Wed, December 08, 2021

business

Cabinet approves amendment to foreign currency-exchange regulation


The Cabinet on Tuesday approved an amendment to a Finance Ministry regulation relating to the foreign currency-exchange business under the Exchange Control Act.

“The amendment aims to increase the efficiency of the foreign currency-exchange business and convenience for customers,” said deputy government spokesperson Ratchada Thanadirek
She said it would cover six aspects:

1. Licensed foreign currency-exchange businesses will be allowed to exchange currencies in other forms apart from banknotes, such as credit or debit cards issued by foreign banks. This means foreigners can now purchase the baht using their credit or debit cards.

2. New foreign currency-exchange business operators can register with the Bank of Thailand. In the past they had to obtain a licence issued only by the finance minister.

3. The obtained licence can now be shared between the head office and other branches of the business, while in the past businesses having several branches had to apply for a licence for each branch on a one-to-one licensing basis.

4. The business will be allowed to use revenue from foreign currency exchange for purposes other than selling to or depositing with a commercial bank, such as settling trade debts or selling to a third party.

5. Applicants seeking a licence for a treasury centre business must be a juristic person, while existing businesses registered by an individual will be able to use their licence for three years from the date this ministerial regulation takes effect.

6. Directors and major shareholders of foreign currency-exchange businesses must never have been jailed or sentenced to a jail term in offences relating to foreign currency exchange. This is to ensure the regulation complies with international anti-money laundering standards.

Published : November 24, 2021

By : THE NATION