Search Results for: The Bank of Thailand
- Business News
Thai baht may need another ‘haircut’ by the Bank of Thailand before the end of 2019
Wednesday’s rate cut by the Bank of Thailand has not succeeded in reining in the surging baht, raising the prospect of another interest rate cut by 0.25 of a percentage point before the year-end. While the central bank’s statement on the policy rate reduction didn’t mention the strength of the baht, economists suspect the baht’s strength and its impact on…
- Thailand News
Bank of Thailand to roll out new 50 and 100 baht polymer banknotes
The Bank of Thailand (BOT) is set to introduce new 50 and 100 baht polymer banknotes, which will officially enter circulation on November 21. BOT Governor, Sethaput Suthiwartnarueput, said the new banknotes, made from a special polymer material, are more durable and resistant to moisture and dirt. The change aims to keep banknotes cleaner, longer-lasting, and more environmentally friendly. The…
- Thailand News
Bank of Thailand likely to hold policy rate at 1.5%
The Bank of Thailand is anticipated to maintain its policy rate at the upcoming meeting tomorrow, October 8, as it evaluates economic data and allows time for the new governor to adjust to the role. Pipat Luangnaruemitchai, chief economist at Kiatnakin Phatra Financial Group, stated that the Monetary Policy Committee (MPC) will likely decide tomorrow to keep the policy rate…
- Business News
Bank of Thailand to roll out white-label ATM licences next year
The Bank of Thailand (BoT) is preparing to issue new business licences for white-label automated teller machines (ATMs) next year, aiming to expand access to financial services and promote inclusion across the country. The new licensing scheme, part of the BoT’s Financial Landscape 2025 framework, will allow both banks and non-bank operators to install and operate ATMs under their own…
- Business News
Bank of Thailand may cut rates amid US tariff concerns
The Bank of Thailand (BoT) may reduce interest rates multiple times by the end of this year to bolster the economy if US tariffs on Thai goods prove uncompetitive compared to regional counterparts. Head of research for the banking and financial sector at Kasikorn Research Centre, Kanjana Chockpisansin, indicated that the think tank anticipates at least one additional rate cut…
- Business News
The rise of fintech in Thailand: technology vs traditional banking
Thailand’s financial landscape is undergoing a profound transformation. At the heart of this evolution is the meteoric rise of financial technology (fintech), a sector that disrupts the traditional banking model. And also reshapes consumer behaviour and the competitive landscape. Mobile-first platforms, e-wallets, and digital lending services have become mainstream. And the battle between fintech and traditional banks intensifies. And it…
- Business News
Banking on trouble: SCB scales back as storm brews in Thailand
Siam Commercial Bank (SCB) is battening down the hatches and scaling back its operations for the next 12 to 18 months, warning of tough times ahead as Thailand’s economy hits choppy waters. SCB Chief Executive Kris Chantanotoke painted a bleak picture of the months to come, blaming soaring household debt, sluggish growth, and the threat of US tariffs for the…
- Bangkok News
Finance minister reveals final contenders to lead Bank of Thailand
Deputy Prime Minister and Finance Minister Pichai Chunhavajira confirmed yesterday that he has officially signed off on his nominee to lead the Bank of Thailand (BoT) and submitted the selection to the Cabinet for consideration today. Speaking to reporters, Pichai made it clear he had no reservations about collaborating with whichever candidate ultimately gets the nod. “Whoever is selected, I’ll…
- Thailand News
Thailand plans ‘Buddhist bank’ as temple scandals explode
Thailand’s temples are facing their biggest credibility crisis in decades, with lurid scandals and financial misconduct battering public faith. Now, a senior minister has unveiled a bold plan to clean up the mess — by setting up a Buddhist bank to keep temples’ money in check. Speaking on his first day in office yesterday, July 7, Suchart Tancharoen, minister attached…
- Thailand News
Thailand warns travellers of Japan’s new power bank rules
The Civil Aviation Authority of Thailand (CAAT) has issued a notice reminding travellers of new regulations on carrying power banks when flying to Japan. Japan’s Ministry of Land, Infrastructure, Transport and Tourism announced the updated rules, which will take effect tomorrow, July 8. Under the new guidelines, passengers may carry and use power banks during the flight, but the devices…
- Economy News
