Bank of Thailand

  • Business News

    Virtual banks to revolutionise Thailand’s financial landscape

    The Royal Gazette announced that virtual banks are set to become a reality in Thailand, with the Bank of Thailand (BoT) accepting applications from March 20 to September 19 this year. The aim is to stimulate competition and ensure the stability of the financial system, without limiting the number of licences available. Virtual banks are expected to cater to customers…

  • Business News

    Bank of Thailand likely to cut policy rate in April, predicts SCB EIC

    Siam Commercial Bank’s research centre, SCB EIC, anticipates that the Bank of Thailand is likely to initiate a decrease in the policy rate in April due to structural economic issues. The research centre predicts that the Monetary Policy Committee (MPC) will slash the policy rate by 50 basis points in the first half of this year. The initial rate cut…

  • Business News

    Thailand central bank anticipates lower rates due to virtual banking

    The Bank of Thailand anticipates that the advent of virtual banks will usher in lower interest rates and fees due to the decreased operating costs associated with digital banking services, which do not require physical branches or large numbers of staff. The granting of virtual bank licences is expected to bring more competitors into the market, thereby stimulating competition within…

  • Business News

    Thailand gov urges bank to cut interest rate amid economic crisis

    The ongoing feud between Prime Minister Srettha Thavisin and Bank of Thailand Governor Sethaput Suthiwartnarueput regarding interest rates remains the focus of media attention. Meetings of the Monetary Policy Committee (MPC) have been closely watched as elements of the government and business sector believe the central bank needs to reduce the policy rate. The MPC is set to meet six…

  • Business News

    Bank of Thailand to accept virtual banking licences applications

    This month, the Bank of Thailand is set to welcome applications for virtual banking licences, a move that has piqued the interest of numerous business operators. The finance ministry is currently in possession of a draft outlining the regulations for virtual banking, which is due to be made public in the Royal Gazette. Suwannee Jatsadasak, a 42 year old assistant…

  • Business News

    Thai export competitiveness declines with focus on rice market

    The Bank of Thailand reports a significant decline in Thai export competitiveness, particularly in global rice markets. Over the last 20 years, the market share of rice shipments has dropped by over 50%. This reduction is a result of persistent structural issues in the export and manufacturing sectors, affecting the Thai economy at large. The bank’s recent report reveals that…

  • Business News

    Bank of Thailand faces political pressure to cut interest rates

    The Bank of Thailand (BoT) is under increased political tension to reduce interest rates, with the majority of analysts predicting that the monetary authority will withstand requests for unexpected easing to bolster the economy. This escalating discord between Prime Minister Srettha Thavisin and the central bank concerning monetary policy direction is predicted to damage investor confidence, though the likelihood of…

  • Business News

    PM Srettha urges bank of Thailand to consider interest rate cut

    Prime Minister Srettha Thavisin expressed his concerns to the Bank of Thailand’s (BoT) Monetary Policy Committee (MPC), suggesting an urgent meeting to discuss a potential cut in interest rates, rather than waiting until the scheduled April meeting. Following a recent Cabinet meeting, PM Srettha clarified that he hadn’t imposed any pressure on the secretary-general of the National Economic and Social…

  • Business News

    Bank of Thailand explores credit guarantee schemes for SMEs

    The Bank of Thailand is contemplating the establishment of credit guarantee schemes for small and medium-sized enterprises (SMEs) to enhance their access to bank loans. Suwannee Jatsadasak, assistant governor for the supervision group, stated that the central bank is analysing various credit guarantee schemes implemented in other countries, including Japan and Taiwan. These nations offer more extensive credit guarantee packages…

  • Business News

    Chamber of Thailand calls for cut in interest rates to boost recovery

    The Thai Chamber of Commerce (TCC) expressed its expectations for the Bank of Thailand to consider a reduction in interest rates in its forthcoming meeting. The TCC argues that although the economy is on a recovery trajectory, it remains susceptible to various challenges. Sanan Angubolkul, the chairman of the chamber, acknowledged the decisions made by the Monetary Policy Committee (MPC)…

  • Thailand News

    Thai prime minister pressures Bank of Thailand for rate cut

    The Bank of Thailand (BoT) is under increasing strain today as Prime Minister Srettha Thavisin publicly urges a 25 basis point reduction in rates. The demand is part of a continued push from the government for the BoT to decrease interest rates, a tactic it views as crucial for stimulating an economy it believes to be struggling. The government also…

  • Business News

    Thai government and central bank clash over interest rates

    The ongoing discord between government officials and central bankers regarding interest rate adjustments is creating uncertainty for local banks and could potentially trigger further foreign investor withdrawals. Thailand Prime Minister Srettha Thavisin, along with key advisors, is advocating for a reduction in rates by the Bank of Thailand (BoT) to stimulate an economy the Thai PM describes as being in…

