For the river in Morocco, thb chf oanda forex Baht River. For the town in Uzbekistan, see Baxt.
Baht banknotes and coins issued by the Bank of Thailand. The issuance of currency is the responsibility of the Bank of Thailand. According to SWIFT, as of February 2017, the Thai baht ranked the 10th most frequently used world payment currency. The Thai baht, like the pound, originated from a traditional unit of mass. These were pieces of solid silver cast to various weights corresponding to a traditional system of units related by simple fractions and multiples, one of which is the baht.
Bia is Thai for cowry, the shell of which was used as a trade medium of the same value. Solot here literally means “sixteen” or sixteenth, referring to the fractional amount relative to a fueang. 100 satang, was introduced by king Chulalongkorn. However, coins denominated in the old units were issued until 1910, and the amount of 25 satang is still commonly referred to as a salueng, as is the 25-satang coin. Until 27 November 1902, the baht was fixed on a purely silver basis, with 15 grams of silver to the baht.
This caused the value of the currency to vary relative to currencies on a gold standard. In 1902, the government began to increase the value of the baht by following all increases in the value of silver against gold but not reducing it when the silver price fell. From 1956 until 1973, the baht was pegged to the U. The baht was originally known to foreigners by the term tical, which was used in English language text on banknotes until 1925.