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Capital Transfers/Central Bank Governors Meeting
July 28, 2007

Asia urged to prevent currency volatility
Central banks in 16 Asian countries were asked Saturday to cooperatively prevent the sharp movements of capital transfers which have caused volatility in currencies in the region, said Thai Finance Minister Chalongphob Sussangkarn.

Addressing central bank governors from 16 Asian nations, Mr. Chalongphob said not only the developing countries but the developed countries also were  being affected by the currency volatility as the Dow Jones Industrial Index and stock markets, including the Stock Exchange of Thailand, were hard hit, causing concerns to investors and financial officials.

The 16 countries now have substantially high reserves and they should cooperate to prevent sharp movements of capital transfers which have impacted foreign exchange in the region, said Mr. Chalongphob, adding that "a solution to effectively cope withfinancial volatilities cannot be achieved through separate national policies."

"We need concerted regional and global cooperation," Mr. Chalongphob emphasised. The Thai baht late Friday (July 27) was quoted at Bt33.72/33.75 against the dollar on the onshore market compared to Bt33.71/33.76 late Thursday. TNA


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