Pridiyathorn backs sovereign wealth fund idea
Former deputy prime minister MR Pridiyathorn Devakula supports the idea for Thailand to establish a sovereign wealth fund.
The former central banker said that the Bank of Thailand has mulled this option for some time.
"It’s a feasible idea, but the concern is how to finance the fund. Of foreign reserves about US$200 billion, about $60 billion is used to back the issuance of banknotes and the rest is controlled by other departments. It remains to be seen which part would be used to finance the fund," he said.
By law, the Bank of Thailand must maintain reserves at not less than 60 per cent of the notes issued.