The Thai Monetary Unit refers to the official currency of Thailand, which is the baht. The baht is denoted by the currency symbol ฿ and the currency code THB. It has been the official currency of Thailand since 1897, replacing the previous currency known as tical.
The baht is further divided into subunits called "satang," with 100 satang equaling one baht. However, due to low value and lack of circulation, satang coins are rarely used.
As a legal tender, the Thai Monetary Unit plays a crucial role in the country's economy, facilitating transactions, trade, and economic activities within Thailand. It is regulated and issued by the Bank of Thailand, which acts as the central bank.
The value of the Thai baht is subject to fluctuations in the foreign exchange market. Exchange rates can vary against other major currencies, impacting the purchasing power of individuals and affecting the competitiveness of the Thai economy in international trade.
The Thai Monetary Unit, being the national currency, is accepted as the main medium of exchange throughout Thailand. It is widely used for everyday transactions, such as purchasing goods and services, as well as in financial matters like banking and investment.
Overall, the Thai Monetary Unit, represented by the baht, represents the official currency of Thailand and acts as the backbone of the country's monetary system, providing a means of exchange, store of value, and unit of account.
