Name: Thai Baht
Symbol: ฿
Minor Unit:
1/100 = Satang
Inflation: 2.2%
Banknotes:
Freq Used: ฿20, ฿50, ฿100, ฿500, ฿1000
Central Bank:
Bank of Thailand
Website: http://www.bot.or.th/english/
Users: Thailand
Early Currency in Thailand
Standardized factory minted coins and banknotes were officially issued for the first time in Thailand during the Rattankosin era; with paper money appearing in the form of royal promissory notes in 1853. This was soon followed by banknotes issued by foreign banks. In 1857, Thailand acquired its first minting machine and Thai silver coins began to be minted in the area. Coinage was streamlined in 1897, when the 11 denominations were simplified into two (satang and baht) under a decimalized silver standard system.
Introduction of the Thai Baht
Until 1880, the Thai Baht was fixed to the British Pound at a rate of 8 TBH to 1 GBP. This rate changed several times until the Baht was re-pegged to the Japanese Yen at par during World War II. After the war, the currency changed its peg to 20.8 Baht per 1 US Dollar, then to 20 Baht per US Dollar in 1978, and to 25 Baht in 1984.
Financial Crisis
In 1997, Thailand fell into financial crisis. The Baht lost half of its value prompting the adoption of a floating exchange rate regime. Since the economic collapse, the Thai Baht has stabilized.
Unofficially, the Thai Baht is used in Laos, Cambodia, and Myanmar.