The baht opened at 35.66 to the US dollar on Friday, weakening from Thursday’s close of 35.62.
The currency is expected to move between 35.55 and 35.75 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
He said the currency will likely fluctuate and weaken as it has gone past the resistance level of 35.60 to the dollar due to the strengthening greenback and also because foreign investors sold off short-term bonds worth 5.2 billion baht.
Moreover, investors are also buying up gold as it is cheaper, which in turn is pressuring n the baht to weaken.
However, even though the dollar has strengthened by almost 1 per cent and is pressuring the baht, he speculates that it may swing sideways unless there is a new factor.
He said investors are waiting for the Central Banks’ statements, especially from the US Federal Reserve’s chair Jerome Powell at a seminar in Wyoming next week.
Poon said the new resistance level is from 35.75 to 35.80 to the dollar.
He added that the baht might weaken in the short term, but if it does not weaken heavily or strengthen past 35.15 to the dollar, it might move in a head and shoulders pattern, which means it could strengthen continuously.
The baht opened at 35.47 to the US dollar on Thursday, weakening from Wednesday’s close of 35.42.
The currency is expected to move between 35.35 and 35.55 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
He said the baht might fluctuate and weaken as the dollar strengthens and investors wait to purchase gold as the price heads down.
Moreover, foreign investors might sell their Thai shares with the stock index rising. And if the currency market descends into a risk-off state again, this might pressure the baht to weaken, Poon pointed out.
However, he said the Thai currency will not weaken much as investors await new market factors while exporters aim to sell the baht when it touches 35.50-35.60 to the dollar. So the baht will not weaken past this level during the period, Poon believes.
A senior Business Development Department official visited Ubon Ratchathani province to promote growing of economic trees that could be used as collateral to obtain bank loans.
Raweephan Changyencham, deputy director-general of Business Development Department, visited Ban Bua Thoeng village in Tambon Tha Chang in Sawang Wirawong district, and said the goal of her visit was to help farmers and members of community enterprises benefit from the business collateral act.
Raweephan said she would encourage farmers in the province to grow economic trees as a means of creating sustainable income for the family and communities.
She said her department had joined hands with the Ubon Ratchathani commerce office, the Bank for Agriculture and Agricultural Cooperatives (BAAC) and the Forestry Department to educate local farmers on how to use their economic trees on their farmlands as collateral to obtain bank loans.
Raweephan said her department wanted to help farmers and community enterprises access funds.
She said some 70 farmers and members of community enterprises took part in the seminar, titled “Economic trees as business guarantees”. She added that the participants were excited and wanted to know more details on how to use economic trees as collateral.
The government published a directive in the Royal Gazette on November 5, 2018 allowing the use of economic trees as loan collateral.
As of August 16, a total of 146,282 economic trees were used to obtain loans worth 137 million baht – 128 million baht (23,000 trees) from Krung Thai Bank, 3 million baht (318 trees) from BAAC and 6 million baht (122,964 trees) from micro finance firms.
By combining the strength of the education sector, business sector, and startups, this project is intended to create a new generation of agricultural entrepreneurs and help them compete in today’s global market.
DIPROM AgriBiz Scale Up has been launched by the Department of Industrial Promotion and its partners such as Thammasat University, the 88 SANDBOX, SCB SME and WOODY WORLD.
To enhance the strength and potential of a new generation of agricultural entrepreneurs for competition in the global market, the project will be able to drive the national economy by creating more value for the Thai agricultural sector.
The project also has knowledge and perspective-sharing forums on driving Agri into AgriBiz-AgriTech by leading gurus from both around the country and abroad. The project’s goal is to create an additional value of 5,000 million baht for the Thai economy this year.
Ariyaporn Amankasoradej, Director of the Agro-Industrial Development Division Department of Industrial Promotion said the government has the policy to drive and empower the Thai agro-industry sector for enhancing competitiveness and improving to “New Era of Agriculture”.
In line with the changes in the digital economy, the government is committed to supporting farmers to develop themselves as smart farmers. By using various technologies, thinking processes and marketing, the farmers could become entrepreneurs, not just manufacturers as used to.
As an agency that plays a role in supporting and promoting the development of agro-industry, the Agro-Industrial Development Division Department of Industrial Promotion is collaborating with the education and business sectors.
From Thammasat University with 88 SANDBOX: Startup Ecosystem project, to SCB SME, an area of opportunity to nurture start-up entrepreneurs, along with Woody World, all set to launch the DIPROM AgriBiz Scale Up project to level up people’s skills for the opportunity as the way to expand further into the international market.
To achieve 10X growth, the project could create disruptive business models with a learning course designed to meet the needs of businesses, while the young agribusiness entrepreneurs in this project will be able to learn more and connect with other startups, mentors and leading Thailand’s venture capitalists.
