Thai economy will see worst-case scenario from delay of reopening to foreign tourism The Bank of Thailand (BoT) has advised the government to prepare additional financial and fiscal aid packages to protect against uncertainties under the worst-case scenario. The bank projected the Thai economy would recover slowly and unequally in the short term. Reopening the…
BoT recommends additional aid measures Thai economic uncertainty looms large amid a fragile recovery, says the Bank of Thailand, and it advised the government to prepare additional financial and fiscal aid packages to cushion against a worst-case scenario. The central bank on Wednesday published the edited minutes of the Monetary Policy Committee’s meeting on March 24,…
BoT Will Launch Retail CBDC to Secure Financial Services BANGKOK (NNT) – The Bank of Thailand (BoT) will launch the Retail Central Bank Digital Currency (CBDC) by the second quarter next year to provide Thais with access to more convenient and secure financial services. BoT assistant governor Vachira Arromdee said the development of a Retail CBDC…
BoT urged to keep credit card measure The credit card club of the Thai Bankers’ Association has proposed the central bank maintain a minimum debt payment measure for credit cards to help alleviate the financial burden on consumers during the country’s uneven economic recovery. Atis Ruchirawat, managing director of General Card Services Ltd, which runs…
Higher Spending Supports Economic Recovery in February BANGKOK (NNT) – The Bank of Thailand (BoT) has reported that the economy gradually recovered in February, mainly supported by higher private consumption and a slower spread of Covid-19. BoT’s senior director of the economic and policy department Chayawadee Chai-Anant said higher private consumption is largely due to improvement…
Thailand: Central bank slashes 2021’s GDP growth forecast to 3 percent The Bank of Thailand has slashed its economic growth forecast this year to 3 percent from 3.2 percent made in December, given the impact of the second wave of COVID-19 infections and tepid tourism. Bangkok (VNA) – The Bank of Thailand has slashed its economic growth forecast…
Thai Rates Seen on Hold, GDP Forecast Likely Cut: Decision Guide (Bloomberg) — Thailand’s central bank will likely keep its key interest rate unchanged on Wednesday at an all-time low to save limited policy space while also cutting its growth forecast for the year. All 25 economists surveyed by Bloomberg expect the Bank of Thailand…
Baht and containers crucial to export hike Exports, a key driver of the country’s economic growth, could fare better than 3-4% growth this year if the government provides more support, particularly in handling the persistent baht rise and the container shortage, says the Thai National Shippers’ Council (TNSC). According to Ghanyapad Tantipipatpong, the TNSC’s chairwoman,…
Risk-Averse Thai Investors Clash With Central Bank’s Baht Goals (Bloomberg) — The Bank of Thailand is scrapping obstacles for Thais to invest directly in foreign equities in an effort to stall the baht’s relentless rally, but will need to overcome locals’ traditional risk aversion for the program to succeed. Regulatory changes include raising the cap…
Thailand Skipped Lockdown to Save Economy, But Growth Takes Hit (Bloomberg) — Thailand’s latest virus outbreak is likely to crimp consumer spending and delay a tourism revival, prompting warnings the economy may undershoot expectations for a rebound this year and next. Thailand hopes to avoid a full national lockdown to stem a wave of infections…