Money & law on Hua Hin Today

Strength of Thai Baht Effects Industrial Entrepreneurs

"One presented his idea that the Thai baht should rely on the dollar in the form of a fixed currency. In fact, this is impossible to do, so the thing that we can do is to leave Thai baht variable depending on the marketing system, so there must be another policy decided by the government. If the Thai baht reaches 40 - 50 baht / U.S dollar, it would dramatically affect imported goods into Thailand, (e.g. fuel) on the other hand, it would be a golden minute for exportation in Prachuap Khirikhan and nationwide" said Mr. Sura-at.

Mr. Sura-at added that Malaysia can fix its Ringgit Malaysia in international currency exchange because its government is quite strong with regard to its politics and economy.

Now, this are getting better, for example, the government lets the Thais hold dollars longer and lets the Thais open accounts with dollars, which in turn helps the entrepreneurs. In the past it was not as preferential for the businessmen as they had to exchange their dollars into Thai baht and not always get a good return. Now they can hang onto their dollars and exchange into Thai baht when the rate is stronger and at a preferable rate.

For Prachuap Khirikhan, we have learnt that systems and management of factory entrepreneurs stand in a good state because the factory industry groups have coordinated with the provincial governor, Mr. Prasong Pitoolkitja. In the past, the governmental sections looked and behaved like a custodian to the entrepreneurs, thus not enabling them to fully flourish and move their money around in a positive way. After coordinating with the Provincial Industry office, Office of Labor and other governmental sections, these offices have tried to assist the entrepreneurs, with the added bonus of the tax situation being in a relatively healthy state.