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. Last Updated: 07/27/2016

Apathy Greets Thai Reform

SINGAPORE -- Thailand's eagerly awaited financial reform package provoked scarcely a sound in Southeast Asian currency markets Tuesday as traders found little cause for celebration.


The Thai baht drifted slightly lower in offshore markets after easing on afternoon rumors that Thailand would lift its two-tier exchange rate system as part of the reform package.


"It's the same old crap we've seen for so long. That's probably why the dollar/baht is a bit higher now because most of the offshore players are disappointed," said a senior regional currencies dealer in Singapore.


Thai officials announced measures, including legislation to create two agencies to restructure suspended Thai finance firms, requirements for financial institutions to raise capital and amendments to bankruptcy laws.