securities will be reduced. However, the Federal Reserve’s two policy rate increases in 2017 – which narrowed the gap between Thai and US policy rates – resulted in negative carry of foreign asset holdings

narrowed, combined with crude oil cost which rose from the widened spread between DTD Brent and Dubai crude to be averaged at 1.95 $/BBL during the quarter, while in Q3/2017 DTD/DB was averaged at 1.65 $/BBL

Annual Report 2010 ANN UAL REPORT 2010 SECURITIES AND EXCHANGE COMMISSION, THAILAND ASEAN ECONOMIC COM MUN ITY Vision S = Setting High Standard E = Ethical C = Committed Pro = Professional Mission Core value: SEC-Pro The SEC develops and supervises the Thai capital market to ensure efficiency, fairness, transparency and integrity. The SEC is to establish the Thai capital market as an important alternative for investors and fund raisers with an efficient mechanism for investor empowerment and, in...

-year and 2-year government bonds narrowed to the lowest level of 5 bps. around end-November 2006. 26 C a p i t a l M a r k e t O v e r v i e w Figure 2: Government Bond Yield Dec 30, 2005 - Dec 29, 2006