Bangkok--15 Mar--CIMB Thai Bank
Sutee Losoponkul (left) Senior Executive Vice President and Padej Piroonsit, Executive Vice President of Treasury Group of CIMB Thai Bank stated that CIMB Thai and CIMB Bank are ready to serve as Appointed Cross Currency Dealers (ACCDs) for the settlement of ringgit-baht trade after being appointed by Bank of Thailand and Bank Negara Malaysia respectively. The Local Currency Settlement Framework is the key initiative of the Bank of Thailand and the Bank Negara Malaysia that helps importers and exporters of both countries to save transaction costs and pricing will be easier with reduced unnecessary transaction cost. Also, they don't have to concern over volatility on US dollar exchange rate. Moreover, ringgit-baht exchange rates is more stable compared to US dollar-baht.