Commuters wearing protective masks travel by train in Bangkok, Thailand. The Bank of Thailand on Friday eased some foreign-exchange rules as part of a previously announced plan to temper the baht. - Bloomberg
The threshold for proceeds that do not need to be repatriated rises to US$1mil from the current US$200,000, effective March 2, the central bank said in a statement Friday, adding that the"relaxation includes not only export proceeds but also other income as well.” Baht strength last year hurt Thailand’s economy -- which relies on exports and tourism -- and officials struggled to restrain the appreciation. The picture in 2020 is very different, with the currency weakening about 5% against the dollar due to the coronavirus outbreak. That’s made it the weakest over the period in an Asian basket tracked by Bloomberg.
"Because right now, the exports sector is facing the coronavirus crisis and may not hold any cash in foreign currency.”
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