BOT:Thai banks prepared for Brexit

BANGKOK, June 24 (TNA) - The Bank of Thailand (BOT) says that Britain's vote to leave the European Union (EU), or Brexit, would affect the global economic recovery, but Thai banks have already managed risks from the matter. BOT Governor Veerathai Santiprabhob told journalists on Friday that Brexit has been foreseen for months in advance; so, BOT and other financial institutes have already prepared themselves. Veerathai explained that Thai financial institutes have already prepared to manage risks related to foreign exchange rates, pointing out that the present circumstance is different from the global financial crisis in 2008 when such a big financial institute as Lehman Brothers in the United States was unexpectedly closed. However, the BOT chief warned fluctuations could rise in money and equity markets and all parties should continue with risk management. Besides, Brexit could make the global economic recovery more vulnerable and bring about various kinds of uncertainty. The BOT chief, thus, recommended people to closely follow up impacts on the British and the overall European economies. (TNA)