40-17F2

UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
	Washington, D.C.  20549

FORM N-17f-2

Certificate of Accounting of
Securities and Similar
Investments in the Custody of
Management Investment
Companies
Pursuant to Rule 17f-2 [17
CFR 270.17F-2]



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1. Investment Company Act File Number:

811-10287
Date examination
completed:

February 19, 2003
2. State identification Number:

AL
AK
AZ
AR
CA
CO

CT
DE
DC
FL
GA
HI

ID
IL
IN
IA
KS
KY

LA
ME
MD
MA
MI
MN

MS
MO
MT
NE
NV
NH

NJ
NM
NY
NC
ND
OH

OK
OR
PA
RI
SC
SD

TN
TX
UT
VT
VA
WA

WV
WI
WY
PUERTO RICO

Other (specify):
3. Exact name of investment company as specified in
registration statement:

The Thai Capital Fund, Inc.
4. Address of principal executive office (number, street,
city, state, zip
code):

John O'Keefe One Evertrust Plaza 9th Floor,  Jersey City, NJ
07302


INSTRUCTIONS

This Form must be completed by investment companies that have
custody of securities or similar
investments.

Investment Company

1.	All items must be completed by the investment company.

2.	Give this Form to the independent public accountant who,
in compliance with Rule 17f-2 under the
Act and applicable state law, examines securities and similar
investments in the custody of the
investment company.

Accountant

3.	Submit this Form to the Securities and Exchange
Commission and appropriate state securities
administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act
and applicable state law.  File the original and one copy with
the Securities and Exchange
Commission's principal office in Washington, D.C., one copy
with the regional office for the
region in which the investment company's principal business
operations are conducted, and one
copy with the appropriate state administrator(s), if
applicable.

	THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC
ACCOUNTANT
	SEC 2198 (11-91)

EX-99.77B ACCT LTTR

Report of Independent Accountants

To the Board of Directors of
The Thai Capital Fund, Inc.

We have examined management's assertion, included in the
accompanying Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940,
about The Thai Capital Fund, Inc.'s (the "Fund's")
compliance with the requirements of subsections (b) and (c) of
Rule 17f-2 under the Investment Company Act of 1940 ("the
Act") as of July 31, 2002.  Management is responsible for the
Fund's compliance with those requirements.  Our responsibility
is to express an opinion on management's assertion about the
Fund's compliance based on our examination.

Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified
Public Accountants and, accordingly, included examining, on a
test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we
considered necessary in the circumstances.  Included among our
procedures were the following tests performed as of July 31,
2002, and with respect to agreement of security purchases and
sales, for the period from December 31, 2001 (the date of our
last examination) through July 31, 2002:

- -	Confirmation of securities and cash held for the Fund at the
Bank of New York (there were no securities held by the U.S.
Custodian at July 31, 2002);

- -	Reconciliation of all such securities and cash held by the
Bank of New York to the books and records of the Fund; and

- -	Agreement of three security purchases and three security
sales since our last report from the books and records of
the Fund to broker confirmations and/or noted settlement of
these transactions through a review of the subsequent cash
statements.

We believe that our examination provides a reasonable basis
for our opinion.  Our examination does not provide a legal
determination on the Fund's compliance with specified
requirements.






To the Board of Directors of
The Thai Capital Fund, Inc.



In our opinion, management's assertion that The Thai Capital
Fund, Inc. was in compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of July 31, 2002 with respect to
securities and cash of the U.S. Custodian (Daiwa Securities
Trust Company) reflected in the investment account of the Fund
is fairly stated, in all material respects.

This report is intended solely for the information and use of
the Board of Directors, management, and the Securities and
Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.



PricewaterhouseCoopers LLP
New York, New York
September 13, 2002
1

2

EX-99.77B ACCT LTTR

THE THAI CAPITAL FUND, INC.
C/O DAIWA SECURITIES TRUST COMPANY
ONE EVERTRUST PLAZA
JERSEY CITY, N.J. 07302



Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940


We, as members of management of The Thai Capital Fund, Inc.
(the "Fund"), are responsible for complying with the
requirements of subsection (b) and (c) of rule 17f-2, Custody
of Investments by Registered Management Investment Companies,
of the Investment Company Act of 1940.
We are also responsible for establishing and maintaining an
effective internal control structure over compliance with
those requirements.  We have performed an evaluation of the
Fund's compliance with the requirements of subsection (b) and
(c) of Rule 17f-2 as of July 31, 2002, and from December 31,
2001 (the date of our last statement) through July 31, 2002.

Based on this evaluation, we assert that the Fund was in
compliance with those provisions of
Rule 17f-2 of the Investment Company Act of 1940 as of July
31, 2002 and from December 31, 2001 through July 31, 2002,with
respect to securities and similar investments reflected in the
investment account of the Fund.

The Thai Capital Fund, Inc.

By:



___________________________________
Ikuo Mori
Chairman


___________________________________
John J. O'Keefe
Vice President and Treasurer


___________________________________
Date

EX-99.77B ACCT LTTR

Securities and Exchange Commission
Office of Applications and Report Services
450 5th Street N.W.
Washington, D.C. 20549



September 13, 2002

The Thai Capital Fund, Inc. (File #811-10287)



Dear Sir or Madam:

At the request of the Board of Directors of The Thai Capital
Fund, Inc. ("Fund), we have performed an examination of
securities owned by the Fund at July 31, 2002, pursuant to
Rule 17f-2 of the Investment Company Act of 1940 (the
"Rule").  Enclosed please find Form N-17f-2 accompanied by
our report for the Fund stating that we have performed the
examination specified in the Rule.
Very truly yours,




Karen L. Stuckey

Enclosure

cc:  Mr. John O'Keefe, Treasurer, The Thai Capital Fund, Inc.
(with enclosure)



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