Section Code: Article 7
TREATY OF AMITY AND ECONOMIC RELATIONS (1966)
between the Kingdom of Thailand and the United States of America
ARTICLE VII: Currency Exchange
No Restrictions on the Transfer of Funds
Neither Party shall apply restrictions on the making of payments, remittances, and other transfers of funds to or from the territories of the other Party, except (a) to the extent necessary to assure the availability of foreign exchange for payments for goods and services essential to the health and welfare of its people, or (b) in the case of a member of the International Monetary Fund, restrictions specifically requested or approved by the Fund.
Imposition of Exchange Restrictions must have a Reasonable Provision for Withdrawal
If either Party applies exchange restrictions, it shall make reasonable provision for the withdrawal is foreign exchange in the currency of the other Party, of:
- the compensation referred to in Article III, paragraph 2, of the present Treaty;
- earnings, whether in the form of salaries, interest, dividends, commissions; royalties, payments for technical services, or otherwise; and
- amounts for amortization of loans, depreciation of direct investments and capital transfers, giving consideration to special needs for other transactions.
If more than one rate of exchange is in force, the rate applicable to such withdrawal shall be a rate which is specifically approved by the International Monetary Fund for such transactions.
Application of Exchange Restrictions
Either Party applying exchange restrictions shall in general administer them in a manner not to influence disadvantageously the competitive position of the commerce, transport or investment of capital of the other Party in comparison with the commerce, transport or investments of any third country.