BoT eases up on forex regulations
The Bank of Thailand on June 5 loosened a set of foreign exchange regulations, including allowing Thais to invest directly in securities abroad at an amount of up to $1 million a year, in a fresh bid to accommodate capital outflows, curb the appreciating baht (which briefly slipped below 34 to the US dollar) and make doing business easier. Investors with assets of at least 50 million baht will be permitted to directly invest in securities abroad in amounts of up to copy million a year from the fourth quarter of this year, the central bank said in a release. Commercial banks will also be allowed to lend baht to non-residents for investment in Thailand and countries in the Greater Mekong Subregion, the central bank said. According to the current rules, retail investors with financial assets of below 100 million baht are only allowed to invest in overseas securities through local intermediaries including asset management companies, securities brokers and commercial banks.
