New Baht Withold Tax - Does It Affect Property Sector?
For sure, the Baht is pegged to the USD, just not officially. The powers here will make that so now and always have in the past, except in 1997 when it went to 50-53 but the exporters were very happy then and not much was done about it as I recall.
Anyway, we may be able to avoid restrictions and impoundment if we convert our money to Baht at our sending bank. I don't think any restrictions then.
My internet is too slow to look up the rates at HSBC Hong Kong but in the past they were very close to what you would get if you sent in foreign currency and had the receiving bank convert it here to Baht. Pete
Anyway, we may be able to avoid restrictions and impoundment if we convert our money to Baht at our sending bank. I don't think any restrictions then.
My internet is too slow to look up the rates at HSBC Hong Kong but in the past they were very close to what you would get if you sent in foreign currency and had the receiving bank convert it here to Baht. Pete
- JimboPSM
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GBP has actually varied quite a bit through the year, it is coincidental that the rates at the start and end of the year are so close.Jockey wrote:Surprisingly, the Baht against the UK pound has remained more or less static throughout the year. The year started at 70 baht to the pound and is now 69 to the pound. The US dollar on the other hand has plummeted from 41 baht to the dollar to 35 baht to the dollar. As I see it, the baht isn't really that strong against world currencies, its just the US dollar is so weak. It also seems financial analysts in Thailand relate the baht only to the US dollar, thereby saying the baht is strong is technically not correct -indeed its really the US dollar that's weak.
The average GBP buy/sell closing rate on electronic transfers has ranged from 66.37625 to 72.41938.
On the same basis, USD has ranged from 40.855 to 35.225 (pretty well all downhill).
The USD is weak primarily due to the most financially incompetent administration the US has ever had; at the same time that the USD has been weakening the THB has been strengthening, actually having the largest rise (until today) of all the Asian currencies against USD.
The reason that analysts relate the value of THB to USD is that the US is its most valuable trading partner; this can be seen in the close spread on currency deals between THB & USD which (in Thailand) is approx 0.2%.
- JimmyGreaves
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Well I was a quite shocked first thing this morning as yesterday the pound to baht was 68.66 and morning today saw it hit 70.00 never seen such a quick rise so I thought something strange was happening. at the moment 8.00pm HH time the rate is 70.1566 seems to have stabilised as saw it at 70.60 an hour ago.
Live mid-market rates as of 2006.12.19 13:04:45 UTC.
1.00 GBP
United Kingdom Pounds = 70.1566 THB
Thailand Baht
75 would be nice again!
Live mid-market rates as of 2006.12.19 13:04:45 UTC.
1.00 GBP
United Kingdom Pounds = 70.1566 THB
Thailand Baht
75 would be nice again!
- JimmyGreaves
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- Location: HuaEireHin
That saddens me, not because of the money issue but once again we seem to have people running this place who do not think first or know what they're doing. Past, present and probably future, more of the same incompetence.Jim wrote:Just announced - decision rescinded. Panic over.
More news when I can find it.
This is a country for God's sake. They perform like it's a grammer school play. Pete
A lot of you will already know this, but if you don't, here is a tip that could save you LOADS of money when transferring money to Thailand. You will get a much better rate if you transfer the money in your home country’s currency. Your bank in Thailand will convert it to baht and will give you a much better rate than a bank outside Thailand.
- JimboPSM
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My interpretation of the latest report in the Nation is that the measure is not fully rescinded, it only appears to be rescinded for stock investment:
...... and GBP appears to be rising againStock investment to be exempted : Pridiyathorn
Finance Minister Pridiyathorn Devakula said Tuesday the central bank would exclude inflows into the stock market from the Bank of Thailand's drastic measure of 30 per cent reserve withholding requirement.
After an urgent meeting in the evening among Finance Ministry, Stock Exchange of Thailand, the Securities and Exchange Commission, and Bank of Thailand, the Thai authorities agreed that the earlier measure is too harsh.
Pridiyathorn said they agreed to exclude inflows for stock investment from the harsh measure.
He announced the review of the central bank measure at 7.45pm Tuesday.
Business Reporters
The Nation
Bruddah
YOu e-mail me for seel me one house and can't get that into the ole noggen....See at you bar....JW wrote:Can one of the smart guys out there put this into laymens terms.
Cheers
JW
Hawaii/LOS..wicked style, MON!
Couldn't agree more. As I've said on another forum - red faces all round.prcscct wrote:That saddens me, not because of the money issue but once again we seem to have people running this place who do not think first or know what they're doing. Past, present and probably future, more of the same incompetence.Jim wrote:Just announced - decision rescinded. Panic over.
More news when I can find it.
This is a country for God's sake. They perform like it's a grammer school play. Pete
When I came over here 8.5 years ago, the Baht fell to 90 to the pound - maybe 91, can't remember. The thing is that on my first holiday in 1989 it was 40. It's always seemed to me that around 65 to the pound is a reasonable expectation for this ship of fools.
Schoolchildren playing with money, a country and their people. It took them all of one day to realise the mistake they'd made. At least they were big enough to realise it?
I know they are trying to protect exports and their peoples' businesses, but knee-jerk reactions to try and appease the locals does not win favours outside of this country. "Biting off the hand that feeds you" is an expression that springs to mind.
Again, I've forgotten my macro-economics. I'm sure it's not as simple as that.
New Baht withhold tax-Does it affect property sector?
Will it affect property sector? Looks like it will.
It appears the U-turn/reversal today only applies to equities and stocks, and not to property and bonds??
Any updates?
It appears the U-turn/reversal today only applies to equities and stocks, and not to property and bonds??
Any updates?
Personally, I do have confidence in this country. That's why I live here.Burger wrote:Agree with above in principle with above postings, but is a symptom and consequence of living in a third'ish world country, or can we expect them to be better than this ?
Burger
However, I'm a minnow and my hopes and expectations don't really coincide with those of big businesses/governments any more.
Despite the Baht's strength lately, investor confidence was already failing. The decision and almost immediate reversal of that is hardly going to inspire someone to invest billions in Thailand. (And I am talking billions - not me but the overall theme of things. It could well take this country 10 odd years to recover from this and other measures they've brought in recently).
Just my impression. I hope I'm wrong.
Re: New Baht withhold tax-Does it affect property sector?
alleykat wrote:
Can anyone else help ?
Burger
The announcement of the U-Turn reads like this:Will it affect property sector? Looks like it will.
It appears the U-turn/reversal today only applies to equities and stocks, and not to property and bonds??
I don't know as I'm not clever enough, but would the property sector not come under 'foreign direct investment' !?Pridiyathorn said the 30 per cent capital reserve requirement would remain intact on funds brought into the country for investing in financial instruments, as well as for borrowings.
However, there would be no such requirement on foreign funds brought into the country for foreign direct investment and for investing in the stock market, starting today.
Can anyone else help ?
Burger