BANKERS SEE SHARP RISE IN THAI FOREIGN RESERVES

  Thailand's improving economy will likely
  cause foreign reserves to increase to at least five billion
  dlrs by end-1987 from a record of nearly 4.2 billion at
  end-February, private bankers said.
      Bank of Thailand statistics show foreign reserves rose to
  3.95 billion at end-January from 3.03 billion a year earlier.
      Nimit Nonthapanthawat, chief economist at the &lt;Bangkok Bank
  Ltd>, said Thailand's strong export performance, its relatively
  high interest rates, foreign participation in its stock market,
  and growing foreign investment, especially from Japan,
  contributed to the projected sharp rise.
      Thai exports rose 19.4 pct in 1986 and are expected to
  expand another 15 pct this year, bankers said.
      A U.S. Embassy report said last month Thailand could
  achieve five pct real gross domestic product growth in 1987, up
  from a projection of 3.8 pct for 1986 and 3.7 pct in 1985.
      Nonthapanthawat said if economic growth continues at its
  current pace and oil prices and major currencies remain stable
  the five billion 1987 reserves target can easily be reached.
      Thailand calculates foreign reserves to include gold,
  special drawing rights and convertible currencies. The target
  is equivalent to five-and-a-half months' worth of imports.
  

