2 replies to this topic

[TheYenta]

"The country's monetary policy could see itself in limbo if the Administrative Court issues a temporary injunction on the new Bank of Thailand (BOT) board in response to a Democrat Party petition on board members' qualifications.

BOT assistant governor Arkabusk Krairiksh said that if the court issued the injunction, all duties of the new board would be frozen. The board will not then be able to appoint outside members of the Monetary Policy Committee (MPC) or two other committees working on the supervision and payment system.

The Democrat Party said earlier it would petition the Office of the Auditor General to examine the qualifications of BOT board members and that if they were found deficient it would take the case to the Administrative Court. It said it would also ask the ombudsman to consider whether appointments by the selection committees were valid in view of the dubious nature of several members' qualifications.

The new MPC and the other two committees cannot be established yet because the current MPC must legally convene for the last time on August 27. The new committee is supposed to meet on September 16 and have two more meetings this year.

"It depends on whether the court issues the temporary injunction," said Arkabusk. "If it does, the BOT board will have no one on it, as has happened to other organisations, and like them it will not be able to perform its tasks."

BOT governor Tarisa Watanagase said the bank had no contingency plan should the new MPC not be appointed in time and would have recourse to the law. "

http://www.nationmultimedia.com/2008/08/16...ss_30080703.php

[Hedda]

"It depends on whether the court issues the temporary injunction," said Arkabusk. "If it does, the BOT board will have no one on it, as has happened to other organisations, and like them it will not be able to perform its tasks."

One of the things that the English newspapers have failed to do much reporting on is the degree to which the various agencies and organizations created under the new Constitution have been implemented with the passage of organic laws and bodies to fill them. Same goes for the courts, some of which seem to still be staffed by the junta's appointees. You really need a road map and scorecard to figure out what is going on and nobody's publishing either, at least in English. I guess it's not surprising since, as far as I know, neither the press nor the government has ever published the new Constitution in English either.

[Gaybutton]

If such an injunction is issued, I'm wondering what effect, if any, that would have on the exchange rate in both the short term and the long term.