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Thursday, March 15 5:20 PM SGT Thai Ctrl Bk-Acct -2: Able To Pay Back IMF Loans BANGKOK (Dow Jones)--Thai Central Bank Governor Chatu Mongol Sonakul said Thursday that the government was free to decide whether to push ahead with draft legislation submitted by the previous government to consolidate central bank accounts, but there was no immediate need to do so. Speaking after a meeting with Prime Minister Thaksin Shinawatra, Chatu Mongol said that in most developed countries, central bank accounts are consolidated for efficient management. If Thailand wants to maintain separate accounts to back baht notes and to support financial institutions, however, that will be fine for now. The final decision is up to the government, he said. Opposition to the draft bill has been intense and emotional among many of Thaksin`s supporters, however, due to a clause which would have allowed contribution of about 140 billion baht ($1=THB43.554) from reserves to the state Financial Institutions Development Fund. Chatu Mongol said FIDF has begun issuing government-guaranteed bonds, so it can get along without the funds. Those opposed to the draft bill accused the former government of robbing reserves to bail out rich banks, although the intention of the bill was to reduce issuance of government and state-backed bonds to cover cumulative FIDF losses on financial sector support and restructuring since the 1997 crisis. Cumulative FIDF losses and bond issuance are expected to reach around THB1.3 trillion within five years. More than THB700 billion in losses have been realized, and bonds worth a combined THB570 billion have been issued by the government and FIDF. - - 15/03/01 09-17G |
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| aus der Diskussion: | Waste or make money in Thailand |
| Autor (Datum des Eintrages): | BodyG (15.03.01 17:51:36) |
| Beitrag: | 540 von 611 (ID:3109184) |
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