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Friday, March 29, 2024

UK pound falls to 39 baht in foreign exchange booths

The Thai baht is enjoying substantial gains against major currencies, the British pound in particular.

The British pound buys fewer than 40 Thai for the first time since the 2020 panic over the prospect of the Brexit exit from the European Union. Bank tellers and foreign exchange bureaux were offering 39.80 during the past weekend. The UK currency has lost 11 percent of its value against the baht in the past year.

Foreign exchange bankers say that, unusually, welcome events in Thailand are responsible for the shift against the pound and to a lesser extent the US dollar. Thailand’s opening up and cancellation of tourist entry requirements, such as visas and insurance, has already resulted in a surge of international arrivals which are expected to intensify once the Beijing authorities allow charter tours from Chinese cities in addition to scheduled flights.

Christopher Wong,…

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