KTB assures the money exchange transaction with two Laotians legitimate

State-run Krung Thai Bank clarified on Thursday (Dec 14) that its branch office in Nong Khai had fully complied with regulations regarding money exchange over a substantial portion of the 98 million baht in Thai currency that the office exchanged with two Laotian nationals.

The two Laotian brothers, Subanh and Kamboun Tiasiri ,were arrested by customs officials at a border point on the Thai-Lao friendship bridge on charge of currency smuggling as they tried to bring the 98 million baht in cash into Laos on Dec 12.

The bank said that its Nong Khai branch office has extensively engaged in transactions concerning cross-border trading and, therefore, has a substantial reserve of Thai currency.

About 70 out of the 98 million baht seized by customs officials and now kept at the KTB’s Nong Khai branch were exchanged with the branch office.

Also, it said that the two Laotians in question were customers of the branch office in Nong Khai and used to exchange money with the branch office, adding that the transaction with the due was legitimate and in compliance with regulations.

Nimit Saeng-amphai, chief of Nong Khai Custom Office, said the two were initially charged with cash smuggling. They were bailed out but were banned from leaving the country.