The Booming or Bewildered Baht
Thailand Baht Crisis? I don’t get too passionate when reading economic speculation news, so I’m not one to speculate much of what and how economic speculators are speculating about potential speculations of speculating further of how to go about speculating…but this supposed ‘baht crisis’ isn’t a crisis for everyone, partifularly for me, someone whose income is in baht.
The laymen’s facts are simply that the baht has averaged about 34 to the dollar over the last few months, and due to Thailand’s Finance Ministry’s foreign investment marketing strategies, dozens of billions of foreign capital have flowed into the kingdom recently, making the baht grow even stronger in rate exchange… So it was on The Nation’s front page that some economist, Drammar Siamwilla isn’t content with the Finance Ministry’s and Central Bank’s management of the situation, or lack of it.
I don’t know much about economic debates and academia discussions about the topic, nor care to devote my life to it, but what I know is as long as my pay check is in baht, I don’t mind at all if the value of foreign currency goes down against the baht cause that means I get an automatic raise in salary.
For example, with the baht at circa 33 baht to the dollar, at an average salary of 30,000 baht per month, I make 100 dollars more this August than I did last August when the baht was doing around 37 baht to the dollar. Since the world at large would will judge and stratify me by my income in dollars (which has dramatically increased) as opposed to baht (which has pretty much stayed the same), then I say let the exchange rate drop another 4, 5, or 10 baht–as long as my baht salary is still the same or going up, on an international standard, I’m only getting richer.
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