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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches

Thailand: Sovereign fund has key backer

Posted on 23 April 2013

A former central bank governor has suggested the Bank of Thailand step into the foreign exchange market rather than slash the policy rate to curb the baht’s strength.
MR Chatumongkol Sonakul, who was also the central bank’s board chairman until last year, recommends using part of the country’s US$200 billion in international reserves, representing 60% of gross domestic product, to create a sovereign wealth fund and use it as a tool to intervene in the foreign exchange market. The baht, emerging as Asia’s strongest currency against the greenback this year, reached a fresh 16-year high of 28.61-28.65 last Friday, before weakening to 28.67/69………………………………………..Full Article: Source


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