The Army is "volunteering" to colloct gold for the cash strapped country. It is amazing how this seemingly "worthless, immaterial yellow metal" is important now.
BANGKOK (Reuters) - Thais have been quick off the mark to
serve their country in an army campaign for gold to help combat sagging foreign reserves and a cash crisis. The army has already received 30 kg (66 pounds) of gold from the public, ahead of the official launch of the drive to dig Thailand out of its worst economic crisis in decades.
"We were to start receiving donations from Army Day on January 5, but people have already turned up earlier and donated some
30 kilograms of gold," Major General Lertrat Ratanavanich, director general of the army's civil affairs division, told reporters.
This signaled that large quantities of gold could be expected later during the campaign, which is due to end on February 2, he said. Gold and jewelry drives in South Korea, which is also battling economic crisis, have netted more than 100 tons of gold.
A leading Thai businessman also said he expected large amounts of gold would be donated to the government as it contended with the crisis in which the currency the baht has fallen steeply. The
country's key finance and property sectors are also in trouble.
"Our association has agreed to make its contribution on Sunday
and I believe that a large number of people will help the country by
this means," Chitti Tangsithipakdi, president of Gold Trader
Association, told Reuters.
In campaigns billed as "Thais Help Thais" programs, various other
organizations, including Buddhist temples, schools and civil
servants, have also closed ranks and have sought cash, gold and
jewelry donations to help out the cash-strapped nation. |
