Category: News

The BOT announced that still following up on the THB situation

          From the report on 28 September 2022, the monetary committee voted to raise the interest rate by 0.25%, increasing from 0.75% to 1.00%. The factor driving to increase in interest rate in Thailand is the FED announcement to raise the interest rate by 0.75%, reaching 3.25%, this cause-effect USD to be appreciated and other currencies to depreciate.           Nonetheless, BOT governor, Sethaput Suthiwartnarueput, told reporters that the Bank of Thailand has been following up on the situation of the Thai Baht, and promptly acted on excessive moves, meanwhile they didn’t apply the policy to regulate the exchange rate and Thailand has learned from the economic crisis in 1997.           Moreover, this year’s Thai economy will continue to recover from consumers and tourists, for the export will be affected by the economy’s world recession. The bank of Thailand forecasts economic growth in 2022 to be 3.3%, and in 2023 to grow at 3.8%, which means the economy of Thailand will be recovered slowly more than expected. Meanwhile, the

Without stopping, FED raises 0.75% interest rates

          On 21 September 2022, the federal funds rate brings it to a range of 3% to 3.25%, the highest it’s been since 2008 announced by the FED during a news conference following a meeting of the Federal Open Market Committee (FOMC). It was the 5th increase in the interest rate this year. In this resolution in order to reduce US inflation since 1980, the employment rate tends to be increased which increasing the interest rate might also increase the recession as well.           The central bank signaled more raises to come, predicting rates would reach 4.4% by the end of the year and not start coming down until 2024. In addition, The Central bank around the world would raise interest rates sharply as they too attempt to attack the cost of living crisis.         This hike made the Baht weaken. On the same day, the Baht was recorded to depreciate in 16 years which is 37.34 THB/USD. Thailand’s finance minister says his country is in no hurry to

The continuously risen Thai Consumer Confidence

         According to the report from Mr.Thanavath Phonvichai, the president of the Center for Economic and Business Forecasting, It was mentioned that on August 2022, Thai consumer confidence rose for a third straight month reaching a seven-month high. It reached 43.7 in August from 42.4 in the previous month, This will recover Thai economic growth at 3% – 3.5% this year.           The main factors that have pushed the Thai economy to grow up as follows,  Released government support measures Easing of Covid-19 measure Promoting tourism sector Supporting night entertainment (added a monthly 50 billion baht to the economy)           Especially, in Q4 if foreign arrivals travel in Thailand at least 1 million person/month, it would earn an income of around 50 billion. Also, the Ministry of Labour will adjust wages to rise on average at 5%, which will be effect officially on 1st October 2022, this factor will cause people more income and drive the Thai economy. Hence, the Thai economy in Q4 will rise to 3.5% –

Some USD stable coins will be stopped supported by Binance

          On 5th September 2022, Binance announced that it to stop supporting USDC and other stablecoins on its platform. Binance would convert customers’ holdings of the USD Coin (USDC), Pax dollar (USDP), and TrueUSD (TUSD) into Binance USD (BUSD) on 29 September 2022, and customers transferring those tokens to the exchange will see them automatically converted into Binance’s stablecoin after that date. However, customers will be able to withdraw money denominated in USDC, USDP, or TUSD when removing money from Binance.           However, Circle CEO Jeremy Allaire on Tuesday 6, September tweeted a suggestion that the move might ultimately benefit USDC, as Binance customers will still be able to deposit and withdraw funds in the form of USDC, but they will not have to manually convert those funds into Tether or BUSD to participate in Binance offerings like margin trading.          Binance, The world’s largest cryptocurrency exchange, said the move was designed to “enhance liquidity and capital-efficiency for users.” Furthermore, Binance didn’t mention why the changes don’t involve Tether’s

Terrible winter in the EU with ENERGY CRISIS extreme

          Belgium’s energy minister mentioned that the EU countries will face 5-10 terrible winters which that means the EU countries would face a lack of energy for decades if the relevant organization has done nothing to reduce gas prices.           Since Russia reduced the export volume of energy to the EU, this causes affects the demand to use gas and fuel in the EU over supplies, hence the energy prices are higher and the EU citizen face electricity bills that are high and it seems will not decrease.           However, Russia is the biggest supplier that exports energy worldwide, especially the EU countries, last year Russia supplied the EU which reach 40% of its gas. Since Russia invaded Ukraine, and the EU which supports Ukraine sanctioned the finances of Russia accordingly, Russia responded by reducing the export of energy to the EU.           The EU has implemented measures on energy-saving and purchasing gas from other alternative suppliers and because of these measures, Germany would