  • Business News

    Bank of Thailand urged to slash interest rates amid economic struggle

    Pressure is mounting on the Bank of Thailand to ease the economic strain on small and medium-sized enterprises (SMEs) by slashing interest rates on commercial bank loans. Pichai Naripthaphan, deputy chairman of the Pheu Thai Party‘s strategies and politics committee and an advisor to Prime Minister Srettha Thavisin, argued that the central bank needs to acknowledge the real-world challenges people…

  • Business News

    Pressure mounts on Bank of Thailand to reduce high interest rates

    Thailand Deputy Finance Minister Julapun Amornvivat expressed concern that the country’s current interest rates are excessively high, putting strain on citizens’ disposable income and stunting the nation’s economic growth. This stance encourages the Bank of Thailand to reconsider its monetary policies. “The Thai people’s spending power is in jeopardy due to these high rates. I hope the Bank of Thailand…

  • Business News

    Bank of Thailand confident in limited corporate bond rollover risk despite rising interest rates

    Despite rising interest rates, the Bank of Thailand has expressed confidence in the limited risk of corporate bond rollover this year, stating that it should not pose a significant threat to systemic risk. The local bond market has remained functional, with private businesses continuing to secure new funds. Sakkapop Panyanukul, the senior director for financial markets at the central bank,…

  • Business News

    Thailand’s central bank bans prepayment charges in new lending regulation

    The Bank of Thailand (BoT) has introduced a new responsible lending (RL) regulation that bans charges for debt prepayment and restructuring across all consumer loan products. The regulation, which comes into effect on January 1, impacts various financial institutions such as banks, non-banks, asset management companies, and specialised financial institutions. However, the ban does not apply to fees for mortgage…

  • Business News

    Bank of Thailand maintains policy rate for economic revival

    The existing policy rate of the Bank of Thailand is deemed suitable for the nation’s economic revival, while inflation is anticipated to remain within its target range, according to the central bank. This decision, the Monetary Policy Committee (MPC) of the central bank states, is based on a comprehensive analysis of various scenarios. Piti Disyatat, Assistant Governor and MPC Secretary…

  • Thailand News

    Bank of Thailand resists calls for policy adjustments amid economic slump

    The Bank of Thailand (BoT) countered government calls for monetary policy adjustments to stimulate the country’s slumping economy. Piti Disyatat, BoT Assistant Governor, stated today, January 15, that interest rates, already quite low compared to global standards, are not the solution to an economy being pummelled by external factors like dwindling global demand. Piti emphasised that the country’s lacklustre economic…

  • Business News

    JSCCIB urges BoT to cut high interest rates amid economic threats

    As the economy grapples with internal and external threats, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) called on the Bank of Thailand (BoT) to reduce interest rates. The high interest rates are causing a surge in borrowing costs, amidst a volatile recovery due to the global economic downturn. These views were expressed by Sanan Angubolkul, chairman of…

  • Business News

    Caution advised over interest rate cuts by Bank of Thailand

    Pundits cautioned against hasty moves to cut interest rates and have emphasised the importance of an independent Bank of Thailand as it determines its policy interest rates. They warned that inconsistent fiscal and monetary policies could harm more than they help. Therdsak Thaveeteeratham, Asia Plus Securities (ASPS) executive vice president, insisted that decisions regarding interest rates should be the sole…

  • Business News

    Finance ministry’s vigilant watch over corporate debenture repayments

    Corporate debenture repayments are under the watchful eyes of the Finance Ministry, according to a statement by Lavaron Sangsnit, its permanent secretary. The ministry, along with the Bank of Thailand (BoT) and the Securities and Exchange Commission (SEC), are vigilantly monitoring potential defaults on maturing debentures. In a recent evaluation, it emerged that only a single company was struggling to…

  • Business News

    Bank of Thailand forecasted to initiate rate cuts later this year

    Leading economists anticipate that the Bank of Thailand will initiate rate cuts in the second half of this year, potentially reducing the policy rate to 2%. This prediction aligns with the current economic status of the country and the assumption of an impending rate cut by the US Federal Reserve in the second quarter. Amonthep Chawla, the chief economist at…

  • Business News

    Thailand’s central bank forecasts export revival and low inflation

    The Bank of Thailand (BoT) anticipates an export revival in the coming year, as revealed in a recent statement. The Bank also projects low inflation rates for the same period, attributing it to government subsidies, albeit with a gradual increase within an acceptable range. Meeting minutes from the BoT’s November 29 monetary policy gathering, released on Wednesday, indicated that while…

