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  1. #1
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    Thai Individuals allowed to hold dollar up to US$100,000

    Thai Individuals allowed to hold dollar up to US$100,000

    Bank of Thailand governor Tarisa Watanagase said on Thursday after a meeting with Kosit Panpiemras, deputy prime minister, at Industry Ministry, that the authorities would allow individuals to hold dollar currency longer.

    For example, the BOT would allow individuals to hold dollar up to US$100,000. This is part of the central bank's package submitted to Finance Ministry in a bid to curb the baht appreciation.

    Tarisa said the central bank expects to finalise the measure tomorrow before making announcement.

    Thai baht was opened at Bt33.48 to Bt33.50 per dollar on Thursday and still hovered at this range as the market is waiting for the package announcement.

    Kosit also said that most of the measures proposed by the joint private committee to stem the baht can be done, although some of them may not be able to implement completely.

    He said he would report about the package to Prime Minister Surayud Chulanont before reporting in the meeting with the National Economic Driven Committee on Monday. Any measure requires Cabinet approval will be proposed in the Cabinet on Tuesday, he said.

    According to a source, the central bank has submitted eight measures as a package to curb the baht appreciation to Finance Minister.
    Some of the measures from the central bank's package include:
    1. Allowing Thai companies or Thai individuals to open foreign currency accounts in the local commercial banks. Without foreign currency income, individual can't deposit more than US$100,000 in the account. In the case of companies, the limit is US$300,000 per account.
    2. Individuals can invest or buy a piece of real estate in the overseas at not more than US$1 million. Individuals can also transfer money more freely to their relatives living in the overseas.
    3. Listed companies in the Stock Exchange of Thailand will be allowed to buy unlimited forex to invest or do trading in the overseas.
    4. Exporters or those who have foreign currency incomes do not need to convert their foreign currencies into Thai baht within 15 days as is now the case. They will have more flexibility to hold the foreign currencies longer.

    However, the eight measures have not been approved by the ministry. It could be revised by the ministry before proposing to the prime minister, the source said.

    The Nation
    Chalida Ekvitthayavechnukul

  2. #2
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    2. Individuals can invest or buy a piece of real estate in the overseas at not more than US$1 million.
    fck kncuckles.....

    does Toxin know about this? better give back that new house in Hong Kong, and give up Man City club....

    how are they going to police that??

  3. #3
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    Fabian's Avatar
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    Quote Originally Posted by dirtydog View Post
    Individuals can also transfer money more freely to their relatives living in the overseas.
    I guess much more money is going the other way.

  4. #4
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    Does anyone here have a foreign currency account in a Thai bank? If so, are there any restrictions on transfers to overseas accounts?

    I get paid in US dollars , and I am considering asking to have my money deposited in an overseas account (as I did in the past), as I do not believe the strong baht will last.
    Any error in tact, fact or spelling is purely due to transmissional errors...

  5. #5
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    ^
    1. Allowing Thai companies or Thai individuals to open foreign currency accounts in the local commercial banks.
    Be interesting to see how it is worded.

  6. #6
    I am in Jail
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    it's not enough, it might give an extra 1 or 2 thb to the rate

  7. #7
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    Another quaint thing, is all these wonderful old laws, now crawling out of the woodwork re. Thais (Johnny Foreigner?) not being able (in the past) to have/hold onto foreign currency.

    Told me thai squeeze that now she could have her cool 100kUS$ laying about the house and ...
    she went ballistic! She didn't have a foking clue re. the existence of these laws.
    To further inflame the situation I told her that ignorance of the law ....

    She told me to get a move on at even a faster pace to jump ship, since she refuses to live in such an abusive land.

    At times, the proverbial scales falling off from (thai) eyes, make a mighty thud

  8. #8
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    These are the old IMF laws to stop the THB from slipping, they forgot to remove them

  9. #9
    Thailand Expat Texpat's Avatar
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    Quote Originally Posted by dirtydog View Post
    2. Individuals can invest or buy a piece of real estate in the overseas at not more than US$1 million.

    So as things stand currently Thais are NOT allowed to buy real estate overseas?

    How do Thai policymakers intend on legislating foreign real estate laws? Fools.
    Last edited by Texpat; 20-07-2007 at 03:21 PM.

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