"SWIFT" action won’t affect Thai financial system, says BOT

BANGKOK, March 17 (TNA) - The Bank of Thailand (BOT) announced Saturday that a decision by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) on stopping providing services to Iranian banks would not affect the Thai financial system, as Thailand neither uses credit facilities nor invests with Iranian financial institutes. BOT’s Senior Director at the Financial Institutions Monitoring and Analysis Department Siritida Panomwon Na Ayudhya acknowledged an initial examination had shown that the cease of the SWIFT services to Iranian banks, which takes effect at 4pm GMT on March 17, would not seriously affect Thailand’s financial and investment sectors. Siritida pointed out that a similar situation occurred in 2006 when the United Nations imposed its first sanction on Iran and the punitive measure against Tehran's alleged attempts on developing nuclear weapons has been steadily intensified ever since, causing financial institutes worldwide, including Thailand, to become more cautious in doing business with Iran. So far, Siritida insisted, there has hardly had any direct investment by Thai business operators in Iran; so the action by the SWIFT should not seriously affect Thailand. The senior BOT official said, however, that it remains to be seen on any impact on payment transfers for exports or oil buying or salary payment to Thai workers in Iran. (TNA)