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NR's offshore swap transactions approved

The Bank of Thailand (BOT)'s assistant governor Nitaya Pibulratanagit said yesterday the central bank has already approved some nonresident investors to shift their offshore swap transactions worth Bt20billion into the onshore market in line with its relaxation of the withholding reserve requirement measure.

The moves would not have any impact on Thai baht as feared because the nonresidents (NR) have shifted their transactions gradually, she said.

However, the BOT has to carefully check related documents to prove that the transactions are really based on actual economic activities, not speculations.

The BOT allows NR with underlying transactions before December 19 last year to do sellbuy swaps domestically without setting aside 30 per cent of the reserve requirement. They are strictly required to make requests only within July16August17, 2007. - The Nation

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NR's offshore swap transactions approved

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