Thai baht

Siamese Pre-Decimal Tical System

Thai Baht (฿; ISO 4217 code: THB) is the official currency of Thailand. It is subdivided into 100 satang (สตางค์). The issuance of currency is the responsibility of the Bank of Thailand, the nation's central bank.

History

The Thai Baht has a rich history that dates back to the 13th century, where it originated as a traditional unit of weight. It became the country's official currency in the 19th century during the reign of King Rama III. The modern baht was formally adopted as the currency of Thailand in 1897, replacing the Tical at a rate of 1 baht = 15 grams of silver.

Coins

The current series of coins in circulation includes denominations of 1, 2, 5, and 10 baht. Coins below 1 baht are called satang and are available in denominations of 25 and 50 satang. Each coin features the image of the current monarch, King Maha Vajiralongkorn, on the obverse side, and various symbols of Thailand on the reverse.

Banknotes

Thai baht banknotes are issued in denominations of 20, 50, 100, 500, and 1000 baht. Each denomination has a distinct color and size, which aids in their identification. The front of each banknote features the image of King Maha Vajiralongkorn, while the back showcases important cultural and historical themes of Thailand.

Exchange Rate

The exchange rate of the Thai Baht against other currencies is determined by the foreign exchange market. Thailand operates under a managed float exchange rate regime, where the value of the baht is allowed to fluctuate within a certain range, influenced by market forces, but the Bank of Thailand may intervene to stabilize the currency when necessary.

Economic Impact

The strength of the Thai Baht has significant implications for Thailand's economy, affecting exports, imports, and economic growth. A strong baht makes Thai exports more expensive and less competitive in the global market, while a weak baht can boost exports but increase the cost of imports, leading to inflation.

See Also

• Economy of Thailand
• Bank of Thailand
• Currency
• ISO 4217