Connect with us
The clever new way to send money abroad

Banking

Thailand and Japan sign deal to promote yen and baht in direct trade

Thailand and Japan signed a Memorandum of Cooperation between the Ministry of Finance of Japan and the Bank of Thailand on the Cooperation to Promote the Use of Local Currencies

Published

on

On March 9th 2018, Mrs. Chantavarn Sucharitakul, Assistant Governor, Corporate Strategy and Relations Group, Bank of Thailand announced that The Ministry of Finance of Japan and the Bank of Thailand signed the Memorandum of Cooperation (MoC) for the Establishment of a Framework for Cooperation to Promote the Use of Local Currencies.

This MoC aims to promote the use of local currencies for trade and investment settlement of both countries, which includes, among others, promotion of the direct exchange rate quotation and interbank trading between the Japanese Yen and the Thai Baht.

This cooperation will be enhanced through information sharing and periodical discussions between Japanese and Thai authorities.

This collaboration marks a key milestone in strengthening bilateral financial cooperation between Japan and Thailand. The authorities believe that it will positively contribute to closer trade and investment ties between the two countries.

Under the scope of this MoC, the following 9 commercial banks will cooperate with the Bank of Thailand by providing the direct exchange rate quotation and promoting foreign exchange transactions in Japanese Yen and Thai Baht in the inter-bank markets as well as trade with their customers.

  1. Bangkok Bank Public Company Ltd.
  2. Krung Thai Bank Public Company Ltd.
  3. Bank of Ayudhya Public Company Ltd.
  4. Kasikornbank Public Company Ltd.
  5. Siam Commercial Bank Public Company Ltd.
  6. CIMB Thai Bank Public Company Ltd.
  7. Mizuho Bank, Ltd. Bangkok Branch
  8. Sumitomo Mitsui Banking Corporation
  9. Standard Chartered Bank (Thai) Public Company Ltd.

 

Bank of Thailand

9 March 2018

Joint Press Release https://www.bot.or.th/Thai/PressandSpeeches/Press/News2561/JointPressE_MOFJ_BOT.pdf

 

Click to comment

Leave a Reply

Economics

Thailand’s economic growth expected to return to 2019 levels in mid-2023

Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.

Published

on

The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.

(more…)
Continue Reading

Banking

S&P maintains Thailand’s credit rating at BBB+ with stable outlook

Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.

Published

on

Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.

(more…)
Continue Reading

Most Read

Recent