Description
The Thai baht (THB) is the official currency of the Kingdom of Thailand. The symbol of the currency is ฿. It is divided into 100 satang. The Bank of Thailand issues the currency.
Economy
- The economy of Thailand is a developed, commercialized economy. It is heavily export-dependent; exports account for more than two-thirds of the GDP.
- The bank of Thailand introduced a series of exchange controls on December 19, 2006 that resulted in a major divergence between offshore and onshore exchange rates, with difference of up to 10% between the two markets.
- Restrictions were imposed on March 3rd, 2008 and now there is no noticeable difference between offshore and onshore exchange rates.
History
- The history of Thai currency goes back to the creation of a medium of exchange that was used in Thailand before the first century.
- The original Thai currency was called the Tical; this name was used in the English text on banknotes until the year 1925. The name Baht was used as the Thai name for the currency since the 19th century.
- Both the Tical and Baht currencies were originally units of weight, and coins were issued in both silver and gold, denominated by their weight in Baht and its fractions and multiples.
- The Baht has been the national currency since 1897 and had been in use even before it was considered the national currency.
