Currency - Thai baht

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Thai baht

฿
Baht River

The baht (บาท, ; sign: ฿; 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.

According to SWIFT, as of February 2017, the Thai baht is ranked as the 10th most frequently used world payment currency.

According to a report in the South China Morning Post, the China Banknote Printing and Minting Corporation produces at least some Thai banknotes and coins.

The Thai baht, like the pound, originated from a traditional unit of mass. Its currency value was originally expressed as that of silver of corresponding weight (now defined as 15 grams), and was in use probably as early as the Sukhothai period in the form of bullet coins known in Thai as phot duang (พดด้วง). These were pieces of solid silver cast to various weights corresponding to a traditional system of units related by simple fractions and multiples, one of which is the baht. These are listed in the following table:

That system was in use up until 1897, when the decimal system devised by Jayanta Mongkol, in which one baht = 100 satang, was introduced by King Chulalongkorn. However, coins denominated in the old units were issued until 1910, and the amount of 25 satang is still commonly referred to as a salueng, as is the 25-satang coin.

Until 27 November 1902, the baht was fixed on a purely silver basis, with 15 grams of silver to the baht. This caused the value of the currency to vary relative to currencies on a gold standard. In 1857, the values of certain foreign silver coins were fixed by law, with the one baht = 0.6 Straits dollar and five baht = seven Indian rupees. Before 1880 the exchange rate was fixed at eight baht per pound sterling, falling to 10 to the pound during the 1880s.

In 1902, the government began to increase the value of the baht by following all increases in the value of silver against gold but not reducing it when the silver price fell. Beginning at 21.75 baht = one pound sterling, the currency rose in value until, in 1908, a fixed peg to the British pound sterling was established of 13 baht = one pound. This was revised to 12 baht in 1919 and then, after a period of instability, to 11 baht in 1923. During World War II, the baht was fixed at a value of one Japanese yen.

From 1956 until 1973, the baht was pegged to the U.S. dollar at an exchange rate of 20.8 baht = one dollar and at 20 baht = 1 dollar until 1978. A strengthening US economy caused Thailand to re-peg its currency at 25 to the dollar from 1984 until 2 July 1997, when the country was affected by the 1997 Asian financial crisis. The baht was floated and halved in value, reaching its lowest rate of 56 to the dollar in January 1998. It has since risen to about 30 per dollar.

The baht was originally known to foreigners by the term tical, which was used in English language text on banknotes until 1925.

Country

Thailand

Thailand (ประเทศไทย), officially the Kingdom of Thailand and formerly known as Siam (สยาม), is a country at the center of the Southeast Asian Indochinese peninsula composed of 76 provinces. At 513,120 km2 and over 68 million people, Thailand is the world's 50th largest country by total area and the 21st-most-populous country. The capital and largest city is Bangkok, a special administrative area. Thailand is bordered to the north by Myanmar and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the west by the Andaman Sea and the southern extremity of Myanmar. Its maritime boundaries include Vietnam in the Gulf of Thailand to the southeast, and Indonesia and India on the Andaman Sea to the southwest. Although nominally a constitutional monarchy and parliamentary democracy, the most recent coup in 2014 established a de facto military dictatorship.

Tai peoples migrated from southwestern China to mainland Southeast Asia from the 11th century; the oldest known mention of their presence in the region by the exonym Siamese dates to the 12th century. Various Indianised kingdoms such as the Mon, the Khmer Empire and Malay states ruled the region, competing with Thai states such as Ngoenyang, the Sukhothai Kingdom, Lan Na and the Ayutthaya Kingdom, which rivaled each other. European contact began in 1511 with a Portuguese diplomatic mission to Ayutthaya, one of the great powers in the region. Ayutthaya reached its peak during cosmopolitan Narai's reign (1656–88), gradually declining thereafter until being ultimately destroyed in 1767 in a war with Burma. Taksin quickly reunified the fragmented territory and established the short-lived Thonburi Kingdom. He was succeeded in 1782 by Buddha Yodfa Chulaloke, the first monarch of the Chakri dynasty and founder of the Rattanakosin Kingdom, which lasted into the early 20th century.

Language

Thai baht (English)  Baht thailandese (Italiano)  Thaise baht (Nederlands)  Baht (Français)  Baht (Deutsch)  Baht (Português)  Тайский бат (Русский)  Baht tailandés (Español)  Bat (Polski)  泰銖 (中文)  Baht (Svenska)  バーツ (日本語)  Бат (Українська)  Тайландски бат (Български)  태국 밧 (한국어)  Baht (Suomi)  Baht (Bahasa Indonesia)  Tailando batas (Lietuvių)  Thailandske baht (Dansk)  Thajský baht (Česky)  Baht (Türkçe)  Тајландски бат (Српски / Srpski)  Baat (Eesti)  Thajský baht (Slovenčina)  Thai bát (Magyar)  Tajlandski baht (Hrvatski)  บาท (ไทย)  Bats (Latviešu)  Μπατ (Ελληνικά)  Baht (Tiếng Việt) 
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