Use of baht and ringgit currencies in Thai-Malaysian business transactions to be launched in April

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Use of baht and ringgit currencies in Thai-Malaysian business transactions to be launched next April



BANGKOK: -- Certain commercial banks are expected to launch a new service during the second quarter of next year to enable their customers to settle their business transactions with their trading partners in Malaysia with baht currency.

Mrs Chanthawan Sucharitkul, assistant governor of the Bank of Thailand for money market, said today ( Tuesday) that the central bank and its Malaysian counterpart had worked out details for the creation of a mechanism to facilitate the use of local currencies in business transactions between businessmen in Thailand and Malaysia.

She said that the commercial banks in Thailand which are to be chosen for the launch of the new service must have the capacity to serve customers of the two countries and have a wide base of customers in import and export business.

The use of local currencies to settle business transactions between businessmen of the two countries will help reduce the risk from currency exchange as they tend to fluctuate in the same direction.

Source: http://englishnews.thaipbs.or.th/use-of-baht-and-ringgit-currencies-in-thai-malaysian-business-transactions-to-be-launched-next-april

-- Thai PBS 2015-12-23