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Baht Appreciation
July 26, 2007

PM defends central bank's baht intervention
Prime Minister Surayud Chulanont on July 26 defended the Bank of Thailand’s intervention in the movement of the baht, which led to losses of 170 billion baht, saying it is necessary for the bank to supervise the currency exchange.

His defense came after the National Legislative Assembly is scheduled to debate, early next month, the BoT's mismanagement of the baht's value, which caused repercussions on the country’s economy, early next month.

Gen Surayud said the government was ready to explain about its supervision of the baht volatility and the overall economy, and affirmed the central bank managed the currency in a transparent manner.

“The bank needs to oversee the currency exchange to ensure it has no impact on the economy regardless of whether it will cause profits or losses.

“We are ready to clarify any misunderstanding because we manage the matter in a transparent manner,” the premier said.

Previously, Finance Minister Chalongphob Sussangkarn conceded the central bank suffered losses of up to 170 billion baht from intervening in the baht movement in the past. TNA

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