BANGKOK – Reforms by the Bank of Thailand (BOT) on foreign exchange regulations are now beginning to take effect, after the policy began in December last year.
BOT Governor Veerathai Santiprabhob revealed that the BOT has collaborated with the Thai Chamber of Commerce, commercial banks, foreign exchange businesses, and related agencies to review 80 pieces of legislation on foreign exchange, in a bid to increase the ease of doing business for Thai companies and reduce transaction costs.
Policies that are now in effect include expanding the kinds of documents that can be submitted online and allowing commercial banks to give out loans in Thai baht to businesses in neighboring countries that are investing in infrastructure or other industries that are beneficial for Thailand. In addition, people will be able to pay for goods and services through international money transfer businesses, instead of only banks.
Other policies in the pipeline include waiving the need to submit financial statements before investing money in foreign currencies or the need to include extensive information in forms. In addition, foreign exchange traders will soon be able to trade foreign currencies electronically.
