Bank of Thailand lifts capital controls
The move was announced last Friday (February 29) and had the immediate effect of seeing offshore US dollar/baht rallying to a high of 31.20 while onshore USD/THB trading hit a low of 31.45 - narrowing the spread.
The motivation for this was the prospect of a return to a one-tier market, said Claudio Piron, Asia FX strategist at JP Morgan in Singapore. "Previously, the offshore market was denied access to onshore liquidity as a result of the URR [unremunerated reserve requirements] that required
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