(Reuters photo)The Bank of Thailand (BoT) has increased the size of the maximum international money transfer allowed each customer for non-commercial bank business from 200,000 baht per day to 800,000 baht per day in a move to curb the strong baht. Vachira Arromdee, assistant governor for financial markets operations, confirmed the increase in the allowed daily international money transfer for payment for goods and services took effect on Jan 12, Post Today reported. A source at the Thai Bankers Association said this relaxation will largely benefit small- and medium-sized enterprises (SMEs), along with general customers using international money transfer services. It will promote competition among the providers of ithe money transfer services, which will benefit customers in terms of lower fees, the source said. He attributed the stronger baht, and other stronger currencies in the region, on the weaker US dollar.

Source: Bangkok Post January 16, 2018 03:22 UTC