Thai bank supports action against ex-chief

THAILAND - Thailand's central bank has apparently endorsed plans to take punitive legal action against Rerngchai Marakanond, the institution's former governor, for exhausting the country's foreign exchange reserves to defend the baht against currency speculators in 1997 reports the Financial Times on 3 December.

A high-level Bank of Thailand government panel found at the weekend that Mr Rerngchai was guilty of "grave recklessness" during Thailand's dogmatic defence of its fixed exchange rate

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