STREET WISE
Tarisa's deputies to the rescue

Wonder how Tarisa Watanagase, the new Bank of Thailand governor, is spending her vacation this week?
Yesterday, the capital market was thrown into panic when the stock market crashed as a result of the Bank of Thailand's intervention measures announced late on Monday. In fact, Tarisa had planned to take a weeklong holiday starting from Monday. Nonetheless, she appeared at the Monday press conference to announce the central bank's draconian strictures. It should be noted that the coup by the junta government did not spook investors as much as the currency intervention announced on Monday. Investors sold out shares in panic and the Stock Exchange of Thailand was forced to suspend trading briefly after the index dropped below 10 per cent. Normally, Tarisa appears in a yellow silk dress every Monday. She is always cool and composed in public. However, on this Monday, she appeared at the press conference in a semi-holiday mood. She donned a yellow polo shirt to announce the central bank's measures to intervene in the currency market to curb the soaring Thai baht by setting a reserve requirement on short-term capital inflows. Yesterday, while the central bank was in the hot seat, blamed for the stock market crash, Tarisa's whereabouts were unknown, as she was taking her planned holiday. Officials said the central bank received a massive number of phone calls from investors who were panicked by the measures, even though they were welcomed by exporters. Tarisa let her deputies act on her behalf to meet with fund managers and cool down the market. Who would blame her for taking a holiday? But it may be better for Tarisa to take some days off for reflection.
busdsk@nationgroup.com
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