S'pore to assist in baht battle

S'pore to assist in baht battle

BANGKOK (DPA): Singapore will assist Thailand defend the baht by offering up to one billion dollars in re-purchasing facilities, Singapore Prime Minister Goh Chok Tong said yesterday.

"This is where ASEAN (Association of Southeast Asian Nations) members support one another, in extending the re-purchasing, open-draft facility for them to defend their own currency," said Goh, winding up a three-day official visit to Thailand.

Last month the Singapore Monetary Authority joined hands with the Bank of Thailand in bolstering the baht when it was under attack by international currency speculators.

It was the first time two ASEAN central banks had so publicly joined forces to counter an onslaught on an ASEAN currency. The battle left many foreign exchange speculators with massive losses.