Thai Deputy Prime Minister Olarn Chaipravat said Wednesday that about 110 billion bahts (3.17 billion U.S. dollars) would be sufficient to support the Stock Exchange of Thailand (SET) which has plunged to a five-year low.
Olarn was quoted by the Thai News Agency as saying that he had met with Finance Minister Suchart Thada-Thamrongvech and agreed that the funds would be enough to shore up the Thai stock market.
The funds, according to Olarn, include a SET joint investment of 3 billion bahts (86.46 million dollars) which has already been invested in the market, a 7 billion bahts (201.73 million dollars) fund to be jointly established by commercial banks, the Government Savings Bank and the SET.
The funds also include a 20 billion bahts (576.37 million dollars) fund jointly set up by 25 major listed firms to buy back their stocks floated in the market.
The long term equity funds have also joined with retirement mutual funds to invest another 40 billion bahts (1.15 billion dollars) to 50 billion bahts (1.44 billion dollars), he said.
As for the increasing unemployment rate in Thailand due to the global financial crisis, Olarn said the government is finding ways to respond to the problem.
Source:Xinhua
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