The Stock Exchange of Thailand (SET) is prepared if anti-government protesters decide to act on their threat on encircling its head office on Jan 15, saying the trading system can run even if the building is closed for a week.
The stock exchange operated yesterday without disruption as the Bangkok shutdown started. The Bank of Thailand temporarily relocated its headquarters, while 134 branches of both state-owned and commercial banks were closed, along with over 100 gold shops mostly in Yaowarat and nearby protest sites.
"We will tell the Network of Students and People for the Reform of Thailand that the SET is a part of the country's financial system, and it helps people who park their cash in money market mutual funds to convert the unit trusts into cash in emergencies," said SET president Charamporn Jotikasthira.
The SET has two backup workplaces, a source said without elaborating on locations. Its contingency plan includes hoarding oil reserves to keep its IT system working in case the power is cut off.
The central bank office will remain closed today, while 122 branches of 10 commercial banks closed early or temporarily, some relocating. Of the total, 76 branches were from TMB Bank. Three state-owned banks _ GH Bank, the Government Savings Bank and Islamic Bank _ closed 12 branches yesterday.
All the gold shops near the Lat Phrao junction with Phahon Yothin closed yesterday, and likely will continue to stay closed until the rallies end.
"Police said it was up to each shop to decide whether to close, but with few or no police visiting each shop today, all the gold shops decided to close," said Jintana Jarunongkran, 48, owner of Yaowaraj Lat Phrao Gold Shop near CentralPlaza Lardprao.
Two gold shops in MBK mall's third floor remained open yesterday. MBK executives did not suggest closing, though one of the rally sites is right in front of the plaza, as security is in place in case of an emergency, said Ratchadaporn, the 40-year-old owner of Taweesinroongrueng Diamond and Gold shop. She said gold sales have increased during the demonstration period.