International Monetary Fund officials said Wednesday they are closely tracking developments following the military coup in Thailand, though it remains too early to gauge the effect on financial markets. The Thai baht dropped sharply against the dollar as investors reacted to news of the overnight seizure of power.
Thailand's armed forces ousted Prime Minister Thaksin Shinawatra on Tuesday in a late-night, bloodless takeover and imposed martial law. Thaksin was in New York at the time, attending the UN General Assembly. His deputy, Chidchai Vanasathidya, was taken into custody at army headquarters.
Thai financial markets were shuttered Wednesday and were expected to resume trading Thursday. IMF spokesman Bill Murray told reporters, 'We are monitoring the situation,' as member-nation governors gathered in Singapore for the Fund's annual meeting.
Most of the 20 to 30 Thai delegates attending the joint IMF and World Bank meetings in Singapore left hurriedly for home Wednesday. Finance Minister Thanong Bidaya was an exception, apparently choosing to remain in Singapore at least temporarily.
Historical summary. TurkishPress restated this wire report, first published in September 2006, in its own words.