That should almost be the last in the country:
Monk gives $6 mil in gold to Thai gov't
Tuesday, July 3, 2001 at 09:30 JST
A Thai woman and boy try to lift a gold bar, one of 55 on display at a temple in Nakhon Pathom, west of Bangkok, on Monday. REUTERS NEWS PHOTO
BANGKOK — A celebrated Buddhist monk on Monday marked the fourth anniversary of Thailand's slide into economic crisis by donating more than half a ton of gold to help shore up government coffers.
Luang Ta Maha Bua, or Grandpa Bua as the abbot is affectionately known, handed over 55 gold bars weighing 687.5 kg and a $300,000 cheque to central bank governor Pridiyathorn Devakul at a special ceremony.
At current international prices, the gold is worth around $5.96 million.
The aging monk has been collecting donations of cash and gold jewelry from ordinary citizens since the country devalued the baht currency on July 2, 1997, sparking a slide into economic crisis for Thailand and much of Asia.
The abbot and his followers have so far given the Thai central bank some 2.75 tons of gold, worth around $23.83 million at current prices, and another $5.58 million in four donation ceremonies.
"This is not only a symbol, but also an action to show the world that the Thai people really want to sacrifice for the nation," the central bank governor told Reuters.
The International Monetary Fund arranged a $17.2 billion bailout package for Thailand in 1997 after the central bank's foreign reserves ran dry in a failed bid to defend the baht. (Reuters News)
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