Welcome to Pure FX's latest update of the pound to Thai baht interbank exchange rate.
Sterling strengthens versus the baht! The pound to Thai baht interbank exchange rate has hit 44.97 this week, its strongest since May 9th, or 19 weeks. If you intend to transfer money from the UK to Thailand, either to expatriate, buy a property, or do business, this is hence excellent news for you, as you'll receive a far higher baht total when you exchange currencies.
By contrast, 1 month ago, back on August 18th, sterling was as low as 42.49 against the baht. Hence, the pound has since risen by a mighty +5.83%, greatly benefiting you when you transfer money to Thailand.
Baht falls, as Bank of Thailand intervenes to limit baht strength
The Thai baht has weakened, chiefly because the Bank of Thailand has intervened to drag down the Thai baht. In particular, earlier this week Bank of Thailand governor Veerathai Santiprabhob said that Thailand's central bank had stepped into the foreign exchange market, to prevent 'periodic speculation' on the baht.
What's more, BoT deputy governor Mathee Supapongse recently added that 'We've tried not to let the baht appreciate too fast by periodically intervening in the market.' With this in mind, the Bank of Thailand has been acting to prevent the baht from strengthening.
Pound rises, as UK economy shows resilience to Brexit
Moreover, the pound has strengthened against the baht, because the UK economy is showing itself to be highly resilient to Brexit. To start with, UK retail sales jumped +1.0% in August, according to the Office for National Statistics this week, well above financial market forecasts for +0.2%. This tells us that Britons are happy to spend, even as the UK leaves the EU.
In addition, UK government borrowing rose by just +£5.093bn last month, said official data today, below predictions for +£6.5bn. This tells us that the UK's public finances are in the pink too, boosting sterling!
GBP may rise further versus THB, if Bank of England cuts rates
Furthermore, looking into the future, the pound to Thai baht interbank exchange rate could exceed this 19-week high of 44.97. This is because it's looking increasingly likely that the Bank of England will soon lift UK interest rates, above their current all-time low of 0.25%.
For example, in the minutes of the BoE's latest meeting last week, the UK's central bank said that Britain's economic outlook was 'slightly stronger'. What's more, BoE executive Gertjan Vlieghe added that a UK interest rate hike 'might be as early as in the coming months', which may lift sterling too!
With all this in mind, it's a fantastic time to transfer money from the UK to Thailand, as the pound has hit a 19-week high versus the baht.
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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email firstname.lastname@example.org.