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17 September 2009

Thai central bank intervenes to stabilise baht as dollar plunges

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The Bank of Thailand (BoT) has intervened to tame the baht’s fluctuation upon finding that the US dollar had weakened rapidly, state news agency TNA reported, quoting a senior central bank official.

Pongpen Ruengvirayudh, Senior Director of BoT's Financial Markets and Reserve Management Department was quote as saying that economic indicators in the United States had significantly improved, showing investors were confidence in the economic recovery and were ready to take greater risk.

Under the circumstances, the US dollar had flowed into the stock and bond markets more than usual, resulting in the baht strengthening quite rapidly.

Thailand central bank believed it necessary to intervene in the baht’s movement to ensure that the currency neither fluctuates nor strengthens too rapidly.

“We are not the only central bank intervening to supervise (the national currency) in the past one or two days. Other central banks in Asia attempted to oversee their currencies because the greenback has weakened rapidly.

“We believe the global financial market remains volatile and the baht is likely to strengthen or weaken depending on economic indicators in the US,” she said.



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