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.