Thai baht, or National currency of Thailand

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Currently, more and more Russians prefer to rest in Thailand than in Turkey and Egypt. And there are many reasons for that. The main one is the relative cheapness of recreation with a relatively high level of service. Therefore, it is not surprising that many compatriots spend smiling Thais in warm climes sometimes up to several months. The main question for foreigners who want to visit the paradise of the Andaman Sea is the monetary aspect, namely: what is the currency in the country and is it possible to quickly and conveniently exchange means of payment of other countries on the spot?

Royal tender

Thai baht is the only national currency of the country. The currency is issued by the Bank of Thailand. Each unit of baht consists of one hundred satang. The Thai currency went through long stages of its development and only in 1925 acquired exactly the name that has survived to this day. It is worth mentioning that the Thai baht has changed several names, one of which was tikal. This is the most that neither is the original name of the national currency of the country. Such an inscription couldfound on banknotes until the first quarter of the twentieth century. However, the Thai baht was mentioned long before establishing its strong position as a national currency. In the 19th century, banknotes with this name were in circulation in the country.

Atts, fuangs, satangs and their "comrades"

It is noteworthy that both baht and tikal are a measure of weight in Thailand. Silver or gold was measured precisely according to these units. Or in parts. Until the end of the 19th century, there was a measure of dividing the Thai baht into several intermediate units. So, the smallest of those used was att. Eight of these units added up the fuang, a similar amount of which was already the Thai baht. Now the only change currency is the satang. At the same time, these coins are minted only in two denominations - twenty-five and fifty units. It is noteworthy that these banknotes are practically not used in small shops and market traders. In addition to satangs, there are coins in denominations of one, two, five and ten baht. Banknotes exist in denominations of twenty, fifty, one hundred, five hundred and one thousand monetary units.

In addition to satangs, atts and fuangs, the monetary system of Thailand used other smaller and larger payment units. For example, 128 solos add up to one Thai baht. That is, each att included 2 smaller units. Four baht could easily be exchanged for one tamleung. Twenty bills of the last means of payment were chang.

Stable currency of tourist paradise

As mentioned above, until 1925 the Kingdom of Thailand circulated tikal. Until the beginning of the twentieth century, each unit of this means of payment was backed by silver. At the same time, one tickal cost as much as 15 grams of silver. It should be noted that the currency of this country is relatively stable. The highest exchange rate of the Thai baht against the dollar was set in 1998. The reason for this was the Asian financial crisis, which undermined the state of the economy of the Kingdom. At that time, 56 Thai units were given for one American banknote. Economic reforms, the influx of tourists and following the set goals have brought Thailand to a high level of development. Gradually, the baht exchange rate leveled off and at this stage it costs a little more than the Russian ruble. For one dollar, about 32-33 payment units of this country are now due. The rate of the Thai baht against the ruble is also at a stable level: for one ruble, the banks of the Kingdom give 0.97 baht.