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GBP Sterling sinks to a NEW LOW against Thai Baht

The British pound sank to a new low against the Thai Baht on Monday as it slumped to only 37.55 baht.

Analysts said the fall came after more rhetoric from the British government, which is stepping up its plans in the event of a no deal Brexit.

The situation is further compounded by the strong baht.

Searches on multiple exchange rate websites on Tuesday morning make for grim reading for British expats.

Image: exchange-rates.org 90 day history

 

And things could get worse – with analysts from KBank last week predicting the baht will remain firm until the end of the year.

It’s not only British expats who are affected by the exchange rate,  Aussie expats in Thailand are also feeling the pinch, where it is a similar story with the Aussie dollar.

One Aussie expat in Pattaya told Thaivisa recently how the best part of 25,000 baht has been wiped off his pension.

David, who has lived in Pattaya for 5 years, explained how he receives a monthly pension of AUD3,000, which 5 years ago meant he had about 90,000 baht each to spend each month in Thailand.

However, that same AUD3,000 is now only worth about 65,000 baht.

David said that while he plans to stick it out, many of his other Aussie friends in Thailand have either already left Thailand or are considering it.

For Brits the worse may yet be to come, especially if the baht remains strong, the Brexit process incomplete and Project Fear dominating the headlines.