Thai Rerngchai - sinner or scapegoat?

ARTICLE - Rerngchai Marakanond, a former Bank of Thailand governor, is about to pay a dear price for his central role in the futile baht defence in 1997. Is he a scapegoat?

First published in The Nation Bangkok by Thanong Khanthong, 28 November.

Why did Rerngchai Marakanond and his top officials decide to defend the baht in 1997 until the foreign-exchange reserves were almost depleted and they were left with no choice but to float the currency? If they had decided earlier to adjust the fixed

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