British pound hits 46

[reader]

From Pattaya Mail

By Barry Kenyon

To the delight of British tourists and expats, the UK pound touched 46 on the early morning of Thursday March 21. This translates to a tourist rate of slightly above 45 and a half baht in most Thai currency exchange shops.

The pound’s improvement – it is now at its highest level against the baht for several years – is mostly attributed to the weakness of the Thai economy according to financial commentators. Kasikorn Research Center points to sluggish exports, public investment and domestic consumption. Revenue from international tourism still lags behind pre-covid levels.

The public disagreement between the Thai premier and the Bank of Thailand about whether to reduce interest rates is a further worry to financial markets. The central bank authorities are concerned about the effects on inflation if interest rates are reduced to improve domestic consumption.

The British economy, meanwhile, is viewed as broadly neutral present. The March 2024 budget contained no surprises, whilst the cut in national insurance contributions and the freezing of duty on alcohol and fuel had been anticipated by international markets. Kasikorn also points out that the Thai currency is falling against the US dollar as the Federal Reserve declines to reduce borrowing rates for the time being.

[xpaulo]

There was a point during Brexit when the pound was falling and I was hoping it would come down to the Canadian dollar level so I could afford a proper trip to the UK... I went once and ate mostly french fries and argued with restaurant servers who refused to bring me tap water. But sadly that crisis is over... so I'll never get to see grampa's birthplace or the farm where my grandmother's family came from. Just kidding I don't care... but still, it's expensive.

[Ruthrieston]

It will only take a further rise of 10 Baht to get us back to where we were before the ridiculous Brexit vote to leave the European Union. The day before that day of madness we were getting 56 Baht to the pound and the day after the vote it fell to 36 Baht to the pound. 

[vinapu]

3 minutes ago, Ruthrieston said:

It will only take a further rise of 10 Baht to get us back to where we were before the ridiculous Brexit vote to leave the European Union. The day before that day of madness we were getting 56 Baht to the pound and the day after the vote it fell to 36 Baht to the pound. 

it's why when I saw a tittle of the thread I thought to myself ' that's still bloody low"

[unicorn]