BANGKOK : -- International reserve dropped US 1.8 billion or 58 billion baht to US$ 164.5 billion or 5.3 trillion baht as of September 12 compared to US$ 166.3 billion or 5.34 trillion baht just a week before, said the Bank of Thailand.
The bank reported that forward reserve stood at US$ 24.2 billion constituting a drop of US$ 600 million compared to the figure a week earlier resulting to net international reserve which include forward reserve to be placed at US$ 188.7 billion.
The reduction of international reserve was attributable to the fact that the Bank of Thailand starting sell its foreign currency reserve in order to reduce the risk of loss for keeping the reserve while the baht has the tendency to weaken steadily.
The bank reported that in July mover than US$ two billion foreign currencies were transferred out of Thailand in anticipation that the interest rate in the United States might increase.
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