Former Thai central bank governor Rerngchai Marakanond, who oversaw the country's failed attempt to protect its fixed exchange rate regime on the eve of the 1997 Asian financial crisis, was ordered on Tuesday to pay back the Bt186bn (US$4.57bn) spent in the futile defence of the currency.

Ruling in the only prosecution brought in connection with a national fiasco that involved Thai politicians, policymakers and businessmen, a local court chastised Mr Rerngchai for “grave negligence” for exhausting Thai foreign exchange reserves battling currency speculators.