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Bangkok for the 'Your Money' section of the Bangkok Post.
He is a co-director of Property Bangkok. |
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| Central bank: Onshore, offshore baht move to same level |
Central bank: Onshore, offshore baht move to same level
This article has been included within our articles section
Bank of Thailand (BoT) Governor Tarisa Watanagase on Friday said the baht traded onshore and offshore had already moved to the same rate without any intervention following the lifting of the 30 per cent reserve requirement.
The currency has edged closer to a same level automatically since the capital controls measure was lifted. We have done nothing to keep it closer, she said.
The central bank decided to lift the reserve withholding measure, which was imposed late in 2006 to stem the baht speculation, on March 3, citing as its rationale that the overall economy had improved and that the flow of capital in and out of Thailand had begun to reach equilibrium.
Since the measure was scrapped, the baht traded onshore had strengthened and moved closer to that as traded offshore.
Of late, the baht stayed at 31.41/46 to the US dollar onshore and 31.425/428 to the dollar offshore.
Regarding progress in the establishment of the Sovereign Wealth Fund, the BoT chief said that negotiation on the matter is underway. It remained unable to identify when the fund would be set up.
The BoT source revealed earlier a working committee on the establishment of the fund would meet in the middle of this year to study whether it is necessary to set up the fund.
The committee was set up by the Finance Ministry to see whether Thailand had sufficient international reserves to invest in the fund.
As of April 4, the country's international reserves remained at US$108 billion compared with $87.5 billion at the end of last year and $67 billion at the end of 2006. (TNA)
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