#  >  > Living And Legal Affairs In Thailand >  >  > Thailand and Asia News >  >  > Business, Finance & Economics in Thailand >  >  Why has the Baht gained overnight??

## Khun Sabai

The Thai Baht has GAINED 11 baht overnight against the Euro. I thought it would go the other way!!

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## baldrick

maybe the euro fell - the SGD and the AUD are up

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## Loy Toy

> The Thai Baht has GAINED 11 baht overnight against the Euro. I thought it would go the other way!!


*1.00 EUR*

*=*

*45.6607 THB*

Euro  Thailand Baht 1 EUR = 45.6607 THB 1 THB = 0.0219007 EUR



Has it...............??????????

I can remember it being 48 recently!

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## Butterfly

35.37 for the USD, everything is fine  :Smile:

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## Khun Sabai

must be my converter!

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## jandajoy

> 35.37 for the USD, everything is fine


Bstards......               :Smile:

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## chitown

> 35.37 for the USD, everything is fine


This is the first post you have ever made that brought a smile to my face!  :Razz: 


 :rock_dj:  :rock_dj:  :rock_dj:  :rock_dj:  :rock_dj:

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## jandajoy

cnuts....................... :Smile:

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## arunah

> cnuts.......................


My thoughts exactly. But would you rather be American!

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## Butterfly

BP is getting better though 55, Euro is taking a long overdue dive

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## Texpat

35.37 -- nice one day bounce.  :Banana:

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## MeMock

The Aussie went up against the US but fell slightly against the baht. What the hell needs to happen for the baht to fall? The PAD announcing that the have nuclear weapons and will use them?

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## MisterStretch

It's headed down...just give it a second.

Reports are that foreign investors are starting to pull their money.  1.5 billion baht in FI was pulled from the Thai stock market on Wednesday (the West's Wed) and will probably continue for a while.

Losses to the tourism industry are predicted to be over US$4 billion for the remainder of the year and Thai exports of fruit, flowers and manufacturing parts are all waiting for the PAD to get of their collectively stupid asses and let the country run again.

Have no fear.  I feel the baht at 42 within the next few months.

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## skidley

Remember the US Stock Market has been closed for Thanks Giving and over the weekend. Check out the exchange rates come Monday night/Tuesday morning. I reckon christmas will have come early if all things go as their predicted. :pullsleigh:

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## Loy Toy

Live rates at 2008.11.30 10 :22: 44 UTC Notice: The THB rate shown below is the international rate. 

Rates used within Thailand may vary.*1.00 USD**=**35.6204 THB*

United States Dollars Thailand Baht 1 USD = 35.6204 THB 1 THB = 0.0280738 USD

*Trade Currencies. Click here!!* 

Go baby Go!  :Smile:

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## Panda

I heard the Thai govt is selling $USs and buying baht to maintain the currency value. It sure looks like that , but why on earth they would be doing this is beyond me. If its true they have to run out of $US sooner or later and the baht will drop through the floor.

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## chitown

> Live rates at 2008.11.30 1044 UTC Notice: The THB rate shown below is the international rate. 
> 
> Rates used within Thailand may vary.*1.00 USD**=**35.6204 THB*
> 
> United States Dollars Thailand Baht 1 USD = 35.6204 THB 1 THB = 0.0280738 USD
> 
> *Trade Currencies. Click here!!* 
> 
> Go baby Go!



 :rock_dj:  :rock_dj:  :rock_dj: 
 :party43:  :party43:

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## spliff

tomorrow WE SHOULD SEE 36 TO THE us DOLLAR.

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## spliff

> I heard the Thai govt is selling $USs and buying baht to maintain the currency value. It sure looks like that , but why on earth they would be doing this is beyond me. If its true they have to run out of $US sooner or later and the baht will drop through the floor.


They have a LOT of dollars. Sux too.

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## Norton

^^^Celebrations in order but keep in mind, the link in your post is not what you will get if you bring USDs into Thailand.  This is.

