#  >  > Living And Legal Affairs In Thailand >  >  > Thailand and Asia News >  >  > Business, Finance & Economics in Thailand >  >  56 baht to the GBP ....i'm sorry, excuse me???

## benlovesnuk

what a shock at the bank, there is nothing more i can add, apart from fuuuuuuuuuu[at]##[at]$#$#[at]$!!!!!!!!!!!!!

lets hope that the crash happens now, now now now

i see the dollar still doing okay............ :Confused:

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## ChiangMai noon

this is good news for me.

i'm paying back a loan from baht to pound....think i'll pay back as much as i can afford early...

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## pompeybloke

This is shite news for me. Just ordered a large (for me) transfer from UK to here thinking it' been hovering sround 61 for a while and now I read this!!!! WTF!!!

Gonna cancel now by fax. What's going on? Overnight almost 5% bhat appreciation when shite's happening here!!

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## benlovesnuk

you lucky devil, there is a certain worry to what might happen next, so now is probably better then later!

I cant see it going much further down(he says fingers crossed :Sad: ), we are about to hit the start of high season with an already weak tourism problem due to the riots a weak exchange could prove to be a moving point, if not certainly soon i hope the effects of this will be to our benefit with a high turn around in the new year!!!!

other wise fuuuuu^&^#^$%^%^[at]#$$[at]#$[at]

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## benlovesnuk

i would check with your own banks at what conversion
before you make any cancellation!!!!!!!!! there could be a special rate but i would certainly check!!!!!!!!

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## dirtydog

Can only hope that it hits 35baht to the pound again for a while  :Smile:

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## jandajoy

Do Nothing !!!!!

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## benlovesnuk

all is not lost depending on the home conversion from GBP to US, if this is say high like 1.9 or above to the pound then you could convert to dollar and then again in thailand to badt, with the exchange around 34 this is at least over 61-2 +  by conversion!!!!!!!

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## benlovesnuk

of course the dollar isnt but its more likely to happen it seems then an onshore increase for the pound.......... (worry worry sweat sweat.....)

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## The Gentleman Scamp

Get your cash out of the UK!

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## EmperorTud

Aussie Dollar 22.12 this afternoon when I was in the bank and Pound 56.9.

It's gonna hurt Thai tourism and exports big time.

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## benlovesnuk

indeed but now not the best thing to do unless i want to lose it all through the exchange

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## Mid

baht is way over valued , Thailand is rapidly coming on par with Oz price wise but still supplies 3rd world infrastructure .  :Sad:

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## dirtydog

> It's gonna hurt Thai tourism and exports big time.


Bolloxs is it, time to export baht and change it into hard currencies  :Smile:

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## jandajoy

Do Nothing.

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## benlovesnuk

apparently they are already hurt, they changed the thai tourism visa to allow more people in without checks, and yet with such a crappy exchange (and this is onshore rates as well) it looks like a bad season for business needed from tourism!!!!!!

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## benlovesnuk

possible tourists will see riots in bangkok, the exchange, and this red sea news and think f[at]#$#$# it im going to for a caravan/camping holiday this year.......

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## Butterfly

THB getting stronger, if you fuckers stop spending and importing shit from overseas, the THB will keep getting higher,

if you want it to crash, there needs to be more import !!!

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## benlovesnuk

import of what? british goods like  :Spam: .........

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## AntRobertson

All I can say is thank fock I'm not being paid in GBP any longer!  It was already starting to tell when it was in the mid-60's.

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## britmaveric

Baht is being propped up by the BOT - once they run out of dosh to do this - look for a sharp decline.

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## benlovesnuk

you had 40 years prior knowledge of this and didnt inform anyone i think thats a bit off ANT

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## jandajoy

Do Nothing  :Smile:

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## benlovesnuk

janda are you talking physically philosophically, rhetorically?????

please enlighten us..........

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## AntRobertson

> you had 40 years prior knowledge of this and didnt inform anyone i think thats a bit off ANT


Forty years!?  I'm only 34 so that was obviously not enough time to warn people!  :Smile:

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## lom

> if you want it to crash, there needs to be more import


The thing is, if I have understood it, that Thailand gets most of their goods from China.
So basically that means that you are not so vulnerable when your trading partners 
are not European or American.
Right?