In addition to the knowledge of becoming modern agricultural entrepreneurs, participants in the DIPROM
AgriBiz Scale Up program will receive professional advice from various business mentors such as Smatthaphon Wittawatsakul, COO of Genfosis, Wisit Petchchupong, CFO of Travizgo, Rachit Chairat, CEO and Co-Founder of Accrevo.
To drive the success of everyone’s business in the future, there is also a workshop with the Start Up groups from 88 Sandbox and an opportunity for modern agricultural entrepreneurs to pitch to international investors.
Participants in the program must be registered as juristic people with at least 3 years of experience in business administration and have annual sales ranging from 10 – 500 million baht. As only 50 businesses will be accepted, the goal of the project is to create an additional value of 5,000 million baht for the Thai economy this year.
Apply now at : https https://bit.ly/3y0wK3n or contact for more information at : project@woodytalk.com
For this year, the project is aiming to strengthen the potential of young agribusiness entrepreneurs to compete in the global market as a new opportunity to drive the national economy by creating high value for the Thai agricultural sector.
The activities in the project would include a discussion on “AgriBiz Dialogue” by Assoc. Prof. Phipop Udon, Vice President for Academic Affairs, Thammasat University, 88 Sandbox project, who will present perspectives and roles of the ecosystem in creating Thai agricultural startups for the global market. While Orna Sagiv, Israeli Ambassador to Thailand, would discuss on the topic “What made Israel a Startup Nation? and What’s next for AgriTech?”
Additionally, the event also features a discussion on the topic “Shaping the Future of Agribiz” by Thanarak Pongpetra, Vice Chairman of the Federation of Thai Industries, President of the Institute of Agricultural Industry. and Suparit Mekarunkamol (Khun Jib), SME Business Director, SCB and Theerapat Lertsiriprapha (Khun Bond), CEO Kouen Group and Arin Pruksanusak (Khun Bank), Agriculture Vertical Lead, True Digital Group, along with Vuthithorn Milintachinda (Khun Woody), Woody World, as well as the AgriBiz Inspired Talk forum on the topic “How to Make Thailand a Global Leader in AgriTech” by Julapas Kruesopon (Khun Tom), Founder of Golden Triangle Health Company Limited, along with Eden Agritech and Chiwadi.
Thailand is among the top 10 cryptocurrency users in the world, according to a survey by payment information and comparison website Merchant Machine.
The survey took into account a host of factors to decide the top 10, which included the number of owners, businesses that accept crypto and ATMs.
The United States, for example, topped the globe with precisely 27.49 million cryptocurrency owners, accounting for 8.31 per cent of its population, even though India had more than 100 million owners in comparison but 7.30 per cent of its population. Likewise, the US had 33,212 bitcoin ATMs compared to just two in India.
Taking into account various factors, Merchant Machine ranked Thailand an overall fifth with 3.62 million owners, accounting for 5.20 per cent of its population. Thailand was rated ahead of Vietnam, at 9th, even though this Southeast Asian country had more crypto owners – 5.96 million – and a higher 6.12 per cent of population.
“Cryptocurrency has grown massively in popularity over the past few years, with more and more people choosing to invest in digital currencies,” Merchant Machine said.
It added that as of 2021, there were an estimated 300 million crypto users around the world.
According to Merchant Machine, the top 10 cryptocurrency users are:
1. US (27.49 million owners, accounting for 8.31% of population)
2. Ukraine (5.56 million, accounting for 12.73% of population)
3. UK (3.36 million, accounting for 4.95% of population)
4. India (100.74 million, accounting for 7.30% of population)
5. Thailand (3.62 million, accounting for 5.20% of population)
6. Russia (17.37 million, accounting for 11.91% of population)
7. France (2.17 million, accounting for 3.34% of population)
8. Netherlands (521,404, accounting for 3.04% of population)
9. Vietnam (5.96 million, accounting for 6.12% of population)
10. Colombia (3.12 million, accounting for 6.14% of population).
The baht opened at 35.36 to the US dollar on Wednesday, strengthening from Tuesday’s close of 35.47.
The currency is expected to move between 35.25 and 35.45 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said the baht was supported by foreign investors purchasing Thai assets, especially risky ones, with the market in a risk-on state.
However, he warned the baht could become volatile when US retail sales data is revealed and after results of a key Federal Open Market Committee meeting.
Poon said the dollar might strengthen if the market feels the US Federal Reserve will increase the interest rate by 0.75 per cent in its September meeting to tackle inflation head-on.
The baht might swing sideways in a range from 35.10 to 35.60 this week unless a new factor affecting the currency market emerges, he added.
The Cabinet on Tuesday approved an executive decree that would enable the Finance Ministry to guarantee a loan of 150 billion baht to be borrowed by the Oil Fuel Fund.
