GBP to THB Exchange Rate

Ah, Thailand: Home to roughly 35,000 temples, 1,430 islands, and one-tenth of all animal species on the planet. Obviously.

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What influences the GBP/THB exchange rate?

The Bank of Thailand prints and issues the THB, and it also manages the nation’s foreign exchange rate according to the Exchange Control Act.2 The Thai baht is an emerging market currency which has seen substantial volatility in recent years.

 

Political and economic events in Britain and Thailand can influence the GBP/THB exchange rate. For example, since 22 June 2016, GBP has fallen against the THB as a result of Brexit and the U.K.’s uncertain political and economic future. After the death of Thailand’s King Bhumibol Adulyadej in October 2016, Crown Prince Maha Vajiralongkorn began his reign 1 December 2016. How the new king will impact the economic and political landscape remains to be seen. GBP might also strengthen against the THB if a soft Brexit occurs.3

GBP/THB Snapshot

“Looking to the future, Thai-British collaboration also extends to exploring new frontiers in science and innovation.” - British Embassy Bangkok4

 

  • The Thai economy is one of the strongest in Asia, with a vibrant agricultural economy that made way for modern industrialization.5

  • In 2015, Thailand was ranked 27th in GDP, while the United Kingdom ranked 5th.6 In 2014, Thailand was the 22nd largest exporter and the 25th largest importer in the world, while the United Kingdom was the 9th biggest exporter and 5th biggest importer.7,8

  • Thailand’s top exports include computers, delivery trucks, integrated circuits, refined petroleum, and cars, while its top imports include crude petroleum, integrated circuits, petroleum gas, gold, and refined petroleum.7

  • Thanks to the economic growth in Thailand, UK businesses have many opportunities within several industries, such as renewable energy, electrical power, automotive accessories, cosmetics, and environmental technology.

 

Whether you’re planning on getting married in Thailand or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Thailand, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.

 

Currency Name: Thai Baht  

Currency Code: THB

Currency Symbol: ฿

Central Bank: Bank of Thailand

Countries Used In: Thailand

Major Unit: One Baht     

Minor Unit: Satang = 1/100 of 1 Baht

Note Denominations: ฿20, ฿50, ฿100, ฿500, ฿1,000

 Coin Denominations: 1, 5, 10, 25, 50 satang, ฿1, ฿2, ฿5, ฿10

 

Sources:

  1. http://www.pbs.org/edens/thailand/bounty.htm
  2. https://www.bot.or.th/English/AboutBOT/RolesAndHistory/Pages/RolesAndResponsibility.aspx  
  3. https://www.bloomberg.com/news/articles/2016-10-04/pound-tumbles-to-three-decade-low-as-angst-over-brexit-persists
  4. https://www.gov.uk/government/world-location-news/forward-into-the-5th-century-of-thailand-uk-relations  
  5. http://www.nationsencyclopedia.com/economies/Asia-and-the-Pacific/Thailand-OVERVIEW-OF-ECONOMY.html
  6. http://databank.worldbank.org/data/download/GDP.pdf
  7. http://atlas.media.mit.edu/en/profile/country/tha/
  8. http://atlas.media.mit.edu/en/profile/country/gbr/
  9.  http://exportbritain.org.uk/market-snapshots/thailand.html