Yesterday, a very wealthy and famous Thai businessman expressed his fear to me that Thaksin and/or Soros types hedge funds would try to inflict damage on Thailands finances. Answer: 1. The Baht is no longer pegged and BOT need not defend it. It has already depreciated about 10% from Baht 28/$1last year to Baht 32.5/ $1 which is appropriate. 2. Thailands International Reserves stand at a very healthy $ 168 Billion. 3. Foreign funds hold about $ 20 Billion of Thai government bonds,I.e.only 16% of Thai sovereign debt, compared with 35% in Indonesia, 29% in Malaysia and 18%for the Philippines; the lowest. 4. Foreign investment in the SET is already at a low level, due to sales over the past year. So dont worry.
Posted on: Mon, 26 May 2014 11:21:58 +0000
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