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    Thailand Relaxes Covid Rules for Tourists

    Global travel starts to revive so Thailand moves to revive its Economy after the pandemic.

    Updated: Mar 20, 2022  

    Foreign travelers don’t need to present a Covid-free certificate to get on flights starting April 1. However, you will still have to go through the RT-PCR test when you arrive and take an antigen test on the 5th day.

    The only caveat to this good news is that there is no reduction in the required cover of travel insurance to visit Thailand, which remains at US$20,000.

    Pubs and entertainment venues will remain closed. Though, the industry is demanding the reopening of these establishments.

    Authorities are working on a plan to classify the pandemic as endemic in the coming months but any progress towards it would depend on controlling the current outbreak before then.

    The government hasn’t stopped the Covid mask mandate or some of the restrictions imposed by Covid. These measures will remain in place until the outbreak has been tamed.

    Into the second quarter of 2023 the Thai baht remains weak at around the 34 level vs the US dollar.

    At this level the Thai baht represents good value for visitors now that Thailand has eased border controls to benefit from a rebound in global travel.

    Thailand announced 1 million tourists visited the country in July which shows the country is on track to returning to pre-Covid tourism levels.

    Malaysia and Thailand are also among the largest oil producers in Asia.

    16 Nov 2023
    0.3% 2 Week
    01 Sep 2023
    0.9% 3 Month
    30 Nov 2022
    0.7% 1 Year
    01 Dec 2018
    7.2% 5 Year
    02 Dec 2013
    9.9% 10 Year
    05 Dec 2003
    11.5% 20 Year
    USD/THB historic rates & change to 30-Nov-2023

    According to recent forecasts by various bank analysts, the AUD (Australian dollar) is anticipated to experience an upswing as we look towards 2024. Economists highlight the interest rate differential as a pivotal determinant of the AUD’s trajectory. Throughout 2022, the Reserve Bank of Australia (RBA) adopted a more cautious approach to raising rates in comparison to its global counterparts, which led to a depreciation of the AUD against major currencies. However, the market view suggests that the interest rate gap is set to narrow as other nations could potentially lower their rates before Australia does. This expected tightening of interest rate differentials is seen as a supportive factor for the AUD's upward momentum in the coming periods.

    In recent currency market updates, it has been noted that the Australian dollar reversed direction in November and has shown a strengthening tendency. FX analysts attribute this to market speculation that the peak of U.S. interest rates may have been reached, while at the same time predicting further rate hikes by the RBA. The Aussie dollar's status as both a commodity currency and a barometer for risk appetite imbues it with significant sensitivity to shifts in global economic sentiment, commodity prices, and particularly the demand for iron ore, its main export commodity. Any surge in construction and iron demand, notably from China, is seen as a boon for the AUD.

    When examining the THB (Thai baht), it is observed that the currency has remained subdued, hovering around the 34 mark against the US dollar in the second quarter of 2023. FX analysts point out that, coupled with the relaxation of border controls paving the way for a travel resurgence, the Thai baht offers attractive value for visitors, as tourism numbers are returning to pre-pandemic levels. Additionally, with Thailand and Malaysia being significant oil producers in Asia, fluctuations in the oil market have a correlative impact on the THB's value. The recent oil price trends, as indicated by OIL to USD trading at $82.83, which is 5.3% below its 3-month average and having shown considerable volatility, may have an indirect effect on the Thai baht's performance against other currencies.

    Looking at the pair, the AUD to THB exchange rate has been seen to be relatively stable and slightly more robust, trading at 23.31, which is 1.2% above its 3-month average. The past range has shown a steady 5.6% fluctuation, indicating that while the AUD has been making incremental gains against the THB, the exchange rate has remained within a fairly predictable band, presenting some level of steadiness for those involved in AUD to THB transactions.

    16 Nov 2023
    2.3% 2 Week
    01 Sep 2023
    2.9% 3 Month
    30 Nov 2022
    2.3% 1 Year
    01 Dec 2018
    3.4% 5 Year
    02 Dec 2013
    20.4% 10 Year
    05 Dec 2003
    20.6% 20 Year
    AUD/THB historic rates & change to 30-Nov-2023

    Posted under: #News #AUD #THB #USD

    Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.