Thailand relaxes rules on non-resident baht transactions – cenbank

BANGKOK : 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…