Thais Give Green Light For Offshore FX Dealing
BANKS
Thailand is making a bid to become a new center for foreign exchange dealing, with the award of offshore licenses to 32 international banks and 15 local players.
Under the new Bangkok International Banking Facility (BIBF), banks will be able to take advantage of tax breaks for regional activities and greater freedom from regulations. There is already evidence that the Thai authorities intend to be cautious--three leading Singapore banks had their applications rejected--but nevertheless many banks
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