Report of Independent Registered Public Accounting Firm

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,
that The Thai Capital Fund, Inc. (the "Fund") complied with
the requirements of subsections (b) and (c) of Rule 17f-2
under the Investment Company Act of 1940 ("the Act") as of
March 31, 2006.  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 the
standards of the Public Company Accounting Oversight Board
(United States) 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 March
31, 2006, and with respect to agreement of security purchases
and sales, for the period from December 31, 2005 (the date of
our last examination), through March 31, 2006:

-	Confirmation of securities and cash held for the Fund at the
Bank of New York (there were no securities, held by Daiwa
Securities Trust Company, the U.S. Custodian at March
31,2006);

-	Reconciliation of all such securities and cash to the books
and records of the Fund and the U.S. Custodian;

-	Selection of three security purchases and three security
sales since our last report from the books and records of
the Fund noting settlement of these transactions through a
review of Bangkok Bank Public Company, Ltd., the Thai
Custodian's cash statement.

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.

In our opinion, management's assertion that The Thai Capital
Fund, Inc. complied with the requirements of subsections (b)
and (c) of Rule 17f-2 of the Investment Company Act of 1940
as of March 31, 2006 with respect to securities 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
management and the Board of Directors of The Thai Capital
Fund, Inc. and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other
than these specified parties.


February 22, 2007





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