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Thailand Studies Tobin Tax

by Mary Swire,, Hong Kong

29 November 2010

Thailand’s central bank governor, Prasarn Trairatvorakul, has said that it is possible that other measures could be used to discourage the inflow of speculative short-term foreign funds in the country, including a tax on currency transactions.

Following Thailand’s government’s removal last month of the 15% withholding tax exemption on government bond interest and capital gains, Prasarn pointed out that the question was the timing of any further measures.

He said that, although much uncertainty still remained in the currency and bond markets, Thailand’s authorities were not concerned, at present, with the trade-weighted level of the baht, despite the recent rises in its value, or about inflationary pressures in the economy.

While Prasarn confirmed that there was a range of policies that could be adopted, of which a Tobin-style transactions tax was one, he did not believe that the time for actioning any one measure, or a range of measures, had yet arrived.

TAGS: tax | economics | financial services | capital markets | tobin tax | Thailand | currency | trade | inflation | services

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