Αποστολέας Θέμα: Strong Thai baht brings financial woes for expat retirees  (Αναγνώστηκε 821 φορές)

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Αποσυνδεδεμένος thailandgr

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Strong Thai baht brings financial woes for expat retirees
« στις: Οκτώβριος 06, 2019, 12:45:45 μμ »
Strong Thai baht brings financial woes for expat retirees



An interview with a retired Briton in today’s Bangkok Post illustrates the financial difficulties some expats now face in the Land of Smiles as a result of the strong baht.

Brian Maxey moved to Pattaya from the UK to live off his sterling pension, but the surging Thai currency means he’s now finding it a challenge to meet the financial requirements of his visa. Brian recounts how when he first moved to Thailand, the British pound would get him 60 baht. That figure has now plummeted to less than 38 baht.

“It was a cheap place to live then. It’s not anymore.”

Foreigners who meet the age requirement for a retirement visa must also prove they have a minimum of 800,000 baht in a Thai bank account, or a monthly income of 65,000 baht. But the strength of the baht means people like Brian, relying on a British pension, are struggling.

Niels Colov left Denmark forty years ago to settle in Pattaya, where he helps run a local expat club. Speaking to the Bangkok Post, he says many expats are now leaving the country, unable to justify the rising cost of spending their retirement in Thailand.

“There’s an exodus of foreigners from this area to Vietnam, Cambodia and the Philippines. We’re talking thousands of people.”

Others are not yet ready to leave but are having to cut back on their spending, such as Austrian Christian Foerster, who moved here twenty years ago.

“There’s an enormous change. Everything is more expensive. But it’s about adjusting, adapting and living modestly.”

The Bangkok Post reports how investors the world over see the Thai baht as a safe haven and the currency has been the world’s best performer against the dollar for five years now, appreciating by more than 6% so far this year.

The Thai government continues to promote the country as a destination for retirees and despite the financial challenges, the cost of living is still lower than the US or Europe.

The Bangkok Post reports that Thailand issued 80,000 retirement visas last year, with the British availing of most of them, followed by the Americans, Germans, Chinese, and Swiss.

SOURCE: Bangkok Post


"Δικό σου είναι αυτό που δεν μπορεί να υπάρξει χωρίς εσένα"
The Little Prince - Antoine de Saint-Exupéry

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Thai Baht set to get Stronger
« Απάντηση #1 στις: Οκτώβριος 27, 2019, 14:52:16 μμ »

Thai Baht set to get Stronger



The Thai baht could further strengthen to Bt29 per dollar, a Kasikornbank analyst warned this week.

In an economic climate deeply affected by the US-China trade war and a global slowdown, the baht is expected to strengthen further, reaching Bt30.50 to the US dollar by the end of the year, Kobsidthi Silpachai, head of capital markets research at Kasikornbank said

It could appreciate between Bt29.20 and Bt29.30 by the end of next year, a 5-year high, he added.

This was due to a number of factors, the first being that the US-China trade war would continue to depress the global economy.

The chance of a global economy entering recession next year now stands at 26 percent and could lead to more capital flowing in to subscribe to Thai bonds.

The second factor is the high possibility that international rating agencies Moody’s Investors Service and Fitch Ratings will upgrade Thailand’s sovereign credit rating from triple B plus to A minus (BBB+ to A-) in the next 12 months.

The market has priced incoming credit upgrades as the rate of credit default swap (CDS) of Thai debts has been below the rate charged for BBB+ rating for a while, he noted.

Third, Thailand’s high current account surplus, the combined result of tourism revenue, fall in imports and low domestic investment would continue to underpin the strong baht. The surplus this year will reach $34 billion, he said.

Thai economic growth is expected to expand by 3.5 percent in the fourth quarter, while growth in the third quarter is estimated at 2.7 percent.

The Thai economy is predicted to expand by 2.8 percent for the full year.

“The government stimulus packages including the ‘Eat, Shop and Spend’ program will boost the economy in the final quarter,” he predicted.

The US-China trade war and Brexit would largely determine the direction of the global economy.

Uncertainty about the trade relationship and the Brexit deal has led many central banks to ease policy in order to shore up economies, but their actions would be a temporary solution and could not fully compensate for real economic reforms.

Investment in the Thai stock market will not see much activity in the fourth quarter as investors turn their attention to bonds due to slow economic growth, he said, pointing out, however, that investment in some stocks offered higher returns than bonds.

Investors would, therefore, have to pick shares carefully.

The US Federal Reserve is expected to cut its policy rate again next week with two more cuts coming in 2020,” he added.