Foreign Exchange Rates

35.13

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## Begbie

> I heard the Thai govt is selling $USs and buying baht to maintain the currency value. It sure looks like that , but why on earth they would be doing this is beyond me. If its true they have to run out of $US sooner or later and the baht will drop through the floor.


The money changer at the night bazaar in Chiang Mai can only absorb so much.

Joking aside they've been doing this for months. Thaksin must have his money locked up in Baht.

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## Panda

> Originally Posted by Panda
> 
> 
> I heard the Thai govt is selling $USs and buying baht to maintain the currency value. It sure looks like that , but why on earth they would be doing this is beyond me. If its true they have to run out of $US sooner or later and the baht will drop through the floor.
> 
> 
> They have a LOT of dollars. Sux too.


Mmm... looks like they do. Wont be expecting a crash in the baht any time soon in that case.

International Reserves and Foreign Currency Liquidity - Thailand

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## donmeurett

> 35.37 for the USD, everything is fine


When I returned to LOS in 2002 baht 41.50 per U S $
Low has been in the high 29s around a year ago may be lee than a year.

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## Texpat

35.45 for a buck.  :Banana:  Come on 40!

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## chitown

> ^^^Celebrations in order but keep in mind, the link in your post is not what you will get if you bring USDs into Thailand.  This is.
> 
> Foreign Exchange Rates
> 
> 35.13


Norton this site shows 34.35           to the dollar, but saw 35.19 today at SCB.

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## keda

go there with 10k and they'll be on the phone real fast...then you get the lower rate of the two. :Wink:

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## Norton

> Norton this site shows 34.35 to the dollar, but saw 35.19 today at SCB.


I think the site I linked shows close of business Friday rate.  35.15 for 50 - 100 USD transaction.

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## Norton

> go there with 10k and they'll be on the phone real fast...then you get the lower rate of the two.


Yep.  10,000 and above gets  best rate.  Over 50,000 and you have to call Treasury!

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## Butterfly

35.63 and I saw even 36 on Friday during the day,

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## MeMock

I sure hope you are all right as I think the inlaws are sick of me borrowing money from them while I wait for the baht to drop.

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## MeMock

It has dropped this morning against the aussie.  :Sad:

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## robuzo

Dropped pretty nicely against the yen, too.  Now if only I get to Japan, where the yen is (are?).

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## Warwick

> I heard the Thai govt is selling $USs and buying baht to maintain the currency value.


Where is George Soros when you need him?

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## good2bhappy

35.67 on bloomburg

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## Texpat

Hell yeah!

Can someone please chuck a few more bombs around the swamp?

Come on 40!

 :Laughing:

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## gjbkk

FX Rates

*USD1*USD : 1 34.48
*USD5*USD : 5-34.82
*USD50*USD : 50-100 35.26
*GBP* United Kingdom 53.40
*EUR*Euro Zone 44.42 
*JPY*Japan (:100) 36.65

its getting better but the GBP pound is still shit

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## Rural Surin

This morning - 35.50

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## Butterfly

35.94, I think we can have 36 today !!!

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## Rural Surin

> 35.94, I think we can have 36 today !!!


Looking Foking Good!!! :Smile:

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## Frankenstein

> Dropped pretty nicely against the yen, too.  Now if only I get to Japan, where the yen is (are?).


You could take a look if there's any left in your too yen, too.  :Smile:

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## Khun Sabai

Am I wrong in assuming that a revolt in any other country, would send its currency to the dog house?

How do the Thais keep their currency so strong? I mean coupled with the recession etc. Is the SET bullshitting everyone and have finances that are "pie in the sky" or is the Thai economy really that strong?

I cannot see any positive growth for Thailand in the forseeable future. 

Sorry for all the questions at once but I really dont see why they " ARE NOT IN THE GUTTER"

Thanks in advance from the learned folk among you. :Confused:

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## Rattanaburi

Have you ever seen a horny dog climb a fence for some doggy poon? I would guess the the influence of the foreign male hormone may have some sort of stabilising effect on the baht. Things might be limp today but surely the tourism sector will quickly spring up again.

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## Texpat

Perhaps it's not the strength of the baht as much as the weakness of other currencies...