A 14-year record of raising the price of Thai instant noodles

          On 25 August 2022, The Department of Internal Trade of Thailand agreed to start raising the price of instant noodles which marked the first price increase on the must-have daily staple in 14 years that a 16% price hike from 6 Baht per package to 7 Baht. In fact, The Department of Internal Trade had been controlling the selling price and set the selling-price ceiling at 6 Baht per package, however, the manufacturer could not deal with the soaring cost of production.           The price has been controlled under 2 potential conditions for the soaring product price by the Department of Internal Trade by the following;                     1. Since raw materials prices have decreased, manufacturers must reduce the price of their products.                    2. They must constantly keep the department informed about the prices of raw materials so that the department can closely follow                    

The inflation rate in the UK dramatically hit a new 40-year high record

          The Office for National Statistics (ONS) published the data on Wednesday 17 August 2022 that the inflation in the UK was rising above 10% for the first time since 1982, it was hitting the new highest record of 10.1% when compared with the same month last year, up from 9.4% in June.           The main factor driving inflation in the UK hike is the pricing of foods and non-alcoholic drinks, the price of bread, cereals, milk, cheese, eggs, vegetables, meats, and chocolates.           However, the Bank of England adjusted the interest rate 6 times continuously in order to control inflation, at the beginning of August the bank of England adjusted the inflation rate rose to 0.50%, and it was hiked for 27 years since 1995.           The inflation in the UK is forecasted to go even higher at the end of this year, driven by electricity prices and gas prices, because at the end of the year is the winter season, and would

Domino Effect of visiting Taiwan

          On 2 August 2022, Nancy Pelosi, the 52nd Speaker of the United States House of Representatives, visited Taiwan late on Tuesday on a trip she said shows an unwavering American commitment to the Chinese-claimed self-ruled island, but China condemned the highest-level U.S. visit in 25 years as a threat to peace and stability in the Taiwan Strait. Pelosi said that discussions with Taiwanese leadership will focus on shared interests, including advancing a free and open Indo-Pacific. However, her arrival prompted a furious response from China when international tensions were already elevated by Russia’s invasion of Ukraine.           According to One China Policy, China considers Taiwan part of its territory and has never renounced using force to bring it under its control. The United States warned China against using the visit as a pretext for military action against Taiwan. If China begins an assault on Taiwan, The consequences to Taiwan will occur whether boycotting from other nations or exporting potential goods referring to the electronic industry.           Moreover,

The EU is going into RECESSION

          After the world faced the Covid-19 pandemic, the world economy keep shrinking. In addition, the invasion of Russia-Ukraine driving a high inflation hike to 13% and low growth is soaring energy bills. The Bank of England has announced that the interest rates rose to 0.50% which reaches 1.75%, this rate is the highest rise in 27 years. After that, the Bank of England warned the UK will get into a recession, the economy will be shrink in the last 3 months of this year and keep shrinking until the end of 2023.           On the next day, after the Bank of England warned that the UK will into recession, it will spend time on 5 quarters (2022 – 2023), the Pound depreciated to 0.25% which reach 1.213 dollars, and depreciation to 0.12% which reach 0.843 euro.           Moreover, the Bank of England forecasted that the level of inflation will hit 13.3% in October 2022, and in 2023 the inflation rate still is high for a whole year,

The Worsens Inflation as Economic Crisis in Laos Hit 22-Year High

          Trading Economics reported the inflation rate in Laos hit 23.6% year-on-year in June, the highest since May 2000, establishing a surge in energy and consumer goods prices. The residents are struggling to challenge dizzying increases in the price of petrol, cooking oil, and other basic necessities. Furthermore, the Vientiane Times reported that the cost of living rose significantly including the cost of food, seasonings, non-alcoholic beverages, clothes, footwear, medicine, construction equipment, vehicles, spare parts, and other imported goods whereas the many low-income earners striving to afford basic necessities. According to the Lao Statistics Bureau, the highest surge in consumer prices in June this year was recorded in the communications and transport category, at 55.5 percent year-on-year.           In addition,  the smaller economies in which Laos has one of the highest inflation rates in the region, soaring fuel prices, and significant currency depreciation against the US dollar are creating pressure on inflation, particularly in Laos and Myanmar. The fuel price crisis has been possibly the most visible indicator of economic crisis, with