• Thanong
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Thanong
Thanong Khanthong
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Monday , July 9 , 2007
Mini series on 1997 crisis (21)
Posted by Thanong , Reader : 840 , 15:07:02  
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Polite opinions…and no actionIT is Thailand's bureaucratic practice to pass internal documents around in a hierarchical order. An official, after reading a piece of document, normally signs his name and the date as a record of his acknowledgement, which mostly but no necessarily accompanies with an opinion. The official would then pass on the document to his or her immediate boss. The document may en....


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Mini series on 1997 crisis (20)
Posted by Thanong , Reader : 676 , 14:57:12  
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Going For BrokeON May 12th, 1997, right in the middle of the fierce currency battle, Dr Bandid Nijathaworn, the director of the Bank of Thailand’s Banking Department, completed his final touch on a highly confidential report that would represent an overall foreign exchange defence strategy of the central bank.Dr Siri Garnjaroendee, the assistant governor, was the one who ordered him to prepare the re....


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Mini series on 1997 crisis (19)
Posted by Thanong , Reader : 866 , 13:38:24  
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Other central bankers spoke outTHEN it was the turn of other speakers to exchange their views. On the pattern of speculative attack, Ms Yeo Lian Sim, director of International Department, Monetary Authority of Singapore, observed that commercial banks did give their own views on why there should be a currency devaluation and why the interest rate should come down.The views had brought about political....


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Mini series on 1997 crisis (18)
Posted by Thanong , Reader : 839 , 13:35:25  
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Working on the SqueezeTHE following day, on Friday, May 16, 1997 the Bank of Thailand tightened up additional capital controls to further squeeze the hedge funds and the currency speculators.Apart from barring the local banks from lending baht to the offshore banks, it restricted the local banks from conducting foreign exchange swap (baht for US dollar) with the offshore parties. It also prohibited t....


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