The Bank of Thailand’s monetary policy committee will lower its policy rate by 25 basis points to 1.25 percent this year, he said.

https://www.pattayaone.news/thai-baht-set-to-get-stronger/
"Δικό σου είναι αυτό που δεν μπορεί να υπάρξει χωρίς εσένα"
The Little Prince - Antoine de Saint-Exupéry

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Απ: Strong Thai baht brings financial woes for expat retirees
« Απάντηση #2 στις: Ιούλιος 30, 2020, 20:38:00 μμ »
Central bank mulls severing baht’s gold link to weaken gains

By Jack Burton30-07-2020
Thailand’s central Bank is mulling breaking the baht’s link to gold as a way to weaken it without being labelled a “currency manipulator” by Washington. According to US Census Bureau data, Thailand’s trade surplus surpassed US$20 billion in the 12 months up to the end of November 2019. That exceeds a $20 billion cap the US Treasury sets for bilateral goods trade deficits, and means Thailand violates 2 of the 3 criteria needed to add its economy and currency to its watchlist.

The Thai baht rose 8% against the US dollar last year, the fastest appreciation among major Asian currencies. The US is Thailand’s third-biggest trading partner.

The baht more than shed those gains at the start of the Covid-19 outbreak but has since rebounded amid the gold fervour. The surge in gold prices has convinced many Thais to reduce their holdings, forcing local shops to sell in the international market. The step of exchanging dollars for baht as part of the process has been a factor in helping the baht gain about 5% from its low in March. The Bank of Thailand says it’s in talks with market participants about converting local gold trading to US dollars, including futures, to reduce the baht’s strength. Policymakers have long complained the baht’s rapid gains threaten to damage the country’s exports.

The baht has been the best performing Asian currency over the past 4 years, appreciating about 10% against the US dollar. The market for wholesale gold trading in baht is about US$50 billion a year, or about 5% to 7% the size of of Thailand’s foreign exchange market, according to figures from SCB Securities.

UBS Group and ING Groep have both warned that Thailand is at risk of being added to the US watchlist for currency manipulation. For its part, the BoT has repeatedly said it does not influence the currency to gain an unfair competitive advantage. According to the head of capital market research at Kasikornbank in Bangkok:

“If the BoT went about with the traditional managed float, it would place it on the radar of the US Treasury as a potential manipulator. But to do nothing would equate to the continuation of the loss in the baht’s competitiveness.”

“Whether the gold trading proposals are approved depends on the willingness of the next BoT governor to experiment with non-conventional monetary measures.”

SOURCE: Bangkok Post

https://thethaiger.com/hot-news/economy/central-bank-mulls-severing-bahts-gold-link-to-weaken-gains
Life is too short to be living somebody else's dream

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Απ: Strong Thai baht brings financial woes for expat retirees
« Απάντηση #3 στις: Ιούλιος 31, 2020, 09:04:25 πμ »
Μάλλον το euro δυνάμωσε. Όταν εφυγα το φεβρουαριο ήταν περιπου στο 32,90 ? Αυτές τις μέρες έχει σκαρφαλώσει στο 37,10. Μεγάλη διαφορά.
Nobody is perfect until you fall in love with them

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Απ: Strong Thai baht brings financial woes for expat retirees
« Απάντηση #4 στις: Ιούλιος 31, 2020, 10:48:16 πμ »
Μάλλον το euro δυνάμωσε. Όταν εφυγα το φεβρουαριο ήταν περιπου στο 32,90 ? Αυτές τις μέρες έχει σκαρφαλώσει στο 37,10. Μεγάλη διαφορά.
Σίγουρα το ευρώ δυνάμωσε έναντι όλων των νομισμάτων, αλλά αν η κυβέρνηση της Ταιλάνδης αποδυναμώσει το μπατ για να διευκολύνει τις εξαγωγές της και για να μην μπει στη λίστα παρακολούθησης από την Αμερική, θα είναι καλό για μας ΑΝ μπορέσουμε κάποτε να πάμε κάτω...
Life is too short to be living somebody else's dream

Αποσυνδεδεμένος ntinos20

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Απ: Strong Thai baht brings financial woes for expat retirees
« Απάντηση #5 στις: Ιούλιος 31, 2020, 16:41:07 μμ »
Ακριβώς. Κατι το οποιο, αμφιβαλλω οτι θα γινει καποια στιγμή εντος του έτους, ειδικά με οσα εγιναν με τον τυπο απο την αιγυπτο.
Nobody is perfect until you fall in love with them