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## jandajoy

> janda are you talking physically philosophically, rhetorically?????  please enlighten us..........


YES   :Smile:

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## benlovesnuk

ANT that's even more impressive!!!!!!!!

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## benlovesnuk

> Originally Posted by benlovesnuk
> 
> janda are you talking physically philosophically, rhetorically?????  please enlighten us..........
> 
> 
> YES


thank you for clearing that up! :Confused:

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## jandajoy

sorry playing poker, can't focus
 :Smile: 

just went all in on 5000 and won . :Smile:

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## benlovesnuk

your playing poker?????? i take it your not playing real cash because i can only play play money on party poker.........????

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## EmperorTud

When I first got here it was around 50THB!

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## jandajoy

Errr well a bit of real cash sometimes. No not really. 

Mate, the world, as I see it is in a state of flux. I'm no economist and I really haven't got a clue. The only thing I'm sure of is that the so called experts, have fucked it all up. My reaction, sit back, do nothing, and wait for these fuckwits to sort themselves out.

Somewhere, down the track there will be a settling, a cooling if you will. It'll all work out.

Nothing else to say 'cos I don't know. When there's no grog, rice, smokes or bacon.... then I'll panic.     :Smile:

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## jizzybloke

^74 or me!

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## jandajoy

Surely it's all about when they run out of money. Might be this week, might be tomorrow. You'd think it'd have to happen eventually.
Unless the Chinese are bankrolling 'em. Then we might have a problem.   :Sad:

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## benlovesnuk

i hope its soon......cash games hey (i know mums the word) i like a bit of texas, sometimes omaha, they should have an online poker game for TD (of course only play money) but it would be fun......possible i have no idea?????????

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## jandajoy

Na, I wouldn't want to play poker with this mob, they'd all cheat.   :Smile:  :Smile:  :Smile:

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## benlovesnuk

or piss and moan about losing............

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## jandajoy

^ :Smile:  :Smile:  :Smile:

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## Mr Pot

I have to change UK money tomorrow  :Sad:  I'll just do 5 quid for the day towards my Visa. fok fok fok

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## Mr Pot

bad situation as I've got pounds saved up and now I need to use some of that here at the current rate; I have no liquid pounds and if I did I wouldn't touch it

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## jandajoy

Do you you REALLY REALLY need to use them now?????

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## benlovesnuk

that is a bad situation to be in........... ive got a couple of weeks to get some change...........................5 quid is like 290 badt




fu#[at]$[at]##$#[at]

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## benlovesnuk

sorry 280 badt........................even worse

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## jandajoy

Can't comment. don't know your situation.  :Sad:

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## Mr Pot

bad mother foking situation.  I've been paid in baht for the last three years but we plus visa need to use my UK reserves to pay for bills here and extended.  Scary shit but I want to keep my UK savings untouched but my Thai have run out untill the next cheque (nxt month).  I have investments to worry about too

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## benlovesnuk

cant you change to dollar from pound then change to badt......i think this should give +of 60 which is better than 56

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## Mr Pot

No problem to the above as it's hard cash; I'm just waiting to get paid without cashing in my GBP before the TBH gets bad.  Got serious shit on the go right now

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## BugginOut

*Maybe it has to do with percentages of ownership of US debt and other securities?

Foreign owners   of US Treasury Securities (July 2008)* Nation billions of dollars percentage Japan
         593.4
         22.17%
Mainland China
         518.7
         19.38%
United Kingdom
         290.8
         10.87%
Oil   exporters
         173.9
         6.50%
Brazil
         148.4
         5.54%
             Caribbean banking centers
         133.5
         4.99%
Luxembourg
         75.8
         2.83%
Russia
         74.1
         2.77%
Hong Kong
         60.6
         2.26%
Switzerland
         45.1
         1.69%
Republic of China (Taiwan)
         42.3
         1.58%
Norway
         41.8
         1.56%
Germany
         41.1
         1.54%
Mexico
         36.0
         1.35%
South Korea
         35.3
         1.32%
Turkey
         32.4
         1.21%
Thailand
         31.8
         1.19%
Singapore
         31.4
         1.17%
Canada
         26.6
         0.99%
Netherlands
         14.9
         0.56%
Poland
         13.9
         0.52%
Egypt
         13.4
         0.50%
Chile
         13.1
         0.49%
India
         13.0
         0.49%
Sweden
         12.4
         0.46%
Belgium
         12.0
         0.45%
Ireland
         11.2
         0.42%
             All other
         139.5
         5.21%
Grand Total 2676.4

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## benlovesnuk

thats a bit technical isnt it youve got percentages and everything.........breakdown being???????

