Scott Bessent, Treasury Secretary | https://home.treasury.gov/
The United States Department of the Treasury and the Bank of Thailand have announced an agreement to maintain close consultations on macroeconomic and foreign exchange issues. Both institutions reaffirmed their commitments under the IMF Articles of Agreement, stating that they will avoid manipulating exchange rates or the international monetary system to prevent necessary balance of payments adjustments or to seek unfair competitive advantages.
As part of this agreement, both parties confirmed that any macroprudential or capital flow measures will not be aimed at targeting exchange rates for competitive reasons. Additionally, government investment vehicles such as pension funds will not be used by either institution to influence exchange rates for competitive purposes.
They also agreed that interventions in foreign exchange markets should only occur in response to excessive volatility or disorderly movements in exchange rates. This tool is expected to be applied equally whether there is significant depreciation or appreciation.
Transparency was highlighted as a key aspect of the agreement. The two institutions committed to publicly disclosing any foreign exchange intervention operations at least semiannually with a quarterly lag. They also pledged to provide monthly data on foreign exchange reserves and forward positions according to the IMF’s Data Template on International Reserves and Foreign Currency Liquidity.
"The United States Department of the Treasury and the Bank of Thailand reconfirmed they have undertaken under the IMF Articles of Agreement to avoid manipulating exchange rates or the international monetary system to prevent effective balance of payments adjustment or to gain an unfair competitive advantage."
