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Bank of Thailand (BoT) closely monitors Greek debt crisis

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Little direct impact is expected from the Greek crisis on Thailand and Thai financial institutions as their investment in that country is still limited, said Tarisa Watanagase, governor of the Bank of Thailand (BoT), on Saturday.

Ms Tarisa said the impact from the Greek crisis on the world economy is still “unclear” and that therefore a close monitoring is worthwhile to determine whether it would impact investor confidence.

Stressing that it is necessary to follow what measures the Greek government has in store to shore up its economy, she said it is also too soon to say that the crisis would affect Thai exports as well as Thailand's gross domestic product.

Regarding the current volatility of Thailand's baht currency, Ms Tarisa said it was within BOT's projections. She said the baht had become volatile due to the lack of investor confidence and uncertainty in the global economy.

The baht late Friday was quoted at Bt32.32-32.35 to the US dollar compared with Bt32.34-32.36 on Thursday.

On foreign investment, Ms Tarisa said capital may have flowed out of the equity market but still remains in the country as investors transferred their funds to invest in other markets considered safer.

The 16 countries in the Euro zone and the International Monetary Fund have agreed to provide €110 billion in emergency loans to Greece to help bail the country out of debt default, but market concerns are that the funds may be insufficient. (TNA)

via BoT closely monitors Greek debt crisis.

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