It's definitely weakening against the USD over the past few months.


30.2 in Jan...............................................  ...35+

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## Khun Sabai

Why did it crash 12 years ago Tex in short laymans terms,  Thanks.

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## Texpat

No idea. Twelve years ago I was far more interested in the yen-dollar wars. That was pretty painful too, a wicked mix of japan-bubble bursting and import-export deficit/surplus.

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## Rural Surin

Actually, the crash and dramatic slide of the baht some 12 years ago didn't  incure naturally. 1997, the government decides to float the baht......I recall when it was 45 and 47 to the dollar.

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## Khun Sabai

Thanks for the replies, but I think it was also that time the Thais were giving their gold to the government to help with the economy! A bit blurred for me at the time I was well ki mao everday that time, our Irish money was worth nearly twice what it should have done, great days.

To be honest why I started the thread is I need to furnish my house in Udon, plus railings and gates in early January and I am bringing over 500.000 Baht to do so. I am hoping I get my timing right and capitalise on the current misfortunes in the country. Maybe I need to more than cross my fingers. :deadhorsebig:

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## Texpat

Consider cost averaging. That's what I did to buy my house.
Rather than try to time the most opportune moment, bring a fraction over every month. You'll lessen the impact of a great loss, but won't strike it rich on good fortune, either.

If you're going to buy the furniture anyway, this is the best way -- unless transfer fees are exorbitant. It's only 350 baht for me.

Another advantage to having assets in two valuations is that it negates your personal impact when the rates swing wildly. When the baht is strong, my house and car here are worth more (in USD terms). When the baht is weak, my bucks back home are worth more (in terms of THB).

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## Khun Sabai

As it is a very large house a lot of the stuff has to be handmade, so I think we will pick out what we want made and strike a deal when we think its most advantageous to "US". Whether we are in Thailand or not, We are only staying for 2 months. Sorry (we) as in Wife and child.
Thanks Tex. BTW we have something in common, my wifes real name is USA.

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## Warwick

> Is the SET bullshitting everyone and have finances that are "pie in the sky" or is the Thai economy really that strong?


There was a small item in the Sunday Bangkok Post with a quote from the deputy governor (I think) of Bank of Thailand. He said that the economy was in much worse shape than previously realised and that more realistic estimates of growth would need to be produced, with interest rates reduced. 

He was presumably using the classic technique of releasing bad news while everyone was looking elsewhere.

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## Rattanaburi

> 1997, the government decides to float the baht......I recall when it was 45 and 47 to the dollar.


Actually, the baht was set to the dollar at 25 to 1 dollar. There was lots of chatter priot to the collapse. The housing market was the biggest reason for the collapse. Just take a look around Bangkok and the surrounding areas and you will see many unfinished buildings that resulted from the crash. Money was flying out prior to the collapse. It was just like in the US now where it seemed any person who had a friend in a bank could get access to money for their projects. As the investment community started to frown on Thailand pressure came on the currency and Thailand's government started blowing loads trying to keep it at 25 to the dollar. I don't know the mechanics of why this is but it happened. As the government lost loads at some point they figured to let if fly in order to save their foreign currency reserves. When that happened the currency flew up like a rocket into the 40s; I guess it touched the 50s for a short period. This basically revalued everything. It killed those who held foreign debt as they needed more baht to pay it off etc. 

Not sure about things now but I do worry about overbuilding. You can see a development off of the ChiangRak tollroad in MuangTongThani near Impact which was being built a few years ago which has been stopped. the roads are covered with weeds. This is a recent failure, not a product of 1997. What else is out there?

