The U.S. Department of the Treasury and the Bank of Thailand issued a joint statement agreeing to continue close consultations on macroeconomic and foreign exchange matters and reaffirming their obligations under the International Monetary Fund Articles of Agreement to avoid manipulating exchange rates or the international monetary system for competitive purposes. The statement sets shared expectations that macroprudential or capital flow measures will not target exchange rates for competitive purposes and that other government investment vehicles, including pension funds, will not be used to target the exchange rate for competitive purposes. It also frames foreign exchange intervention as a tool that should be reserved for combating excess volatility and disorderly movements, and considered equally appropriate in response to excessively volatile or disorderly depreciation or appreciation. On transparency, both parties committed to publicly disclose foreign exchange intervention operations at least semiannually with a quarterly lag, and to publish foreign exchange reserves data and forward positions monthly in line with the IMF’s Data Template on International Reserves and Foreign Currency Liquidity.
U.S. Department of the Treasury 2025-10-28
U.S. Department of the Treasury and the Bank of Thailand reaffirm non-manipulation commitments and set foreign exchange transparency expectations
The U.S. Treasury and Bank of Thailand issued a joint statement to continue consultations on macroeconomic and foreign exchange matters, reaffirming commitments under the IMF Articles of Agreement. They agreed not to use macroprudential or capital flow measures to target exchange rates for competitive purposes and to reserve foreign exchange intervention for excess volatility. Both parties committed to semiannual public disclosure of foreign exchange interventions and monthly publication of reserves data.