Vol 3 Chapter 36 IMF

Bangkok.

Bank of Thailand headquarters.

Central Bank Governor Sonny stood upstairs watching the people marching in the street.

His face was full of exhaustion, and his eyes were full of sadness and anger.

The baht has completely collapsed.

When the central bank announced that the baht would implement a floating exchange rate system, the baht began to plummet.

In just one week, it fell from $23 to $1 to $38 to $1.

Unstoppable, the whole of Thailand fell into great panic and chaos.

After the collapse of the Thai baht, more than 100 foreign-funded companies have withdrawn and relocated out of Thailand.

In Thailand, more than one-fifth of companies have declared bankruptcy.

More than two million people have lost their jobs and more than 300,000 people have been made homeless.

Prices are soaring, skyrocketing.

Food, daily necessities, daily necessities, industrial products, all are skyrocketing.

The price has almost increased by half, and the Thai people have been overwhelmed.

Chaos is out of control.

Every day, thousands of crimes are committed across the country.

Robbery, theft, smuggling…

Even if Thailand’s major prisons are overcrowded, they still cannot stop the increasing crime rate.

Throughout Thailand, people are everywhere in the streets to demonstrate on their own initiative.

Even the door of the Prime Minister’s Office was surrounded by angry people.

Under the increasingly chaotic public security environment and large-scale unemployment, the people of Thailand launched attacks and demonstrations at the Prime Minister’s Office.

They held banners and shouted with the blood-splattered head of Chavalit.

“Get Chavalit down, the **** embezzler.”

“We’re going to change the prime minister and get Chawarit out.”

“Chavali, get out of here, we don’t need a corrupt criminal like you.”

“We want stability. Incompetent Chavalit has put the country in hell, we don’t need scum like you.”

“…”

The Royal Thai Police have been dispatched.

But even though a lot of tear gas has been used, it has still not been able to stop the public’s impact on the Prime Minister’s Office.

In front of the bank, there are also people who can’t see the edge.

Every day, a large number of people take Thai baht to the bank to exchange for US dollars.

In the panic, the whole of Thailand is already in a state of panic.

All of this makes Sonny both sad and angry, angry and remorseful.

Self-reproach is that, as governor of the Bank of Thailand, his job is to keep the domestic monetary system safe.

However, during his tenure, the country’s economic system collapsed across the board.

Sadly, he knew that the baht was bound to collapse, but there was nothing he could do.

He watched helplessly as Thailand sank into **** step by step.

So Sonny has suppressed anger under his sorrow and self-blame.

Because he knows very well why Thailand has come step by step to where it is today.

“Boom…”.

There was a knock on the door.

Under the knock on the door, Sonny had to put away his emotions.

He is well aware that any negative emotions are now useless.

Only by facing it bravely can we save the present Thailand.

After the knock on the door, Kuan, the deputy governor of the Bank of Thailand, hurried in.

Wide stunned.

Today’s Sonny is no longer as heavy as a mountain in the past.

His hair was as messy as straw.

A suit was crumpled up against him.

Eyes, red like a rabbit.

It was obvious that Sonny had not rested for a long time.

Kuan was stunned for a moment and had to speak.

“Sonny. You have to take care of yourself, and now you must not fall down.”

Sonny smiled wryly.

“It’s fine. How’s the connection going?”

Kuan hesitated for a moment, but finally sighed.

“As you guessed, we can’t borrow any money now. Except for Standard Chartered’s response, all other banks have rejected our request. What’s more abhorrent is that Sumitomo Bank and Fuji Bank also asked us to repay as soon as possible. Loans owed or otherwise…”

In the end, Kuan didn’t have the heart to say it again.

He understands that even if he doesn’t say it, Sonny understands the consequences.

Sonny closed his eyes tiredly after listening.

These **** capitalists.

Now Thailand is the most difficult time, and also the most needy time.

But the banks that are making a lot of money in Thailand are actually shrinking their loans at such a time.

This is simply trying to kill Thailand.

At present, the floating exchange rate of the Thai baht can be maintained for a while with the central bank’s reserves.

But if you repay the loans from Sumitomo and Fuji, you will no longer be able to exchange the Thai baht that is circulating on the market.

If you can’t take out the money, the Thai baht will sink into the bottomless abyss.

Fifty, one hundred, even sinking like rubles.

The **** bankers.

“Sonny. What should we do? No, let’s ask IFM for help.”

IFM.

English name,.

That is the IMF.

It was established in Washington on 27 July 1944 under the IMF Agreement signed at the Bretton Woods Conference in July 1944.

It was established at the same time as the World Bank and ranks as the world’s two largest financial institutions.

Its responsibility is to monitor currency exchange rates and trade between countries, provide technical and financial assistance, and ensure the normal functioning of the global financial system.

The earliest IMF was part of a reconstruction program after the end of World War II.

Later, in order to establish a more stable financial system, the IMF established the Member State Special Drawing Rights in 1969.

This special drawing right is allocated according to the quota subscribed by member states.

When a member country has a balance of payments deficit, it can be used to exchange foreign exchange with other member countries designated by the IMF to repay the balance of payments deficit or repay the IMF’s loans. It can also be used as an international reserve like gold and freely convertible currencies.

Thailand is also a member of the IMF.

So Thailand also enjoys the right to this special drawing right.

Now, when overseas commercial banks are pressing for debts, the best way is to apply for a rescue from the Monetary Fund~www.readmtl.com~ In terms of financial operations, Kuan’s proposal is not wrong.

But Sonny shook his head after thinking for a moment.

he opened his mouth.

“We can’t go to the IMF unless we have to.”

Kuan was stunned, he wondered.

“why?”

“Although IFM is a third-party institution, if we apply for special drawing rights, it will inevitably be subject to monitoring and restrictions in various aspects.”

“That’s better than it is now. If the baht is not stabilized as soon as possible, there will be big trouble.”

“I know. But once we receive aid, everything in our country will be exposed, and the price is too high!”

“…”

Wide was silent.

He already understood what Sonny was trying to say.

Although IFM is a third-party financial institution, in principle, it is in the most fair position.

However, the fact that the institution is neutral and impartial does not mean that the people in the institution are also impartial and neutral.

Thailand accepts IFM assistance and, according to the agreement, must be supervised by IFM.

This regulation is very strict.

From fiscal revenue to trade export, to all economic operations, IFM must track the whole process.

But these things, once they fall into the hands of other countries, will pose a great hidden danger to the future development of Thailand.

After thinking about this, Kuan sighed.

“Then what should we do now?”

“You said just now that Standard Chartered Bank responded. How did you respond?”

Under Sonny’s question, Kuan’s expression became a little weird.

After a long time, he opened his mouth.

“Standard Chartered Bank is willing to lend us a dollar loan at a peer-to-peer rate. The amount is within $4 billion. However, I always feel that there is something wrong here.”