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:

811-06115
Date examination
completed:

December 31, 2007
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-1

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 December 31,
2007.  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 December 31, 2007, and with
respect to agreement of security purchases and sales, for the
period from September 6, 2007 (the date of our last
examination), through December 31, 2007:

- -	We were informed by management that there were no securities
held by Daiwa Securities Trust Company ("DSTC"), the U.S.
Custodian at December 31, 2007.  We examined the Fund's
detailed accounting records, noting that no securities were
indicated as held by DSTC;

- -	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
cash statements from Bangkok Bank Public Company, Ltd., the
Fund's Thai Custodian;

- -	Confirmation of cash held for the Fund at the Bank of New
York; and,

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

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 December 31, 2007 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.



PricewaterhouseCoopers LLP
New York, New York
February 15, 2008





1

2

EX-2

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 subsections (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 effective
internal controls over compliance with those requirements.  We
have performed an evaluation of the Fund's compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 as of
December 31, 2007, and from September 6, 2007 through December
31, 2007.

Based on this evaluation, we assert that the Fund was in
compliance with the requirements of subsections (b) and (c) of
Rule 17f-2 of the Investment Company Act of 1940 as of
December 31, 2007, and from September 6, 2007 through December
31, 2007, with respect to securities reflected in the
investment account of the Fund.


The Thai Capital Fund, Inc.


By:

/s/ John J. O?Keefe




Vice President and Treasurer

Title

December 21, 2007

Date