Thai central bank chief quits

Thai central bank chief quits

BANGKOK, Thailand (AP): The governor of Thailand's central bank resigned yesterday following a probe into his role in depleting the country's foreign reserves, a miscalculation that helped trigger the Asian economic crisis.

"There has been direct criticism over my job and the Bank of Thailand, which has affected its performance," Chaiyawat said in a statement. "This decision is to allow the search for a new governor."

Chaiyawat waited until the stock exchange and banks had closed for the day before reading the statement over the bank's intercom. The resignation is effective today.

The resignation had been expected so Chaiyawat could avoid being fired after a Cabinet meeting Wednesday that is to examine a secret report on how central bank mismanagement helped lead Thailand into financial disaster last year.