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## Panda

> 1997, the government decides to float the baht......I recall when it was 45 and 47 to the dollar.
> 			
> 		
> 
> Actually, the baht was set to the dollar at 25 to 1 dollar. There was lots of chatter priot to the collapse. The housing market was the biggest reason for the collapse. Just take a look around Bangkok and the surrounding areas and you will see many unfinished buildings that resulted from the crash. Money was flying out prior to the collapse. It was just like in the US now where it seemed any person who had a friend in a bank could get access to money for their projects. As the investment community started to frown on Thailand pressure came on the currency and Thailand's government started blowing loads trying to keep it at 25 to the dollar. I don't know the mechanics of why this is but it happened. As the government lost loads at some point they figured to let if fly in order to save their foreign currency reserves. When that happened the currency flew up like a rocket into the 40s; I guess it touched the 50s for a short period. This basically revalued everything. It killed those who held foreign debt as they needed more baht to pay it off etc. 
> 
> Not sure about things now but I do worry about overbuilding. You can see a development off of the ChiangRak tollroad in MuangTongThani near Impact which was being built a few years ago which has been stopped. the roads are covered with weeds. This is a recent failure, not a product of 1997. What else is out there?


One wonders if there might not be a lesson to be learnt there for some other countries.

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## Airportwo

[/quote]
 One wonders if there might not be a lesson to be learnt there for some other countries.[/quote]

In this case, other countries could have learnt from what happened here 11 years ago, but.........

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## robuzo

> 1997, the government decides to float the baht......I recall when it was 45 and 47 to the dollar.
> 			
> 		
> 
> Actually, the baht was set to the dollar at 25 to 1 dollar. There was lots of chatter priot to the collapse. The housing market was the biggest reason for the collapse. Just take a look around Bangkok and the surrounding areas and you will see many unfinished buildings that resulted from the crash.


Not meaning to cavil, but rather than the "housing market" I believe it was the office space market back then. This time it's the housing (condo) market that looks poised to fall off a cliff.

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## Rattanaburi

You may be right about that kicking it off at the start but there are plenty of vacant condos sitting unfinished in BKK from that event. There are some in MuangTong Thani, near Central Ladprao, along the Chaophya river, etc. I'm not a bangkokian so I don't know too much about the vacant spaces. The Central World project was one of them but after five years they finished it off. There a 1997 casualty sitting next to the Nana BTS soi 6. In any other country they would have them finished it or sell it. Land taxes would force them to do this. Here in LOS the rich can sit on their properties without paying anything much in land or property taxes or being threaten by a government tax sale. 

That's one thing that pisses me off about the genius Thaksin. Instead of building a million new crappy homes for the poor from scratch he should have done something to ultilise all the stagnant condo complexes and finished them. The housing he could of built would be much better and he could have beautified the city and maximised space. Thailand needs some asthetic laws to force people to take care of their properties - at least in urban areas. JMHO

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## S Landreth

> Am I wrong in assuming that a revolt in any other country, would send its currency to the dog house?
> 
> How do the Thais keep their currency so strong? I mean coupled with the recession etc. Is the SET bullshitting everyone and have finances that are "pie in the sky" or is the Thai economy really that strong?
> 
> I cannot see any positive growth for Thailand in the forseeable future. 
> 
> Sorry for all the questions at once but I really dont see why they " ARE NOT IN THE GUTTER"
> 
> Thanks in advance from the learned folk among you.


 
I heard last week,sorry no link,I think it was on one of the financial channels I watch from time to time,and they said Thailands Rating was down graded. Like bonds you buy at AAA, AA, A,..etc.

Maybe someone here on the forum can explain better,why it was down graded and what it means (in the future to the Thai stock market). 

Maybe this has something to do with it being down graded,.months ago (maybe March of 08) the Thai stock market was at about 820,..and today at closing it was 391. 
I think 391 is Gutter territory. 

http://www.set.or.th/th/index.html

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## Panda

> That's one thing that pisses me off about the genius Thaksin. Instead of building a million new crappy homes for the poor from scratch he should have done something to ultilise all the stagnant condo complexes and finished them. The housing he could of built would be much better and he could have beautified the city and maximised space. Thailand needs some asthetic laws to force people to take care of their properties - at least in urban areas. JMHO


I guess it would have depended on how much money the the banks were expecting to part with the property.

Thaksin did a pretty good job of bailing out the economy without bailing out the banks bad loans.
But of course it did involve a devaluation of the currency.

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## Khun Sabai

Nice one the Euro gained big time in the last 2 weeks!!!!!!!!

