Bank of Thailand signs memo with Japan Finance Ministry
A cooperation agreement intended to promote the use of local currencies was signed on Friday between the Bank of Thailand and the Ministry of Finance of Japan.
Chantavarn Sucharitakul, assistant governor, corporate strategy and relations group, Bank of Thailand announced the two bodies will establish a framework for cooperation to promote use of local currencies for settling trade and investment in both countries.
Covered under the MoC is settlement that includes, among others, promotion of the direct exchange rate quotation and interbank trading between the Japanese Yen and the Thai Baht. This cooperation will be enhanced through information sharing and periodical discussions between Japanese and Thai authorities, the Bank announced.
This collaboration marks a key milestone in strengthening bilateral financial cooperation between Japan and Thailand, it said. The authorities believe that it will positively contribute to closer trade and investment ties between the two countries.
Under the MOC, the following nine commercial banks will cooperate with the Bank of Thailand by providing direct exchange rate quotations and promoting foreign exchange transactions in Japanese Yen and Thai Baht in the interbank markets as well as in trade with their customers:
1. Bangkok Bank Public Co Ltd
2. Krung Thai Bank Public Co Ltd
3. Bank of Ayudhya Public Co Ltd
4. Kasikornbank Public Co Ltd
5. Siam Commercial Bank Public Co Ltd
6. CIMB Thai Bank Public Co Ltd
7. Mizuho Bank, Ltd Bangkok Branch
8. Sumitomo Mitsui Banking Corporation
9. Standard Chartered Bank (Thai) Public Co Ltd.
