By Reuters and published by CNA
THAILAND’S central bank said on Tuesday (Sep. 26) it was relaxing some foreign exchange rules for non-residents to improve the ease of doing business in the country.
More flexibility will be given under the non-resident qualified company (NRQC) scheme, the Bank of Thailand (BOT) said in a statement.
The relaxation is part of the BOT’s effort to develop the country’s foreign exchange ecosystem to provide more flexibility and reduce the cost of non-residents’ foreign exchange transactions.
The NRQC scheme will now allow non-residents to undertake cross-border payments related to the baht with onshore financial institutions without the requirement to provide a supporting document for each transaction, thus reducing bureaucracy.
They can also manage baht liquidity in their non-resident baht accounts without being subject to the end-of-day outstanding balance limit, it added.
Besides the NRQC scheme, the requirements on supporting documents have also been eased to allow non-residents with trade and investment in Thailand to conduct transactions related to the baht with onshore financial institutions more flexibly.
“This will also allow non-resident investors (end beneficiaries) investing in securities in Thailand to be able to conduct such transactions directly without proceeding through global custodians,” the central bank said.
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Top and Front Page: Bank of Thailand logo is seen on April 16,2016. File photo: Jorge Silva/Reuters and published by CNA
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