Thai central bank chief welcomes proposal to reduce U.S. dollar transactions


By Shotaro Tani
Nikkei Asian Review, Tokyo
Sunday, May 7, 2017

YOKOHAMA, Japan -- Thailand's central bank chief said Saturday he welcomed moves to wean Southeast Asia off its reliance on the U.S. dollar, as Japanese representatives put forward a bilateral currency swap proposal on the sidelines of the Asian Development Bank's annual summit.

Japan's proposed framework, if realized, would allow the 10 members of the Association of Southeast Asian Nations to withdraw up to 4 trillion yen ($40 billion) during times of financial crisis.

Although Bank of Thailand Governor Veerathai Santiprabhob declined to comment on specifics, saying the proposal was still in its preliminary stage and there remained "a lot of discussion that needs to be done," he said he "very much welcomes initiatives" where "ASEAN countries and the Japanese government are working together to strengthen the region's financial safety net." ...

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