BANGKOK (Reuters) – Thailand’s central bank said on Tuesday it was relaxing some foreign exchange rules for non-residents to improve the ease of doing business in the country.
More flexibility will be given under the non-resident qualified company (NRQC) scheme, the Bank of Thailand (BOT) said in a statement.
The relaxation is part of the BOT’s effort to develop the country’s foreign exchange ecosystem to provide more flexibility and reduce the cost of non-residents’ foreign exchange transactions.
The NRQC scheme will now allow non-residents to undertake cross-border payments related to the baht with onshore financial institutions without the requirement to provide a supporting document for each transaction, thus reducing bureaucracy.
They can also manage baht liquidity in their non-resident baht accounts without being subject to the end-of-day outstanding balance limit, it added.
Besides the NRQC scheme, the requirements on supporting documents have also been eased to allow non-residents with trade and investment in Thailand to conduct transactions related to the baht with onshore financial institutions more flexibly.
“This will also allow non-resident investors (end beneficiaries) investing in securities in Thailand to be able to conduct such transactions directly without proceeding through global custodians,” the central bank said.
(Reporting by Orathai Sriring and Satawasin Staporncharnchai; Editing by Sharon Singleton)