11.   Inadequate foreign reserves means the central bank can defend the baht only by raising interest rates.

12.   Indeed, it had spent all of its reserves in defending the baht.

13.   Interest rates had to be kept high to defend the baht.

14.   Interest rates have been kept high because the central bank is defending the baht fiercely, if not fruitlessly.

15.   Interest rates have been kept high intentionally by the authorities to defend the baht and to discourage investors from buying US dollars.

16.   Monetary tightening to defend the baht has repeatedly failed.

17.   Rerngchai sought to play down recent criticism that the BOT acted too macho-like when it went to the offshore markets to defend the baht.

18.   The attack forced the BOT to defend the baht.

19.   That magnifies the burden of debts denominated in overseas currencies while the authorities, trying to defend the baht, push local interest rates sky high.

20.   The baht would be defended at all costs until these measures were put in place to restore confidence.