The Thai baht (Source: http://jakartaglobe.id)

Bangkok (VNA) - The Bank of Thailand (BoT) and Japan’s Finance Ministry on March 9 signed a memorandum of understanding on cooperation to promote the use of their local currencies in order to settle bilateral trade and investment.

The cooperation includes the promotion of the direct exchange rate quotation and interbank trading between the Thai baht and Japanese yen.

Thai and Japanese authorised agencies will intensify information sharing and organise periodical discussions to effectively serve transactions between the two currencies.

The cooperation would be enhanced through information sharing and periodical discussions between Japanese and Thai authorities, said BoT’s assistant governor for corporate strategies and relations Chantavarn Sucharitakul.

This collaboration marks a key milestone in strengthening bilateral financial cooperation between Japan and Thailand, said she.

At present, nine commercial banks participate in the cooperation by providing the direct exchange rate quotation and promoting foreign exchange transactions in yen and baht in the interbank markets as well as trade with their customers.

They are Bangkok Bank, Krungthai Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial Bank, CIMB Thai Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation, and Standard Chartered Bank (Thai).-VNA