Foreign reserves hit all-time high
Thailand's foreign reserves hit a new high on September 8, when they totalled US$60.1 billion (Bt2.24 trillion).
The rise was accompanied by $4.7 billion in net forward position, falling from $5.6 billion at the beginning of the month, said the Bank of Thailand (BOT). A BOT source said yesterday the record reserves, which had risen $500 million from the previous week, were due partly to the central bank having bought $900 million under sell-buy swap contracts in a bid to inject liquidity into the system. Moreover, a huge amount of foreign capital flowed into the Kingdom during the week, in tandem with inflows into other Asian countries, particularly the Philippines. The baht appreciated during the week as a result. "The reserves could have been higher but for the variety of currencies in the reserves," he said. The source added that other currencies in the portfolio had depreciated during the week. As a result, the dollar component of the reserves increased slightly. The dollar yesterday slipped to an intra-day low of Bt37.28 in the afternoon and was stuck there for the rest of the day.
Anoma Srisukkasem The Nation
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