Bank of Thailand raises Limit on International Money Transfers

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Andrew Rosenbaum
Senior Content Specialist
Andrew Rosenbaum has been a financial journalist for more than 15 years. He has worked for Euromoney, Institutional Investor, Time magazine, MSN Money and the Wall Street Journal before joining… Read more
  • Thailand's central bank has raised the limit on international money transfers.
  • It is now possible to transfer can transfer up to 800,000 baht ($25,039) per day per customer, up from 200,000 baht previously, Assistant Governor Vachira Arromdee said in a statement on January 12, 2018.
  • Increasing the limit would provide greater flexibility for private individuals and small businesses, the statement said.

 

The move, in accordance with the central bank's foreign exchange control reform adopted since mid-2017, will increase flexibility for individuals and small- and medium-sized businesses, she added.

The central bank is also concerned with the strength of the baht, which has risen by 2.1 per cent this year to 31.95 per US dollar, after increasing 9 per cent in 2017. Exporters are suffering as the cost of their goods becomes higher in foreign markets. But the Bank of Thailand is taking measures to ensure that the baht continues trading in line with regional currencies.

By increasing the amounts of money transfers, the central bank will permit a greater outflow of the national currency, helping to steady it on foreign exchange markets.

Thai Deputy Prime Minister Somkid Jatusripitak commented that dollar weakness has been the driver of the baht’s value. The U.S. dollar has fallen back as companies and investors are working out the consequences of the recent tax reforms, and there is also concern about inflation in the US which could keep the Fed from raising interest rates as rapidly as expected.

The Thai economy appears to be emerging from a slow-growth period. Gross domestic product for the quarter through September was the highest in more than four years at 4.3 per cent from the previous year.  This is about double what the Thai economy has shown for growth in the past three years.

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