Connect with us
Welcome to Long An

Banking

Thailand raises threshold to 1 million US dollars for repatriation

In a bid to lessen pressure on the Thai baht, the Bank of Thailand has increased to $1M the limit for foreign funds that do not need to be repatriated

Boris Sullivan

Published

on

The Bank of Thailand has relaxed foreign exchange regulations by increasing the threshold for proceeds that do not need to be repatriated from current $200,000 to USD 1,000,000 .

 Ms. Vachira Arromdee, Assistant Governor, Financial Markets Operations Group, Bank of Thailand (BOT) announced that the Ministry of Finance and the Bank of Thailand have relaxed foreign exchange regulations to increase the threshold for proceeds that do not need to be repatriated to USD 1,000,000 (a relaxation from the current threshold of USD 200,000).

The relaxation includes not only export proceeds but also other income as well.

 For those with export proceeds exceeding or equal to the above new threshold of USD 1,000,000 will be allowed to use the revenues to offset foreign currency expenses, without having to repatriate the funds. Exporters can simply register with the BOT and provide necessary documentation to commercial banks, without prior approval from the BOT.

The above relaxation will help businesses reduce fund transfer costs and manage foreign exchange risk more efficiently, especially for exporters as the new threshold accounts for approximately 80 percent of all exports. In addition, the relaxation will also promote capital flow balance and lessen pressure on the Thai baht. These relaxations will be effective on 2 March 2020.

Source : Bank of Thailand

Advertisement
Comments

Banking

Thai Banks launch packages for clients affected by COVID-19

Commercial banks in Thailand have offered refinancing services to some 30,000 clients, worth 234 billion baht in total.

National News Bureau of Thailand

Published

on

All commercial banks in Thailand have pledged to offer special financial aid to customers and businesses affected directly or indirectly by the economic implications of COVID-19, ensuring sufficient cash for customers to make withdrawals at any time.

(more…)

Continue Reading

Banking

Thai economy continued on a decelerating trend in January

In January 2020, the Thai economy continued to be on a decelerating trend According to a Press Release by the Bank of Thailand

Avatar

Published

on

According to the Press Release on the Economic and Monetary Conditions for January 2020 (Bank of Thailand), the Thai economy continued on a path of deceleration in January, contracting from the previous month in the value of merchandise exports excluding gold, manufacturing production, private investment indicators, and public spending.

(more…)

Continue Reading

Banking

Thailand’s banks to reach unbanked customers

In this Global Platform video, Tan Choon Hin, CEO of United Overseas Bank Thailand, discusses industry trends across ASEAN, including regional integration and the push towards Industry 4.0.

Oxford Business Group

Published

on

For Thailand, the digitalisation strategy that is being pursued under Thailand 4.0 is improving internet infrastructure, which in turn is opening up opportunities for digital banking.

(more…)

Continue Reading

Must Read

Upcoming Events

Mon 06

26th World Cardiology Conference – Bangkok

April 6 @ 8:00 am - April 7 @ 5:00 pm BMT
Wed 08

Global Public Health 2020

April 8 @ 8:00 am - April 9 @ 5:00 pm BMT
Mon 13
Fri 17

2nd International Conference on Nanomedicine and Nanotechnology

April 17 @ 9:00 am - April 18 @ 5:00 pm BMT
Aug 21

16th International Expo on Recycling and Waste Management

August 21 @ 8:00 am - August 22 @ 5:00 pm BMT

Press Release

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 12,288 other subscribers

Trending