Visiting Thai Finance Minister Tarrin Nimmanahaeminda expressed a desire Friday to see more yen-denominated loans extended by Japanese financial institutions, because the bulk of the loans are now in dollars.
The issue came up during a meeting with Finance Minister Hiroshi Mitsuzuka, in which the Japanese side lauded Bangkok's efforts to resurrect its financial sector, including the recently announced closure of 56 financial companies. Thailand is undertaking reforms of its economy as agreed to under an assistance package led by the International Monetary Fund.
Many observers say the large share of dollar-denominated loans was one reason for the currency crisis that hit the nation in late spring. Tarrin, who was installed in his post last month, was in Tokyo to discuss the Thai economic situation with government officials and the banking community.