Thai Baht (THB)

 

A Brief History of the Thai Baht

The Thai Baht has been the official currency of Thailand since the mid-to-late 1800's where it originated as a unit of weight related to silver. The value of the Thai Baht was determined based on 15 grams of silver until 1902, when the Thai government started to increase the Baht’s value.

The rate of exchange changed several times leading up to WWII when the Thai Baht was fixed to the value of the Japanese Yen at par. After the war had ended, the Thai Baht was fixed at 20.8 baht to one U.S. Dollar and then to 20 Baht to one US Dollar in 1978. As the US economy strengthened, that peg was changed to 25 Baht to one U.S. Dollar in 1984.

In the wake of the Asian Financial Crisis in 1998, the Thai Baht halved in value to 56 Baht to the Dollar. Since that collapse, the Thai Baht has appreciated and stabilised.

Thai Baht in the Global FX Market

The Thai Baht is the 26th most traded currency in the foreign exchange marketplace, accounting for 0.2% of daily market trading volume.

The Thai Baht trades most actively against the US Dollar as the counter currency in the USD/THB currency pair. In the FX market, this pair is typically known as Dollar Baht. The Thai Baht lacks a popular nickname in the FX market, so it is typically referred to simply as the Thai Baht.

Due to Thailand’s industrial and service led free-market economy, the Thai Baht has enjoyed considerable interest among traders in the forex market despite its status as an exotic currency. The Thai Baht is heavily influenced by the following industries: fuels, raw materials, capital goods (importers of) and textiles, shoes, and electronics (exporter).

Fact Table:

Currency Name: The Thai Baht
Currency Code: THB
Currency Symbol: ฿
Central Bank: The Bank of Thailand
Countries Used In: Thailand
Major Unit: One Thai Baht
Minor Unit: One XX = 1/100 of one Thai Baht
Note Denominations: ฿20, ฿50, ฿100, ฿500, ฿1000
Coin Denominations: 25, 50 satang, ฿1, ฿2, ฿5 and ฿10, rarely 1, 5 and 10 satang

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