Thai Baht disaster

[Tassie]

The Thai Baht is over valued by about 40%.  Exports are crashing and tourists are evading the high cost of holidays and choosing other less expensive destinations.  When Nero fiddled while Rome burned what  music are they playing in Bangkok?
Regards

[DeputyDavid]

Well Thailand is stuck in the 70?s so take your pick.

[Gerry]

Well Thailand is stuck in the 70?s so take your pick.

Would you please explain the comment.

[CO-CO]

Sounds OK Tassie but I have never been to the Philippines but I'm sure your right in all that you say. 

What about Vietnam

Anyway I wouldn't worry to much as I have an Ex-Bank-manager friend that assured me the Baht will be back up to 50B to the GBP soon 

I think he said Christmas.......

[Smithy]

Sounds OK Tassie but I have never been to the Philippines but I'm sure your right in all that you say. 

What about Vietnam

Anyway I wouldn't worry to much as I have an Ex-Bank-manager friend that assured me the Baht will be back up to 50B to the GBP soon 

I think he said Christmas.......

https://vclock.com/timer/christmas-day/2030/

 

[Tassie]

Smithy, I wouldn't trust my future to a hunch from an ex bank manager, even though his forcast is honourable.
I expect everyone will have to be vigilant.
Regards

[Starman]

Smithy, I wouldn't trust my future to a hunch from an ex bank manager, even though his forcast is honourable.
I expect everyone will have to be vigilant.
Regards

There is an element of sarcasm and banter in Smithy's post. A bit of a long standing joke.

[Smithy]

Smithy, I wouldn't trust my future to a hunch from an ex bank manager, even though his forcast is honourable.

So you know him as well 

[Tassie]

Smithy,
I have been extraordinarily lucky during my life as everything I ever bought did not entail getting a loan from a Bankster.  If I didn't have the cash then I didn't own it and that includes cars and houses. I lived within my means.
If the Thai Immigration want Ferangs and their money out of Thailand then they are going about it in the right way. The financial flood gates are now wide open.
Thailand is financially haemorrhaging and the expert elite are playing the fiddle and the rest of us can choose our own fate. The Thai baht is 40% over valued.
Regards

[Smithy]

Smithy,
I have been extraordinarily lucky during my life as everything I ever bought did not entail getting a loan from a Bankster.  If I didn't have the cash then I didn't own it and that includes cars and houses. I lived within my means.
If the Thai Immigration want Ferangs and their money out of Thailand then they are going about it in the right way. The financial flood gates are now wide open.
Thailand is financially haemorrhaging and the expert elite are playing the fiddle and the rest of us can choose our own fate. The Thai baht is 40% over valued.
Regards

I think many of us fall into that category of not using credit( bank Loans/mortgage) to live in Thailand.
I sold my house in the UK 20 years ago and moved to Thailand and like you everything I have has been paid for in cash
I did buy a new Honda Wave 2/3 years ago for 38k. I paid 20k and 6k a month for 3 month. I did this as they were offering 3 months interest free credit .I could have paid 38k outright but with interest free credit it would be silly not to take up the offer.
Many are having to tighten their belts with these crazy exchange rates!!!
I've lived in Thailand for nearly 20 years and for 5 of those years Me and My Wife lived on less than 10K a month so I know how to live on a tight budget. Because of those 5 years I still live a frugal lifestyle of about 25k a month and now manage to save over 50% of my monthly income.
Like many of us I have no rent as our house is brought and paid for and my only main bills are Internet and Electric ( about 2500 B ) . I don't smoke or drink ( and I only swear if it slips out  ).
I do my yearly Visa Extention in Savannakhet so I don't have to show the Thai Immigration money in the bank each year. But if that route was to close I have money in the UK I could bring over to boost my Thai bank account to meet their requirements .
I remember my good friend Tommynew saying to me a year or so ago that if the Baht fell below 42 he would struggle. I told him there is no way the Baht would drop below that , that shows you how much I know about the exchange rate crisis !!!  Unfortunately he died back in May but only after going to Savannakhet in February to get his yearly Visa as he couldn't meet the Thai Immigration visa extension requirements any more.
All we can do is just hope and pray that the exchange rates become more favorable in the near future !!! or as you have suggested move to pastures new .

[Smithy]

Because of those 5 years I still live a frugal lifestyle of about 25k a month and now manage to save over 50% of my monthly income.

Someone asked me how do you live on 12,500 a month. 

What I meant to say is I spend about 25k a month and save about the same from my monthly income .

But I can assure anyone that you can live on 10/12k a month but it is living on survival mode.