good for me. Sort of like economic darwinism - the cream of the crop will rise to the top, and the ones that dont wither away.

    Yanks are alright - their demise wont be anytime soon, so don't get your knickers in a twist.

  25. #25
    I am in Jail
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    Quote Originally Posted by Bluecat
    And for the rest of the comment, this is whishful thinking Butterfly...
    Not really, the offshore rate is moving closer to the onshore rate, which proves that the aggravation of the situation was more to do with a lack of "currency" on the offshore market than anything else as it is trading now at 31.60

    Expect THB to move back to 32

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