Connect with us

Coronavirus Thailand

Thai money changers now asking for government help

Published

 on 

PHOTO: 'No Commission' and no business

In a shocking reversal of fortune, money changers in Thailand, crushed by the the twin impacts of Covid-19 and the nationwide inbound flight ban, are asking for government assistance.

The catastrophic drop in tourist numbers, (76.4% in March, and expected to be near 100% for April) has forced the The Thai Association of Foreign Exchange to ask the government for an assistance package, including soft loans and income compensation for operators.

The association has submitted a letter to the Centre for Covid-19 Situation Administration, asking the government for a lifeline as the money changing business is by nature dependent on tourism.

“The money changing business has no income due the absence of customers, but operators must shoulder expenses like wages and rent and take risks incurred from the foreign exchange market’s volatility. As the government has not directly ordered the money changing business to shut down, operators cannot get any aid.”

The association, comprising hundreds of members, proposes a series of relief measures…

• the Social Security Office giving income compensation to operators

• waiving special business taxes

• offering short-term loans with a discounted rate to operators

• providing access to working capital loans to boost liquidity.

The letter adds that policymakers should expedite licence applications to enable those who are qualified to offer money transfers and e-money service, and asks the government to speed up issuance of rules and regulations to provide an opportunity for money changers to get assistance.

The Thai Bankers’ Association estimates that Thailand stands to lose 1.3 trillion baht, representing 7.7% of Thai GDP.

SOURCE: Bangkok Post

 

Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Jack Burton is an American writer, broadcaster, linguist and journalist who has lived in Asia since 1987. A native of the state of Georgia, he attended the The University of Georgia's Henry Grady School of Journalism, which hands out journalism's prestigious Peabody Awards. His works have appeared in The China Post, The South China Morning Post, The International Herald Tribune and many magazines throughout Asia and the world. He is fluent in Mandarin and has appeared on television and radio for decades in Taiwan, Mainland China, Hong Kong and Macau.

Follow Thaiger by email:

Best of7 mins ago

Revealed: the best rooftop bars in the world

Thailand13 mins ago

Father & 2 year old son shot in Chiang Mai

Pattaya27 mins ago

Officials predict over 100,000 people at Pattaya International Fireworks Festival

Thailand35 mins ago

Six-legged golden frog brings good fortune in northern Thailand

Tourism38 mins ago

Saii Laguna Phuket to hold a conference on tourism safety and security

Thailand48 mins ago

Mother seeks justice after a monk slapped her son

Join the conversation on the Thaiger Talk forums today!
Expats1 hour ago

Bangkok ranked one of top 5 expat cities

Thailand1 hour ago

Woman abandons home after police ignore four burglaries

Thailand2 hours ago

VIDEO: Brave citizens save delivery driver swept away by floods in northeast Thailand

Chiang Mai2 hours ago

Chiang Mai wakes up to a flooded city district

World2 hours ago

Japanese warned to take cover over North Korea missile test

World2 hours ago

Book on Trump reveals casual racism and homophobia

Thailand3 hours ago

Thai bank releases bizarre ‘apology’ for repossessing the wrong house

Tourism3 hours ago

Thailand wants more tourists from Kazakhstan and Uzbekistan

Thailand4 hours ago

Elon Musk angers Ukraine president with Russia tweets

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending