As trusted partners, the United States Department of the Treasury and the Bank of Thailand agreed to continue their close consultations on macroeconomic and foreign exchange matters.  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. 

In addition, they agreed that:

• any macroprudential or capital flow measures will not target exchange rates for competitive purposes;
• other government investment vehicles such as pension funds will not be used by the United States Department of the Treasury and the Bank of Thailand to target the exchange rate for competitive purposes; and
• in cases when intervention in foreign exchange markets may be considered, it should be reserved for combatting excess volatility and disorderly movements in exchange rates, with the expectation that this tool would be considered equally appropriate for addressing excessively volatile or disorderly depreciation or appreciation.

The United States Department of the Treasury and the Bank of Thailand agreed on the importance of transparency of exchange rate policies and practices.  Both parties commit to public disclosure of:

• any foreign exchange intervention operations on at least a semiannual basis with a quarterly lag; and
• foreign exchange reserves data and forward positions according to the IMF’s Data Template on International Reserves and Foreign Currency Liquidity on a monthly basis.