Asia Pacific bank chief defiant

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.