BoT inks currency deal with Japan

BoT inks currency deal with Japan

Japan's Finance Ministry and the Bank of Thailand have signed a memorandum of cooperation for the establishment of a framework to promote the use of local currencies.

The deal aims to promote the use of local currencies for trade and investment settlement in both countries, including promotion of direct exchange rate quotation and interbank trading between the yen and the baht, said Chantavarn Sucharitakul, assistant governor for the corporate strategy and relations group at the central bank.

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," Mrs Chantavarn said.

"The authorities believe it will positively contribute to closer trade and investment ties between the two countries."

Nine commercial banks will cooperate with the Bank of Thailand by providing direct exchange rate quotation and promoting foreign exchange transactions in yen and baht in interbank markets, as well as trade with their customers, Mrs Chantavarn said.

The banks are Bangkok Bank, Siam Commercial Bank, Krungthai Bank, Kasikornbank, Bank of Ayudhya, CIMB Thai Bank, Mizuho Bank Ltd Bangkok Branch, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank Thai.

Do you like the content of this article?
COMMENT

Time to end war on city's vendors

The Bangkok Metropolitan Administration (BMA) has reaffirmed its tough stance on sweeping vendors off city pavements by Dec 31, denying previous media reports it would allow vendors back but with certain restrictions. Such a harsh policy will see the capital in tumult.

07:01

Liverpool romping clear as City lose at United

LONDON: Liverpool took a giant step towards their first title since 1990 on Saturday when their 3-0 win at Bournemouth combined with Manchester United's 2-1 victory at Manchester City to leave the champions 14 points adrift of the Premier League leaders.

06:47

Tourist safety boost as German TV covers scams

The Interior Ministry has instructed state agencies to step up tourist safety after a German media report that scams are widespread in Thailand.

06:01