Thai central bank relaxes currency rules to help businesses

BANGKOK: The Bank of Thailand said it’s easing some foreign-exchange rules to reduce compliance costs for the private sector. The baht strengthened as speculation the monetary authority might unveil major steps to curb the currency’s appreciation proved unfounded.

The central bank in a statement yesterday laid out a time-line for regulatory changes that seek to improve clarity and eliminate redundancy. The steps will save businesses more than 1 billion baht annually (RM125mil), and some changes will come into effect as early as this month, governor Veerathai Santiprabhob said in a briefing in Bangkok. The measures are unrelated to reducing foreign-exchange risks, he later told reporters.