Before 1897, 1 Thai baht was equal to 8 Fuang, and 1 Fuang was equal to 8 A. The current decimal system (that is, 1 Thai baht equals 100 Sadan) was formulated by King Chulalongkorn V. Before the 1940s, it was called Tika, and later it was renamed Thai baht. It turns out that Thai baht is a unit of weight, equivalent to 15g. Because a Tica is equivalent to 15 grams of silver, it is simply used as a name.
1902165438+1On October 27th, the Thai baht was no longer linked to sterling silver, because the price of silver depreciated sharply against the gold standard currency. On September 19 of that year, Thailand issued the first batch of banknotes with face values of 5 10, 20 100 and 1000 respectively.
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Before 1880, the exchange rate was fixed at 8 baht per pound, but it fell to 10 baht in the 1980s. The decline in the price of silver dragged down the further depreciation of the Thai baht, and 1902 fell to 22 baht per pound. Later, the Thai baht changed to the gold standard, and the exchange rate stabilized at 0/3 baht per pound/kloc. After World War I, Thailand's economy was relatively unaffected by the war, and the Thai baht appreciated to 1 1 until the advent of World War II.
From World War II to 1980, the Thai baht was pegged to the US dollar, and the exchange rate was fixed at 20 baht 1 US dollar. 1985 After the Plaza Agreement, Thailand devalued the Thai baht to 25 baht until the Asian financial crisis broke out on July 2, 1997. Affected by the financial crisis, the Thai baht plunged sharply. 1998 65438+ 10, the Thai baht changed to a floating exchange rate, and then depreciated by half, falling to the lowest record of 56 baht against the US dollar. Since then, in the years before 2005, the exchange rate of Thai baht against the US dollar fluctuated between 35 and 50 baht.