Снимаются ограничения с иностранных депозитов

[voyager1970]

CURRENCY
Rules eased on foreign fund deposits
source: Bkk Post

Thai individuals and companies will soon be able to hold foreign currency deposits more easily in the local market under eased measures aimed at facilitating overseas investment, says Tarisa Watanagase, the Bank of Thailand governor.

''We ask for a bit more patience. We will propose a package that will help facilitate overseas investment by Thais, after we finalise the data,'' she said.

Authorities hope that removing some obstacles to overseas investment would help lead to capital outflows that would reduce pressure on the baht.

The baht yesterday rose to 33.3 to the US dollar on continued foreign inflows. The baht has risen 7% this year, raising concerns among exporters about tight margins and declining competitiveness.

The central bank plans to allow companies listed on the Stock Exchange of Thailand to invest overseas without restriction and it will also expand investment limits on foreign investment funds.

Suchart Sakkankosone, the director of the central bank's exchange control and credits department, said officials would also ease reporting restrictions for Thai individuals and companies holding foreign currency deposit accounts in the local market.

Individuals would be able to deposit the equivalent of up to $50,000 in foreign currency and companies up to $2 million without having to declare the funds.

Existing limits remain unchanged for foreign currency deposits with underlying transactions at $500,000 for individuals and $50 million for companies.

The central bank has long restricted the ability of local individuals and companies to hold foreign currency deposits in the local market under rules aimed at curbing currency speculation.

Companies have only a set period of time before they are required to exchange foreign currency into baht, and must provide documentation showing the intended use of the foreign currency.
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