The Finance Ministry plans to ask the BOT to abandon its unpopular capital control measures and instead force the BOT to adopt an exchange rate target for the baht that copies regional currencies.
Thailand knows what is coming down the road after the credit crunch is over. Emerging Market economies growth for the first time is fueling the global economic engine instead of the US consumer. The US dollar will get weaker and weaker and Asia's currencies stronger.
Despite IMF warnings that Thailand will lose flexibility to respond to future world shocks. Merlin has decided that Thailand's financial markets will remain primitive. Who is not surprised?
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