Pattaya Daily News

11 May 2007 :: 12:05:34 pm 23003

Bank Of Thailand Mulls Lifting Capital Controls

BANGKOK, May 10 - Huge capital inflows into Asia have helped the Thai currency, the baht, remain strong against the US dollar while the Bank of Thailand (BoT) is considering lifting its 30 per cent foreign capital requirement on short-term capital brought into the country, BoT governor Tarisa Watanagase said Thursday.
Advertise Here

Urging currency traders not to look at currency movements on a daily basis, Mrs. Tarisa said the baht earlier Thursday moved at Bt34.56-34.58 against the dollar compared to Wednesday’s closing at Bt34.60-34.64 .

The baht has strengthened about 4.3 per cent against the dollar since the beginning of this year, she said, adding that the Thai currency has become strong in line with some currencies in this region, including the Malaysian ringgit and Indonesia’s rupiah.

    

She said the central bank is considering lifting the 30 per cent capital reserve requirement on a short-term basis because the measure was not effective as people bringing foreign currencies into the country could fully hedge to prevent losses.

The BoT last December imposed the foreign capital reserve requirement in an attempt to prevent the baht from climbing so high that exports would be affected.


Tarisa Watanagase, born 30 November 1949) is the governor of the Bank of Thailand. She succeeded Pridiyathorn Devakula, who was appointed finance minister in the interim government. Tarisa was an assistant governor of the BoT and is the first female governor in the bank’s 64-year history.

 

An economist, Tarisa joined the central bank in 1975. She was appointed deputy governor in 1992. She holds a doctoral degree in economics from Washington University and has experience in every key department, including monetary policy, money market, supervision and payment systems. She served as an economist at the International Monetary Fund from 1988 to 1990


Tarisa received strong support from Pridiyathorn, who considered her as his right-hand assistant when he was the governor. Pridiyathorn entrusted her with the top job because he believes she will upgrade the Bank of Thailand’s operations to the international level.

Tarisa’s softly spoken and gentle demeanour belies the fact that she is a tough nut to crack. While some of her male colleagues might succumb to political intervention, Tarisa will fight for what she believes in.

Tarisa is known as a courageous, reasonable and easy-going woman who makes decisions cautiously, based on data and statistics. She graduated with a doctoral degree in economics from Washington University before beginning her central bank career. She has experience in every key department, including monetary policy, money market, supervision and payment systems. She served as an economist at the IMF from 1988 to 1990.

Reporter : PDN staff   Photo : PDN staff   Category : Business News

Comments in News


    
CAPTCHA Image
*

The messages you read here are opinions from the public and posted into the Forum automatically. The systems owner is not responsible for any content in the Forum or any comments posted. There is no proof that the contents posted are genuine or not, even if the name of the poster is real, th erefore, please use common sense when reading the Forum. If there are topics which are against the law or immoral, please contact webmaster@pattayadailynews.com