Six measures approved

1. Allowing listed firms on the Stock Exchange of Thailand to purchase foreign currency for the purpose of foreign direct investment up to US$100 million (Bt3.7 billion) per year. To qualify, a listed firm must have had positive shareholders' equity in the previous accounting year and must not be in the process of rehabilitation.

2. Allowing resident corporations and individuals in Thailand to deposit foreign currency with financial institutions in Thailand, as follows:

2.1 Earners of foreign currency from sources abroad and through means such as receipts of export payments or the proceeds of borrowing from foreign countries are allowed to deposit foreign currency with financial institutions in Thailand with the following conditions:

A When having foreigncurrency obligations

 Depositors must show proof of foreigncurrency obligations within the next 12 months. The total amount of deposits for all accounts and currencies must not exceed $1 million for individuals and $100 million for corporate entities.

B When having no foreigncurrency obligations

 The total amount of deposits for all accounts and currencies must not exceed $100,000 for individuals and $5 million for corporate entities.

2.2 Earners of foreign currency can use baht from sources in Thailand to purchase foreign currency or borrow from financial institutions in Thailand, then deposit with financial institutions in Thailand with the following conditions:

A When having foreigncurrency obligations

 Depositors must show proof of foreigncurrency obligations within 12 months of the transaction. The total amount of deposits for all accounts and currencies must not exceed $500,000 for individuals and $50 million for corporate entities.

B When having no foreigncurrency obligations

 The total amount of deposits for all accounts and currencies must not exceed $50,000 for individuals and $200,000 for corporate entities.

3 Adjusting the limit for individuals to transfer money overseas to $1 million per person per year for the following purposes:

A Transfer to relatives permanently living overseas

B Transfer to donate money overseas

C Transfer to purchase real estate overseas

4 Changing the condition that Thai residents or corporate entities which have revenues in foreign currency must bring the proceeds into Thailand within 120 to 360 days. This will provide more flexibility to Thai residents or corporate entities which give trade credits to clients overseas.

5 Abolishing the condition that Thai residents who receive foreign currency must sell or deposit the proceeds with financial institutions in Thailand within 15 days. This will provide more flexibility to foreigncurrency earners in Thailand to manage their foreigncurrency receipts.

6 Adjusting the conditions to invest in foreign securities by institutional investors. Institutional investors can now invest in deposits with foreign financial institutions without first getting approval from the exchange control supervisor.

- The Nation