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## Butterfly

> So basically that means that you are not so vulnerable when your trading partners are not European or American.
> Right?


how much is the RMB against the THB ? and do they export to China ?

Thailand is the reverse of ICELAND, at least until recently, they were a big net exporter, so that means they get a lot of foreigner currency to buy their THB (exporters have to convert after payment)

If Thailand export were low, and yet the local community was having a wild party with everything from Europe, or the US, they would need to import all that shit, and that means dumping your THB in exchange of the other currency to pay for the imports. That's basically ICELAND, no local resources so everything was imported. Eventually, your currency crash. You could keep it high by attracting foreigner capital with some local high interest savings, but if you are a small country with no real income, it could get dangerous eventually. That's the example of Argentina if I remember right, and now ICELAND.

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## lom

> If Thailand export were low, and yet the local community was having a wild party with everything from Europe, or the US, they would need to import all that shit, and that means dumping your THB in exchange of the other currency to pay for the imports. That's basically ICELAND, no local resources so everything was imported. Eventually, your currency crash. You could keep it high by attracting foreigner capital with some local high interest savings, but if you are a small country with no real income, it could get dangerous eventually. That's the example of Argentina if I remember right, and now ICELAND. Butterfly is offline Add to Butterfly's Reputation Report Post


Yes, I agree and that is one of the reasons why I think Thailand (and most of its neighbour countries) are better off in this crisis.
It is also much easier for a developing country, which still has a major agriculture production, to feed its people without having to import.
And it is easier for a developing country to slow down their economy..
So with that in mind, is the Thai baht really overvalued?

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## Loy Toy

The donated gold reserves are fast running out for the BOT.

How long before the crash is anyone's guess but I would expect that something major will happen to the Thai Baht value within the next  few months.

Fingers crossed!

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## britmaveric

Next week would be even better!!  :Wink:

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## lom

^ and ^^ 
That is what you wish but do anyone of you have a substantial reason to believe that?

You can as well wish that your home currencies recover.

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## Loy Toy

> You can as well wish that your home currencies recover.


My home currency is the baht and the coffers are almost empty at the BOT.

Not unless we have another plate pass around like we did in 1998.

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## lom

> the coffers are almost empty at the BOT.


That is a very sweeping statement which I have seen here a couple of times during the last week.
I suppose you can back that up by telling how much there normally is in the coffer and how much there is today?

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## lom

Ok, I will answer my own question.

The international reserves of BOT was ~ 14 billion USD a year ago.
Today they are down to ~ 12 billion USD.

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## jandajoy

> Today they are down to ~ 12 billion USD.


bugger, no crash this week then.... :Sad:

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## Loy Toy

> Today they are down to ~ 12 billion USD.


Not bad for a country with 60 odd milion people and with hardly or no social benefit systems set up and to support them.

Wonder when they will stick their hand out for IMF money again but shit I forgot their got Toxins billions have they not........?

Luv the blokes who pull out government figures and actually believe them.

Believe me mate this place is really in the shit and especially when you work everyday at the grass roots of commodity product manufacturing here.

If a company in LOS is running at 50% capacity at the moment then they are doing really, really well.

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## lom

Aah, I shouldn't believe government figures but I should believe your sweeping statements?

BOT will eventually have to adjust the price for the Thai baht.
Export figures are down and so is tourism, so is the annual growth.
But I don't for a second believe that we are heading for a baht crash.
It will be much easier for Thailand to adjust their costume than it will be for countries in the industrialized western world.

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## Happyman

My pensions are all in GBP  :Sad:

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## Butterfly

> So with that in mind, is the Thai baht really overvalued?


well yeah it's not overvalued, exports are still there, and farangs are still wiring money for their expenses here.




