Bangkok yields to inevitable by loosening baht grip: freeing the Thai currency to market forces, the government aims for economic healing

Article Abstract:

The Thai government has allowed the baht to float in response to mounting pressure from its troubled financial industries. Analysts maintain that the move was inevitable and that the Thai government's move of raising discount rates by 2 percentage points is likely to deter a steeper fall by the baht. Economists maintain that the move could depress economic growth to near zero as with the Mexican peso crisis but maintains that the Thai situation could be worse if the government didn't allow the baht to float.

Administration of General Economic Programs, Currency Stabilization Programs, Economic aspects, Monetary policy, Currency devaluation, Devaluation (Currency), Currency stabilization, Bangkok, Thailand (City), Baht (Thailand)

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Debt restructuring settled at snail's pace

Article Abstract:

Restructuring of Thailand's foreign and domestic debts is moving forward at a slow pace. The Bank of Thailand has organized the Corporate Debt Restructuring Advisory Committee in June 1998 to help facilitate the process. A survey of 47 domestic and foreign lending firms reveals that only some 4% of the nation's total debt restructuring or 2.8 billion baht has been completed. However, the committee has assured the continuation of the private sector's restructuring process.

Public & Private Debt, National debt, Public debts

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