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The government has rolled out a debt mediation programme for debtors having problems repaying debts in light of Covid-19.
Deputy government spokeswoman Traisuree Taisaranakul said Prime Minister Prayut Chan-o-cha has instructed various agencies to help debtors by preventing them from missing repayments and suffering from its consequences on their work.
The Bank of Thailand, the Legal Execution Department and over 22 credit card and other credit providers, will arrange a fair to mediate credit card and personal loan debts on Feb 14 until April 14 to help debtors, she said.
The event seeks to relax debt repayments for three groups of debtors comprising NPL debtors who are being prosecuted, NPL debtors who have not yet been prosecuted and debtors temporarily lacking liquidity, according to Ms Trisuree.
Thai Households Pile up Debt as New Virus Wave Weighs on Income
Bloomberg 2/1/2021 Suttinee Yuvejwattana
(Bloomberg) Thailand’s household debt, already among the highest in emerging Asia, is expected to rise further as a fresh Covid outbreak curbs incomes, weighing on consumer spending and heightening financial-stability risks.
Household debt stood at 13.8 trillion baht ($460 billion), or 87% of gross domestic product, at the end of September 2020, up from 79% a year earlier, according to central bank data. Debt levels will be one of the risks the Bank of Thailand considers in its policy decision Wednesday after its latest meeting minutes cited household finances as a factor that warrants attention.
Financial consumer protection regulations
In January, we published an update on the new Bank of Tanzania Regulations on financial consumer protection. The update explored key provisions of the Bank of Tanzania (Financial Consumer Protection) Regulations that were published as Government Notice No. 884 of 2019 (the
Regulations). Key players under the Regulations are the financial consumer, the financial service providers and the Bank of Tanzania (
BOT).
The Regulations make it imperative for financial service providers to adopt policies and a mechanism for ensuring financial consumer protection. Every financial service provider must have a structure of governance that ensures effective implementation of consumer protection. The Regulations also provide for non-discrimination of consumers and the need for financial service providers to adopt transparent consumer contracts with fair terms. The Regulations also provide for the requirement of financial service providers to establish