> That is what you wish but do anyone of you have a substantial reason to believe that?
> 
> You can as well wish that your home currencies recover.


correct, it's mostly wishful thinking at this stage, would be nice though  :Smile:

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## keda

Happy, don't worry about it unless you're retiring very soon. :Wink:

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## Thormaturge

^
Exports are certainly holding up, but imports are rocketing.  Last year's surplus has turned into a deficit this year.  Thailand is bleeding foreign reserves and without a stable government it will not find a remedy any time soon.  This lot haven't even got the nerve to increase interest rates to protect the currency - it is like a boxer dropping his guard and hoping nobody will hit him.  It isn't whether the Baht will get hit, it is when....

The next crash of the Thai Baht will probably appear to be due to the global financial situation but in truth it will be due to political instability.

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## keda

As it's going to happen anyway surely the best time is right now, with the markets in turmoil and the baht effectively supported by other weak currencies, rather than later when the world's dusting itself off and looking for something to swat as the baht runs the gaunlet alone.

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## terry57

> what a shock at the bank, there is nothing more i can add, apart from fuuuuuuuuuu[at]##[at]$#$#[at]$!!!!!!!!!!!!!
> 
> lets hope that the crash happens now, now now now
> 
> i see the dollar still doing okay............





Lucky you ain't holding Aussie dollars mate.       :deadhorsebig:

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## Butterfly

> Exports are certainly holding up, but imports are rocketing.


there were, but if we head for a global slow down with the current financial crisis, then those import should also slow down,

cheap exports are always a success, even in  a recession, but not expensive imports

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## terry57

> When I first got here it was around 50THB!





First trip to Thailand the Aussie was 18.    If it don't go to that I'm happy.  :Smile:

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## TSR2

GBP is going down the pan when you let a one eyed Presbyterian Scot well qualified in American history ru(i)n the econonmy! Uk manufacturing without much support from central goverment and poor management is on it,s knees, all that kept the Uk economy going was the City, now that,s on it,s arse, so what we got left? not very much that,s why the money men dislike the pound moer than other currencies!

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## Elwood

was 30 in may this year and now on a free fall like all coin. life hey

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## EmperorTud

> GBP is going down the pan when you let a one eyed Presbyterian Scot well qualified in American history ru(i)n the econonmy!


It's always nice to see the opinion of illiterate English bigots on Teak Door.

How is your Arabic coming? Hope you're teaching your kids the future language of your country too.

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## thehighlander959

I believe it was the city and the banks in the UK that started this crisis, irresponsible lending and poor money and funds management in conjunction with American mortgage overspending were the real issues.
I dont think the one eyed Presbyterian Scot was to blame for this as he was the Chancellor of the Exchequer who kept the interests rates in check in the UK.
It seems some people need to get their head outta there ass and have a look at the poor banking and investment issues instead of blaming one individual. Hey TSR I take it you are from south of Gods country!! :kma:  get your head outta there!!

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## benlovesnuk

arabic is quite a nice language to write in, if you know any calligraphy in arabic youll understand what i mean, and of course the calligraph is the real arab weapon of choice, simply beautiful........stop me in my tracks!

i dont mind if the uk becomes arabic spoken as long as all the religions f[at]#$[at]#$ck off i dont thinks that too much to ask in a modern world with an apparent secular society!

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## TSR2

> Hey TSR I take it you are from south of Gods


   Sorry born in Dundee, Jimmy

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## TSR2

> It's always nice to see the opinion of illiterate English bigots on Teak Door.


   Well  Mr Tud  illiterate I am not, Scottish I am (Dundee) do you always make stupid assumptions , suppose you must do! you obviously know nothing about economics
   The thread concerned the exchange rate of the pound ie why it was low compared to other currencies, if you had bothered to read the rest of my post you would have noticed my comment about the Money men, they have decided that the UK economy is in a worst state than the rest of the major economies, because of Labours and particularily Browns mishandling , If the uk economy was par with the others the exchange rate would be status quo with the rest ( as it was 1/2 months ago) the very fact that it is not demonstrates this, I am not the only observer who thinks that Brown is responsible! many leading specialists think this also, 
 I don,t like presbyterians, dour miserable people

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## pompeybloke

61 drop to 56 in 3 days- hell of a drop. Pound 1 on 1 with the euro too. Economic carnage it is. Got to blame Scotland. Blair the sweaty wannabe with a gay accent and 'I'm a twat' Brown, his twitching successor.

