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Finance ministry teams plan to control foreign capital flows


February 7, 2008

Finance ministry teams plan to control foreign capital flows

The Finance Ministry is preparing a contingency plan to rein in irregularities in foreign capital inflows and outflows within five months and propose it to the new finance minister for consideration.

Speaking after chairing a meeting of the committee tasked to formulate the policy and take control of foreign capital movements, Permanent Secretary for Finance Suparat Kawatkul said an approach to coping with the foreign capital inflow and outflow volatility in the medium- and long terms of three to five years was raised for discussion.

The meeting concluded that the contingency plan to oversee foreign capital inflows and outflows would be worked out within five months and proposed to the new finance minister for consideration in due course, he said.

Pannee Sathavarodom, director-general of the Fiscal Policy Office, said many parties concerned had discussed ways to supervise the foreign capital movement in various venues.

The committee was set up to liaise with all parties concerned to ensure the capital movement is supervised in the same direction.

She revealed the meeting agreed to set up two working committees to map out the contingency plan and the 5-year term scheme to rein in the possible rapid capital influx.

A ministry source said mounting fears of economic recession in the United States had fuelled the foreign capital inflow into Asian countries including Thailand.

Reactions to the fears bolstered the Thai baht quickly by 2.34 per cent, following the Japanese yen and Malaysian ringgit.

The latest figures shows that foreign capital had flowed into Thailand in an amount of some Bt 28.8 billion since December 28 last year.

Courtesy TNA

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