Reforms urged for Bank of Thailand amid global financial shifts
The dean of the Faculty of Economics at the University of the Thai Chamber of Commerce has proposed significant changes to the role of the Bank of Thailand (BoT) to better align with internal economic dynamics and navigate global financial volatility. On June 22, Anusorn Tamajai made a suggestion yesterday, June 22, for the BoT to reconsider its exchange rate…
- Business News
Bank of Thailand to name new governor amid challenges
The Bank of Thailand (BoT) is set to appoint a new governor as Sethaput Suthiwartnarueput will conclude his term on September 30. The selection process is crucial, as the new governor will navigate Thailand’s economic challenges and influence monetary policy and financial stability. Applications for the position closed on June 4, with seven candidates in the running. The candidates are:…
- Thailand News
World Bank backs Thailand’s retirement lottery to boost savings
Thailand’s retirement lottery has received international acclaim, with the World Bank calling it a “remarkable innovation” for boosting retirement savings. The scheme, which cleverly combines the public’s love for gambling with the need for financial security, has sparked significant interest at the World Bank-International Monetary Fund (WB-IMF) Spring Meetings in Washington, D.C. The World Bank has expressed strong interest in…
- Guides
Living on a budget in Thailand? Here’s how to stay healthy without breaking the bank
Thailand is a popular place for people who want to enjoy a good life at a lower cost or even on a budget. Many expats, retirees, and digital nomads choose to live here because daily expenses are cheaper than in most Western countries. But staying healthy while saving money is just as important. This guide shares simple and practical tips…
- Thailand News
Bank of Thailand seeks new governor as Sethaput’s term ends
The Ministry of Finance has initiated the process to select a new governor for the Bank of Thailand (BoT), as Sethaput Suthiwartnarueput’s five-year term concludes on September 30. A selection committee, led by former Finance Permanent Secretary Sathit Limpongpan, will soon convene to establish candidate requirements and the application timeline, according to ministry spokesperson Pornchai Thiraveja. Under Thai law, the…
- Business News
License to bill: Thailand gives green light to trio of virtual banks
Thailand’s financial future is getting a digital upgrade, with three new virtual banks set to get the green light by June 19, the Finance Ministry has confirmed. In a bold move to modernise banking and boost financial inclusion, the Bank of Thailand has already shortlisted three candidates from a pool of five heavyweight consortiums. The final list of approved operators…
- Business News
Tech it to the bank: Thailand’s data boom lures global giants
Thailand is quickly establishing itself as a key player in the global digital landscape, attracting major international data centre investments worth over 100 billion baht. The Board of Investment (BoI) reported that existing giants from the US, China, Japan, and South Korea are eager to expand their operations in the country, which is anticipated to exceed last year’s investment levels.…
- Thailand News
Bank of Thailand targets illegal loan apps for removal
The Bank of Thailand (BoT) has identified 10 mobile applications offering personal loans illegally and is taking steps to have them removed from the App Store and Google Play Store. Pirajit Padmasuta, the central bank’s senior director for financial consumer protection and supervision of financial service providers, stated that the regulator initially reported the 10 verified illegal apps, including Fineasy…
- Business News
Thailand banks on foreign investment to power economic surge
Bangkok Bank remains bullish on a surge in foreign direct investment (FDI) into Thailand, anticipating it will turbocharge the nation’s economy in the coming years despite global uncertainties. At the 2025 ASEAN Business Forum helmed by the bank last Thursday, Bangkok Bank President Chartsiri Sophonpanich unveiled striking figures: Thailand’s investment applications soared by 35% in 2024, hitting a decade peak…
- Pattaya News
Brit expats in Thailand warned of scams targeting bank accounts
A chief of police issued a warning to retirees in Thailand after two British expats in Pattaya were targetted by scammers attempting to drain their bank accounts. Police Lieutenant Colonel Saksit Choobunrueang yesterday, January 8, announced that the elderly are being targetted by scam gangs because of their limited knowledge of technology. The two British pensioners reached out to their…
- Business News
Banking on stability: Thailand hits a high note despite loan flatlining
