Free flow of foreign currencies to be allowed in EEC zone
Speaking at the Thursday's forum "CLMVT " , Kobsak Pootrakool, vice minister for office of the Prime Minister, said the Thai government will not push for baht currency domination in Cambodia, Laos, Myanmar and Vietnam but wants to support these neighboring countries to use their own currencies.
Currently, Cambodia widely uses dollar because its own currency has not yet been recognized .
"We're rather support them to have their own local currencies which widely accepted, and we support a usage of both Thai baht and currencies of neighboring countries for business transactions among people living in border provinces," Kobsak said.
He told reporters later that free flow of foreign currencies is expected to be allowed in the Thailand's Eastern Economic Corridor development project.
"The government plans to drawn foreign investors to establish regional and international headquarters,treasury center and trading center ,so free flow of foreign currencies is a necessary," Kobsak said.
He, however, stated that those currencies would be used for related businesses in the EEC only. Investors will not be allowed to lend those currencies to businesses outside EEC.
The government is consulting with Bank Of Thailand for laying down usage of foreign currencies ' regulations which is expected to be concluded soon, he said.
The coverage of EEC zone is Chachoengsao, Chonburi and Rayong provinces.