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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.

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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.

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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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The ACGF is an ASEAN Infrastructure Fund initiative managed by ADB’s Southeast Asia Department Innovation Hub. It helps Southeast Asian governments prepare and finance infrastructure projects promoting environmental sustainability and contributing to climate change goals.

Asian Development Bank

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Southeast Asia faces an infrastructure investment shortfall of more than $100 billion a year, which may have worsened amid the COVID-19 pandemic.

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Banking

Thai cabinet approves 350 billion baht Aid for COVID-hit Businesses

Thailand unveiled new measures to help small and medium COVID-hit businesses in the tourism industry hit by a liquidity crunch.

Olivier Languepin

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The Thai cabinet has approved assistance worth 350 billion baht($11 Billion) to help businesses affected by COVID-19 with soft loans and asset warehousing.

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Banking

APAC Banks to Face Portfolio Valuation Losses As Yields Rise

The latest data suggest that Fitch-rated banks in Hong Kong, India, Indonesia, Malaysia and Taiwan have the largest AFS securities portfolios, and display particular sensitivity to changes in yields.

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Fitch Ratings-Hong Kong/Singapore-21 March 2021: A rise in yields for long-dated sovereign bonds will result in near-term losses for Asia-Pacific (APAC) banks as they recognise valuation changes on their available-for-sale (AFS) bond portfolios, but the capital impact should be manageable for most rated banks, says Fitch Ratings.

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