Now 50.3 to the Thai Baht   :sexy: The Euro has been gaining day by day. Looks like the demise of the Thai Baht at last.

YEEEEEEEEEEEEHAAAAAAAA :Smile:  :Smile:  :irish:

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## bkkandrew

^Nope, THB pretty much as is, the Euro on the other hand, has gained against everything - nearing parity with Sterling and rocketing against the collapsing USD.

THB collapse will be soon though...

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## Khun Sabai

BKK Andrew: I am aware you are up to speck on the SET, I reckon the Thai Baht will SLUMP on January 9th. No particular reason but I am usually right with my predictions.

Fingers crossed :Smile:

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## matsalleh

*1997 Asian Financial Crisis*


From Wikipedia, the free encyclopedia

Countries most affected by the Asian Crisis.

The Asian Financial Crisis was a period of financial crisis that gripped much of Asia beginning in July 1997, and raised fears of a worldwide economic meltdown (financial contagion).

The crisis started in Thailand with the financial collapse of the Thai baht caused by the decision of the Thai government to float the baht, cutting its peg to the USD, after exhaustive efforts to support it in the face of a severe financial overextension that was in part real estate driven. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. As the crisis spread, most of Southeast Asia and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt.

Though there has been general agreement on the existence of a crisis and its consequences, what is less clear were the causes of the crisis, as well as its scope and resolution. Indonesia, South Korea and Thailand were the countries most affected by the crisis. Hong Kong, Malaysia, Laos and the Philippines were also hurt by the slump. The People's Republic of China, India, Taiwan, Singapore, Brunei and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region.

Foreign debt-to-GDP ratios rose from 100% to 167% in the four large ASEAN economies in 1993-96, then shot up beyond 180% during the worst of the crisis. In Korea, the ratios rose from 13-21% and then as high as 40%, while the other Northern NICs (Newly Industrialized Countries) fared much better. Only in Thailand and Korea did debt service-to-exports ratios rise. 

Although most of the governments of Asia had seemingly sound fiscal policies, the International Monetary Fund (IMF) stepped in to initiate a $40 billion program to stabilize the currencies of South Korea, Thailand, and Indonesia, economies particularly hard hit by the crisis. The efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia, however. After 30 years in power, President Suharto was forced to step down in May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the rupiah. The effects of the crisis lingered through 1998. In the Philippines growth dropped to virtually zero in 1998. Only Singapore and Taiwan proved relatively insulated from the shock, but both suffered serious hits in passing, the former more so due to its size and geographical location between Malaysia and Indonesia. By 1999, however, analysts saw signs that the economies of Asia were beginning to recover.

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## Khun Sabai

^ Cool, got that. Nothing to do with the current world meltdown. IMHO Thailand after their recent show of foolishness at BKK Airport, coupled with the cancellations of orders for goods in 2009, I dont think the economy could hold its own in the world economy.

My 2 cents..........or is it 1 cent now :Smile:

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## Thormaturge

^
The current strength of the Thai Baht which has caused this thread is due to superior Thai financial management.   This is a truism Thais all know and the simple fact that we are puzzled by this phenomenon proves how little Farangs understand about Thailand.

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## Khun Sabai

^ First I have heard of Thais being SUPERIOR Financial wise. I.E. Besides Thaksin.

Never heard a comment remotely like the above, been ever stated.

Maybe its me thats dumb.

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## benbaaa

> The current strength of the Thai Baht which has caused this thread is due to superior Thai financial management. This is a truism Thais all know and the simple fact that we are puzzled by this phenomenon proves how little Farangs understand about Thailand.


I got it, T.   :Very Happy:

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## klongmaster

> The current strength of the Thai Baht which has caused this thread is due to superior Thai financial management. This is a truism Thais all know and the simple fact that we are puzzled by this phenomenon proves how little Farangs understand about Thailand.


Excellent stuff T: nice to see someone understands what's really going on... and can post without emoticans to tell the yanks when to laugh...

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## keda

Could be the Brit PM they've installed.

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