The Bank of Thailand has been entrusted by the Ministry of Finance with the responsibility of
administering foreign exchange. The governor of the Bank of Thailand shall appoint the officials of the
Bank of Thailand as the Competent Officers under the Exchange Control Act (B.E. 2485).
All foreign exchange transactions are to be conducted through commercial banks and through authorized
non-banks, namely authorized money changers, authorized money transfer agents, and authorized
companies that are granted foreign exchange licenses by the Minister of Finance. Any transactions not
conducted through the above-mentioned licensees require approval from the Competent Officer on a case