Anway, is the pound going to recover a bit soon? I've got this transcation in the pipeline, ponds to baht that I still have time to cancel if swift action is taken...what to do?

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## Sparky

> Originally Posted by thehighlander959
> 
> Hey TSR I take it you are from south of Gods
> 
> 
>  Sorry born in Dundee, Jimmy


 
Not another Ginger haired tosser . :nerner:

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## EmperorTud

> I don,t like presbyterians, dour miserable people


I got the bigot bit right then.




> Blair the sweaty wannabe


He sees himself as wholly English, despite being born and educated in Scotland. Thank the Lord.

Both himself and Broon are traitors to the country and I would have them shot tomorrow if I had anything to do with it. 

Thankfully Scotland will soon be independent and little Englanders like B-liar and Broon can live down there with the Caribbean drug gangs stabbing each other and the militant Muslims.

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## pompeybloke

^ OK, now I understand..B-liar :Smile:  developed his girlie style of speech to fully integrate himself as an Englishman and convincing it is too; ta for that bit of enlightenment.

So what's going to happen with this 56 baht issue?  Will the pound recover a bit soon d'ya think? what d'ya reckon?

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## Butterfly

About time the UK pay for their American style of economics, they should have followed France socialist school of economics instead, they would be in better shape now

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## buriramboy

> About time the UK pay for their American style of economics, they should have followed France socialist school of economics instead, they would be in better shape now


 :rofl:   :rofl:   :rofl:

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## pompeybloke

^ So what about this 56 baht business? Pound going to recover a bit soon, or not?  What d'ya reckon?

So B-liar worked on his girly style of speech to convince us of his Englishness Tud?

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## melvbot

BKK banks rates today are 

58.30 Buying 60.21 selling.

It all depends whos handling the money. I havent had lower than 58 over the past week or so through the Nationwide.

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## TSR2

> So what about this 56 baht business? Pound going to recover a bit soon, or not? What d'ya reckon


 
No medium term maybe,like todays huge rise in the stock markets it may rise a little but the fundamental UK problems are still there! our manufacturing base is poor, re export ability but what we can manufacture for export providing its required should do well given the exchange rate, do not forget this credit crises is only just starting to unravel, house prices world wide will drop 30%+ over next 2 years ,there may be credit available but it will be retricted to those who can afford it, many people are going to be out of work so less revenue for the state and to spend in the high St, Todays hike in share prices is an illusion, oh it,s real if you look at jump, that,s just investors acting off their prayer mat,s , it does not resemble the truth behind all of this, Only hope for ExPats is that the Baht falls to a more realistic level

NB I cashed my Equities 4 weeks ago against the advice of my Advisor, if not I would have lost 8 million Baht

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## gjbkk

United States 
usd 

SB 34.0574 

TT 34.1541 


ASR 34.4043 

United Kingdomg
bp 

SB 58.0129 

TT 58.1737 

ASR 58.9797 

Euro
eur 

SB 46.0697 

TT 46.1912 

ASR 46.8429

With both Thai fighting Thai and Talk of war between Thailand and Cambodia plust the war of words between Ant and Tud you would have thought the Baht would have plumeted

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## meepho

i would think the pound should be stronger, 
BUT

when the world looks at good old britain and sees we have injected 37bln sterling into our banking system and only last year we paid out 17bln in bonuses to the very same paople who got us into this mess it does not exactly instill any sense of confidence in our banking and monetory systems.
do we deserve a strong and stable pound?

source daily mail

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## klongmaster

They were offering 58 baht this morning in the casino in Poipet so would expect the banks to do better than that...

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## donald36

Uk banks predict weaker sterling and a stronger dollar---Friend of mine was told 55 to the pound by Christmas and 50 next year ---seems Christmas has come early

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## benlovesnuk

so transferring money GBP to dollars at a peak of exchange will be better in the long run, until early next year........maybe

if you can get upwards of 1.85 for instance if we take this as our min, and we exchange to dollars then do this exchange onshore at 34 dollars to the badt we get 62.5 exchange rate. a long way around you need banks setup for this but better than 57 at the moment........................imo :Smile:

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