Local press reports that some quarters at Thailand’s Central Bank are now positive on using Thailand’s massive foreign exchange reserve, in the 100 of US$ billion, to create a Thai Sovereign Wealth Fund. For a long time, Thailand’s Central bank has rejected creating a Sovereign Wealth Fund, citing that the reserves are for safety, and that Sovereign Wealth Fund, that makes investments, is risky. The issue is controversial. The Central Bank and Yingluck‘s former Finance Minister, who was in favor of the creating the fund, openly clash on the issue in the public. The Yingluck minister, wants to tap the fund to use for investing into various projects to increase Thailand’s competitiveness. Furthermore, there are many in Thailand, such as the follower of some famous Thai Buddhist Monks, who are against Sovereign Fund, and have vowed to protest its creation. Along with that vocal group, Thailand’s various ultra-Nationalist groups, are also againt the creation of the fund. Earlier, the Asian Development Bank, was positive on Sovereign Funds, and was pushing the concept for ASEAN nations to set-up.
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