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Arkhom: Debt freeze could lengthen

A screenshot of Mr Arkhom during his keynote speech. Financial institutions should consider if the Bank of Thailand s move to suspend principal and interest payment for two months should be extended to provide more breathing room to small and medium-sized enterprises (SMEs) this year and next as the pandemic s impact has been severe, says Finance Minister Arkhom Termpittayapaisith. He made the remarks during a keynote speech yesterday at the launch of the World Bank s Thailand Economic Monitor July 2021 The Road To Recovery report. Mr Arkhom said because the Thai economy is not expected to recover quickly, banks and lenders will have to monitor the situation and consider if debt suspension should be longer than two months.

Krung thep mahanakhonArkhom termpittayapaisithKulaya tantitemitAssociation of international banksWorld bank thailand economic monitorFiscal policy officeThai banker associationFinance minister arkhomWorld bankThailand economic monitor julyInternational banksசங்கம் ஆஃப் சர்வதேச வங்கிகள்நிதி பாலிஸீ அலுவலகம்தாய் வங்கியாளர் சங்கம்உலகம் வங்கிசர்வதேச வங்கிகள்

BoT: Rate cut is not the answer

Deputy Bank of Thailand Governor Ronadol Numnonda A ceiling rate cut for consumer loans would not be a holistic solution to help ease the debt burden of individual borrowers, says an executive of the Bank of Thailand. The central bank has been studying cutting the ceiling rate for some consumer loan products to lower the financial cost for retail borrowers. The bank needs to consider the pros and cons of the option, said deputy governor for financial institutions stability Ronadol Numnonda. Even though a ceiling rate cut would reduce borrowers costs, it might push some of them out of the financial system, he said. Lower interest rates will draw in more loan applicants, and some might be rejected if they do not have good repayment capacity. This could lead them to look for a loan shark, which often have unreasonable rates, said Mr Ronadol.

Ronadol numnondaAssociation of international banksThailand governor ronadol numnonda deputy bankDeputy bankGovernment financial institutions associationThai banker associationThailand governor ronadol numnondaInternational banksசங்கம் ஆஃப் சர்வதேச வங்கிகள்துணை வங்கிஅரசு நிதி நிறுவனங்கள் சங்கம்தாய் வங்கியாளர் சங்கம்சர்வதேச வங்கிகள்

BoT: Debt holiday for those in need

1 The Pathumwan intersection and its skywalk is void of traffic and people during the lockdown hours in the capital. Pattarapong Chatpattarasill The Bank of Thailand is allowing a two-month debt holiday for individuals and small and medium-sized enterprises (SMEs) suffering a direct impact from the government s latest lockdown measures to combat the pandemic. The measure, which includes the cooperation of the Thai Bankers Association and the Association of International Banks, targets employees and employers in 10 provinces who have temporarily closed businesses as a result of the tighter lockdown measures. This measure starts with monthly debt payments for July. Borrowers who want to apply for this debt suspension measure can contact creditors from July 19.

Krung thep mahanakhonPattarapong chatpattarasillVitai ratanakornAssociation of international banksGovernment financial institutions associationThai banker associationGovernment savings bankInternational banksசங்கம் ஆஃப் சர்வதேச வங்கிகள்அரசு நிதி நிறுவனங்கள் சங்கம்தாய் வங்கியாளர் சங்கம்அரசு சேமிப்பு வங்கிசர்வதேச வங்கிகள்

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Ang thongKrung thep mahanakhonKoh phanganKoh samuiYuthasak supasornKoh taoRatchaporn poonsawatTourism authority of thailandAng thong national parkBangkok airwaysKoh samui tourism promotion associationForeign banks associationThai banker associationSurat thaniSamui plusPhuket sandbox

Household debt reaches 18-year high

2 Thailand s household debt has hit an 18-year high after rising to 90.5% of GDP in the first quarter. Thailand s household debt has hit an 18-year high after rising to 90.5% of GDP in the first quarter. Kasikorn Research Center (K-Research) reported Thailand s outstanding household debt increased to 14.13 trillion baht in the first quarter of 2021, or 90.5% of GDP, the highest level in 18 years according to Bank of Thailand data. In the fourth quarter of 2020, the household debt ratio was 84.9%. The prolonged Covid-19 outbreak this year led to an economic slump and swelled household debt. As a result, K-Research changed Thailand s household debt forecast in 2022 to a range of 90-92% of GDP from 89-91% previously.

Jaturong jantarangsKasikorn research centerThai banker associationResearch centerகாசிகார்ன் ஆராய்ச்சி மையம்தாய் வங்கியாளர் சங்கம்ஆராய்ச்சி மையம்