The executive decree was proposed by Energy Minister Supattanapong Punmeechaow, a source from the Cabinet meeting said.
The decree enables the Finance Ministry to guarantee a loan for the Oil Fuel Fund with a ceiling of 150 billion baht.
The decree states that the Office of the Oil Fuel Fund will be the agency to seek the loan.
Deputy Prime Minister Wissanu Krea-ngam confirmed that the Cabinet had issued the decree.
Wissanu said the decree would later be sent to the Council of State for scrutiny before it would be sent to the House of Representatives for endorsement.
“For the time being, the Oil Fuel Fund will definitely wait for endorsement by the House before it borrows the loan,” Wissanu said.
“The fund will not rush to borrow the money because the loan is not that urgently needed.”
According to the source, the energy minister reported the current financial status of the oil fund to the Cabinet as part of the proposal for the loan guarantee decree.
Supattanapong reported that the fund has accumulated a deficit of 177.394 billion baht as of August 14 — 76.518 billion baht oil subsidy deficit and 40.876 billion baht for LPG gas subsidy deficit.
The Russia-Ukraine conflict had led the fund to accumulate a monthly deficit of 20 billion baht from March to June.
The energy minister said the fund is expected to accumulate a deficit of 200 billion baht by the end of this year if it continues to subsidise oil and LPG at the current rate.
Commerce Minister Jurin Laksanawisit has told the Department of Internal Trade to give careful consideration to a plea by five instant noodle manufacturers seeking permission to increase the price from six to eight baht.
Five instant noodle manufacturers sent a letter to the department’s director-general Wattanasak Sur-iam on Tuesday.
They are manufacturers of several famous brands, such as Mama, Wai Wai, Yum Yum, Sue Sat, and Nissin.
Wattanasak said that he is always monitoring the cost of instant noodle manufacturing and admitted that the cost of several production factors had increased. He thanked manufacturers for retaining their prices since 2021.
However, he said that the department has not allowed an increase in price and will closely monitor the price. If there is any manufacturer who sells above the price, they could face a jail sentence of up to seven years or a fine of up to 140,000 baht.
Wattanasak said that he could not tell when the department would reach a decision as it must consider it carefully to find a balance between manufacturers and consumers.
He said that goods would be considered case-by-case. He admitted that costs have increased but he is evaluating if it was significant enough to increase the selling price.
Pun Paniangvait, manager of Thai President Foods, the maker of Mama noodles, said that manufacturers would like the department to consider their request as soon as possible, as they will focus on exporting more products because exports account for 30 to 35 per cent.
He said that manufacturers earned more profits from export while they lost money from domestic sales.
Pun confirmed that their production was enough as his company was utilising 80 per cent of total manufacturing capacity. He said that there would be no shortage problem if people do not hoard instant noodles.
Jurin said that increasing the price by two baht would be too much, because it would affect low-income people a lot.
He told the department to consider the actual cost and ensure that its impact on consumers was the least possible, while manufacturers could continue production and not consider only exports. He added that the price should also decrease when costs have decreased.
Jurin admitted that several costs have increased such as energy, electricity, gas, shipping, and production factors.
The government should allow manufacturers to increase the price of some consumer goods, the Thai Wholesale and Retail Trade Association said.
The association’s president Somchai Pornrattanacharoen said on Monday that market mechanisms and tight competition only allow manufacturers to increase the price very slightly.
However, he said, the manufacturing costs have been on the rise, and manufacturers should be allowed to adjust their retail prices to survive otherwise only big manufacturers will be left.
In a bid to survive, he said, instant noodle manufacturers will meet with the Internal Trade Department on Tuesday to find a solution because they cannot shoulder surging costs anymore.
He said it would be reasonable to increase the price of instant noodles by a baht or two, especially since the production costs have been rising. The price of instant noodles has remained unchanged for several years.
He added that if the government continues delaying the price adjustment, then manufacturers will need to find other solutions, such as discontinuing some products or creating new products with new prices. Eventually, he said, it is the consumer who will be affected.
Somchai also said manufacturers were also hit by hidden costs like product placement and management fees. Hence, he said, instead of targeting the retail price, the government should control these hidden costs instead.
The baht opened at 35.54 to the US dollar on Tuesday, strengthening from Monday’s close of 35.56.
The currency is expected to move between 35.45 and 35.65 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
He reckoned that the baht will likely fluctuate and weaken to its resistance level at 35.60 as the dollar is strengthening because the market is demanding safe-haven assets due to concerns about the Chinese economy and other economic factors.
However, the baht’s weakening might slow down if foreign investors buy stocks and short-term bonds.
He suggested that investors should be cautious of the rising volatility of the Emerging Asia market which might pressure the baht because the market is worried about China’s Covid-19 situation.
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