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June 12, 2008

Thai central bank sees little impact on the regional market

The Vietnamese government's decision to devalue the country's currency the Dong will not adversely affect money markets in the region, according to a senior Bank of Thailand (BoT) official.

The Thai central bank's Domestic Economy Department senior director Amara Sripayak said it believed the devaluation of the Dong would have no adverse impact on the regional market because the Vietnamese economy is not sizable and the country did not allow capital to flow out easily.

The BoT monitors the baht movements closely and warns non-banking financial institutions not to trade the currency without doing business transactions, said Amara.

Also, the bank called on importers and exporters to buy and sell the baht in accordance with their real demand to prevent the currency from being too volatile, said the senior BOT official.

The baht has weakened slightly and stayed in the range of 33.05-33.08 to the dollar in Wednesday morning trading in the wake of Vietnam's decision to devalue the Dong by almost 2 percent and the US Federal Reserve's possible move to raise key interest rates to curb rising inflation.

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