Media reports these past few weeks clearly show that some ministers in the new government have been salivating for quite some time at the US$185 billion international reserves being managed by the central bank. For they could not wait until they finished moving into their new offices before expressing the desire to put their hands on it.
Prasarn Trairatvorakul, governor of the Bank of Thailand, could very well lose his job if he opposes the politicians’ wealth fund scheme.
They want to quickly create a sovereign wealth fund to manage a good chunk of that money so that it will earn a higher rate of return than that achieved by the central bank.
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