The Bank of Thailand is striking a confident note, assuring everyone that the nation’s banking system is rock solid despite some worrying dips in loan growth. Their latest statement paints a picture of moderately strained resilience, with banking capital, liquidity, and loan-loss provisions standing firm. Loan growth took a hit in the third quarter of 2024, shrinking by 2% compared…
- Thailand News
Ex-Finance Minister Kittirat to head Bank of Thailand amid backlash
Former Finance Minister Kittirat Na-Ranong has been selected as chairperson of the Bank of Thailand (BOT), sparking fierce debate over his potential influence on the nation’s economic policies. In a closed-door meeting that lasted five hours yesterday, November 11, the selection committee decided to appoint Kittirat to replace Poramethi Vimolsiri, whose term ended in September. The committee also appointed two…
- Business News
Bank of Thailand board chair decision delayed amid controversy
The selection process for a new board chairman at the Bank of Thailand (BoT) has been delayed yet again, as the independent committee overseeing the choice opted to postpone its decision for another week. They indicated the necessity of more time to fully consider the information presented. This marks the second delay in the decision-making process, following an earlier postponement…
- Business News
HSBC Thailand is the big cheese, claims No.1 bank title again
HSBC Thailand once again has proven itself the big cheese of banking, clinching the Best International Bank in Thailand award for the fourth year running from both Euromoney and FinanceAsia. This coveted accolade reflects the bank’s top-notch financial prowess and its solid standing in the Thai market. The accolades don’t stop at Thailand’s borders! HSBC’s domination extends throughout the ASEAN…
- Thailand News
Bank of Thailand slashes interest rates after four-year freeze
The Bank of Thailand (BoT) has stunned financial markets by slashing its key interest rate for the first time in four years, buckling under mounting pressure from the government to revive the sluggish economy. The unexpected move saw the one-day repurchase rate trimmed by 25 basis points, bringing it down to 2.25% from its 10-year high of 2.50%. This decision…
- Business News
Bank of Thailand to keep rates steady amid US Fed caution
Analysts predict the Bank of Thailand will maintain its policy rate during its meeting tomorrow, citing a recovering domestic economy and potential changes in US Federal Reserve interest rate cuts if inflation revives. Chaiyot Jiwangkul, head of research at Krungsri Securities (KSS), attributed the economic rebound to increasing tourist arrivals, government budget disbursements, and a 10,000-baht (US$300) cash handout to…
- Business News
Economists urge Bank of Thailand to maintain independence
Economists are urging the Bank of Thailand to maintain its independence, emphasising its importance for the nation’s economic stability and growth. Nonarit Bisonyabut, a research fellow at the Thai Development Research Institute, pointed out that globally, countries with autonomous central banks tend to achieve better economic stability, lower inflation, and stronger economic growth compared to those where central banks lack…
- Business News
Banking on transparency: Thailand opens data doors for financial access
The Bank of Thailand unveiled an open data initiative aimed at enhancing access to financial services for Thai citizens and businesses. The Your Data initiative allows individuals and small and medium-sized enterprises (SMEs) to share their data with financial institutions, facilitating improved access to a range of financial services. The central bank’s project, in collaboration with regulatory agencies and financial…
- Thailand News
Thailand’s virtual banking sector faces competition for licences
Thailand’s emerging virtual banking sector is seeing intense competition as the number of applications has surpassed the available licences. The Bank of Thailand (BoT) announced it received five applications for virtual banking licences before the deadline, with plans to grant a maximum of three licences. The successful bidders are expected to be announced by mid-2025. The BoT has not disclosed…
- Thailand News
Virtual bank brawl: Thailand’s money movers make their pitch
Competition for virtual bank licences in Thailand is reaching fever pitch, with five heavyweight business groups stepping forward just before the application deadline. The Bank of Thailand and the Ministry of Finance are set to issue an undisclosed number of licences, with the winners announced in the first half of next year. Successful applicants will have a year to kick-start…
