3 replies to this topic

[BORG]

"The Bank of Thailand said Thursday it would allow the public to open US dollar bank accounts of up to $100,000 in a bid to take some of the US currency out of circulation. Officials hope the accounts could help to curb the strong baht, which has remained at 10-year highs against the greenback.

Under the measure, ordinary Thais can own domestic bank deposits worth up to $100,000, central bank governor Tarisa Watanagase said, adding the scheme was part of a package aimed at pressuring the baht.

The central bank, under pressure from the army-backed government over the volatile baht, will present the package to Prime Minister Surayud Chulanont's cabinet for approval on Tuesday.

Under current rules, Thai firms can hold dollar-denominated bank accounts here but the public was not allowed to do so."

http://www.bangkokpost.com/topstories/tops...s.php?id=120315

[TheYenta]

It will be interesting to see if they allow expats with one-year retirement visas to hold dollar-designated accounts equal to 800,000 baht - maybe even in their own banks bank home, not some Thai bank that cheats them out of paying the same interest paid to Thai accounts.

Seriously, if they want to lower the baht's value, then making expats who want a one-year visa purchase 800,000 baht with their own currency does not make sense. If all they want to see is evidence of financial condition, the money can be in any bank in the world.

Doesn't that make sense ?

Dream on !!!!

[Bob]

What the heck, let's you gamble a bit. If you think the US dollar is going to continue to fall against the baht, keep your account in baht. If you're gambling the other way (that the US dollar will appreciate against the baht), then use of the new US dollar accounts if/when they're allowed.

[Dick]

Why not split it 50/50 between two accounts, one in baht and one in dollars, and have your own hedge fund !