Currency swap approved for loan repayment to JICA

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BANGKOK, 8 May 2013 The cabinet has approved the cross currency swap for loan repayment financing the construction of Blue Line electric train. 

Transport Minister Chadchart Sittipunt revealed that the cabinet green-lighted the Mass Rapid Transit Authority of Thailand (MRTA) to apply the cross currency swap to repay loan to The Japan International Cooperation Agency (JICA).

The loan contract between JICA and Thailand, amounted to approximately THB14.5 billion, was signed when the baht was around 34-36 per 100 yen.

As the baht becomes stronger against the yen, currently standing at 30 baht per 100 yen, the cross currency swap will save the loan interest by approximately THB3.73 billion.

The cabinet has also agreed in principle to the currency swap for the THB16.09 billion loan for the Purple Line.