He spoke with Asiaweek in late July, when the central Bank of Thailand governor quit and Chavalit fired a highly respected Finance Ministry official.

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For its part, Thailand's central bank, the Bank of Thailand, cut interest rates in October last year, bringing down its key rate to 2.75% from 3%.

BBC: Thailand economic recovery picks pace in fourth quarter

The Bank of Commerce had lent huge amounts backed by inadequate or no collateral, according to a report by the Bank of Thailand, the central bank, which was leaked to opposition legislators in early May.

CNN: Laying the blame for the Bank of Commerce troubles

Even Thailand's central bank is forecasting a contraction of 6-7% for 1998 as a whole.

ECONOMIST: The Thai slump

But since taking over the BOT in April 1998, when Thailand and its central bank were at the epicenter of a global economic earthquake, Chatumongkol, 55, can claim some credit for progress.

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