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
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