Thailand’s first female central bank chief has hit back over criticism of her moves to restrict foreign investors, which drove the stock market to plunge nearly 15% and sparked anxieties about a replay of the 1997 Asian financial crisis.
Tarisa Watanagase, who has received public support from military-installed prime minister Surayud Chulanont as well as powerful exporters, said: “One has to do what one has to do. As a governor, you can’t please everyone.”
The sudden and drastic curb on capital inflows, which rattled regional financial centres, was implemented to stem speculation on the Thai baht, which had hit a nine-year high of 35.09 to the US dollar on December 18, a day before the controls took effect, hitting the country’s exporters.