I quite wonder why news about the central bank's losses incurred from the baht intervention always made big headlines in some Thai language business newspapers. They wrote in the way to blame the Bank of Thailand for such loss and this point raises doubt whether those editors and reporters really have insight about economics.

Unlike firms, the central bank was founded as an independent government organization or simply says it is a non-profit making body and the country's financial stability is its main focus. The central bank's mission - to provide a stable financial environment in order to support sustainable economic growth - is also highlighted this fact.

The loss in the central bank's book is aimed at stabilizing the baht against the greenback through interventions. It is the old-fashion that we just keep eye on the central bank's loss as most of all central banks in the Asia region would experience the same result from the interventions but their losses might lower as many countries put their reserves for investment as a way to manage their reserves. I do believe the central bank would face stronger criticism from those newspapers if it were done nothing. Those who studied foundation of macroeconomics would aware that intervention is the central bank's tool to stabilize domestic currency and certainly such interventions come as cost regardless of foreign exchange regime adopted.

Now, it is time to put focus on how the central bank can use its hefty amount of foreign reserves to earn some gains to partly offset such losses. I think running such stories are creative news.

If I were the central banks' governor Tarisa Watanagase, I would not dare to do anything because any actions are criticized even general practice like intervention. What is my solution to handle with reporters who like criticism? Well, if I were Tarisa, I would have ask those reporters how you can step in the foreign exchange market without losses in the book while your country reserves are not in the level that adequate for investment. Later, I would have arranged a course of principle economics to educate them and, at the end, let them exam what they learn to score them how much they are qualified for critic.