Banking
Thailand’s Non-resident accounts under surveillance
The Bank of Thailand has tightened its rein on securities companies’ non-resident accounts as part of its efforts to control the baht’s volatility.
The Bank of Thailand has tightened its rein on securities companies’ non-resident accounts as part of its efforts to control the baht’s volatility.
The measure came amid growing global concerns about the possibility the US Federal Reserve will inject fresh funds to lift the economy, which would create huge liquidity that would flow into emerging markets and push up their currencies further.
In a letter dated last Wednesday to brokerages, the central bank asked them to report daily on the outstanding assets of non-resident customers.
It also reiterated that the securities companies should strictly comply with the measure imposed earlier prohibiting them from selling baht-denominated bills of exchange to non-resident investors.
The baht weakened slightly yesterday, moving to 29.95/99 to the US dollar from 29.89/90 on Tuesday. It appreciated on Monday, tracking the euro’s movement.
via Bangkok Post : Non-resident accounts eyed.
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