HKMA to Join Other Monetary Authorities in Support of BIS Bridging Facility

The Bank for International Settlements (BIS) has agreed to provide a short-term bridging facility to the Bank of Thailand in support of Thailand's economic adjustments pending the drawdown of part of the International Monetary Fund facility now being arranged.

As a member of the BIS, the Hong Kong Monetary Authority (HKMA) has agreed to join the central banks/monetary authorities of the G-10 countries and other Asian and European economies in guaranteeing the bridging facility by the BIS. The guarantee is the first utilization of the US$1 bn facility to the Bank of Thailand previously approved by the Financial Secretary Donald Tsang.

The short-term BIS bridging facility is a demonstration of the support from the international central bank community for the Bank of Thailand. The participation of Hong Kong, which is a leading financial centre in the region and full member of the BIS, is a reflection of Hong Kong's commitment to financial stability in Asia.

Hong Kong Monetary Authority
21 August 1997