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Thailand Sees $2 Billion of Inflows for Flood Insurance Claims

Thailand has recorded about $2 billion of inflows stemming from insurance claims related to this year’s floods, Bank of Thailand Governor Prasarn Trairatvorakul said.

The fund inflows have been balanced by outflows linked to overseas investment by Thai companies and the sale of emerging market assets by overseas investors, Prasarn told reporters today in Hua Hin, Thailand.

Affected companies will start buying replacement machinery in the first quarter, boosting capital outflows, Prasarn said. The impact on the baht may be limited as some companies have opened foreign currency deposit accounts for insurance claims, and those funds won’t be converted into baht. Other claims may be paid to parent companies outside Thailand, he said.

“These two methods won’t have any impact on the baht,” Prasarn said. The baht is expected to be volatile next year because of global economic uncertainties, he said.

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