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Monetary Policy
August 8, 2007

BoT chief denies Currency Act amended to liquidate losses
Bank of Thailand Governor Tarisa Watanagase on August 7 denied reports that the recent amendment to the Currency Act was proposed with an aim to liquidate accumulated losses the bank had incurred from its currency management.

She said the Act was amended to reduce risks from the international reserve management and enhance efficiency in supervision of the currency movement.

The amended Act, if enacted, would serve as the most effective way to oversee maintaining the baht's value, Mrs. Tarisa indicated.

The central bank is ready to supervise the baht movement to the utmost of its ability, she said, adding that she wanted to call on the media not to ask about the baht movement on a daily basis.

She emphasised that the depletion of 170 billion baht from the bank's intervention in the currency movement last year is simply an accounting loss from the weakening of the US dollar against the baht.

BoT assistant governor Nitaya Pibulratanagit said the bank had not yet noticed signs of a foreign capital outflow although foreign investors had sold more than 15 billion baht in shares during the past six days.

She said that foreign investors needed not to take the funds out of the country immediately when they had already sold their shares.

Overseas investors are permitted to deposit the money in special non-resident accounts, which are limited to no more than Bt300 million per day. TNA

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