Currency
Issues related to currency and money exchange.
Issues related to currency and money exchange.
The Bank of Thailand plans to relax rules for yuan-baht trade payment supporting local currency settlement, reducing reliance on the US dollar.
The cabinet has approved Asean's joint plans to push for the use of local currencies for payments in the region.
The caretaker cabinet on Tuesday approved a draft declaration to promote use of local currencies in transactions between member states of the Association of Southeast Asian Nations.
The Securities and Exchange Commission (SEC) on Monday ordered cryptocurrency exchange Zipmex to clarify news that emerged on Friday regarding its Singapore parent not receiving the latest payment under its buyout agreement with venture capital firm V Ventures Technologies.
The baht is likely to recover and strengthen to 33-34 to the US dollar by the end of 2023, as the greenback could go into reverse and start to depreciate in six months, says SCB Chief Investment Office (CIO).
The baht fell to less than 35 against the US dollar on Monday and recorded its lowest level for two months, after being the most volatile currency traded in the region this year.
The strengthening of the baht is a risk to Thailand's economy at the moment as it reduces export volumes, the finance minister said on Friday.
High-value industrial products with few imported raw materials are expected to be the hardest hit as baht strengthens.
JAKARTA: Indonesia is formulating incentives for exporters to keep their foreign-exchange earnings onshore for at least three months, its chief economics minister said on Thursday.
The stronger baht is the result of foreign investors' confidence in Thailand, says Finance Minister Arkhom Termpittayapaisith.