  • Business News

    Thailand central bank raises policy rate, reduces 2023 GDP forecast

    Following the Bank of Thailand‘s decision to increase its policy rate and reduce the GDP forecast for 2023, the bank’s governor, Sethaput Suthiwartnarueput, will meet Prime Minister Srettha Thavisin. Sethaput did not disclose the specifics of the meeting’s agenda, scheduled for Monday, but assured readiness to address any queries. Contrary to circulating rumours, the 61 year old prime minister, who…

  • Business News

    Bank of Thailand raises policy rate to 2.5%, highest since 2013

    The Monetary Policy Committee (MPC) of the Bank of Thailand unanimously approved a quarter-percentage point increase in the policy rate, raising it from 2.25% to 2.50%. This change, which took effect yesterday, marks the highest rate since October 2013. According to Piti Disyatat, the MPC secretary, the Thai economy is on a slow recovery path this year, primarily due to…

  • Business News

    Thai economic recovery slower than expected, Bank of Thailand governor confirms

    Economic recovery in Thailand is underway but progress is slower than anticipated, particularly in the areas of tourism and exports, according to Sethaput Suthiwartnarueput, governor of the Bank of Thailand (BoT). In a recent business seminar, Sethaput expressed concerns over a less-than-rosy picture of the nation’s economy, with exports and tourism spending falling short of expectations. Despite these challenges, he…

  • Business News

    Bank of Thailand considers interest rate cuts to address household debt

    A senior executive at the Bank of Thailand hinted at the possibility of interest rate slashes, which could provide a lifeline to struggling debtors, desperate to escape from their worsening debt cycles. In talks with the Thai Bankers’ Association (TBA) and other related groups, the central bank is exploring various methods to curb the nation’s escalating household debt. According to the…

  • Business News

    Bank of Thailand to loosen foreign exchange regulations to stabilise long-term exchange rates

    The Bank of Thailand revealed plans to loosen foreign exchange regulations to stabilise the long-term exchange rate. The move, which shows a clear focus on balancing capital inflows and managing volatility, comes as Thailand’s economy globally integrates further. Under the foreign exchange initiative, Thai individuals will now be able to pour as much as US$10 million into offshore markets, doubling…

  • Business News

    Household debt tackled by Bank of Thailand with new guidelines

    The Bank of Thailand (BoT) is set to introduce new lending guidelines to counter the rising household debt crisis, particularly among Gen X and Gen Y age groups, according to Assistant Governor Siritida Panomwon Na Ayudhya. The central bank is also working on a draft royal decree to supervise leasing and hire-purchase businesses to resolve informal debt issues. From 2010…

  • Economy News

    Thai economy boost: Bank forecasts GDP growth, increased tourism

    Anticipating a stronger Thai economy, the Bank of Thailand has expressed confidence that GDP growth will surpass their expectations. This is attributed to the economic strategies implemented by the new government, combined with progress in the tourism and consumption sectors. In a recent meeting, the Monetary Policy Committee (MPC) of the central bank stated that they foresee continuous growth in…

  • Business News

    Bank of Thailand anticipates slower loan growth: Interest rates not main factor

    The Bank of Thailand anticipates a slower pace of loan growth in the banking industry due to reduced demand, while asserting that rising interest rates are not the main factor impacting loan expansion. The central bank’s soft loan programme, which aimed to aid small and medium-sized enterprises, largely contributed to the increased borrowing during the post-pandemic recovery period. Sakkapop Panyanukul,…

  • Business News

    Thai interest rates raised to 2% by BoT amid core inflation worries

    The Monetary Policy Committee of the Bank of Thailand (BoT) anticipates ongoing economic growth with some potential risks, as evidenced by their decision to increase the key Thai interest rates for the sixth consecutive meeting, according to the minutes released recently. On May 31, the committee unanimously agreed to increase the one-day repurchase rate by a quarter point to 2%,…

  • Business News

    Bank of Thailand continues interest rate normalisation amid new government

    The Bank of Thailand has stated that the formation of a new government will not impact its decision to raise interest rates further. The central bank’s deputy governor, Mathee Supapongse, emphasised the need for the bank to maintain a separate view from elected officials, with the aim of continuing to normalise interest rates. “Despite recent increases, Thai interest rates are…

  • Business News

    Thai state banks raise interest rates after central bank policy hike

    Following the Bank of Thailand‘s recent policy rate increase, state banks, including the Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC), have raised interest rates for loans and deposits, with deposit rates exceeding loan rates. Vitai Ratanakorn, GSB’s president and chief executive, stated that after the central bank’s policy rate increased by a quarter percentage…

  • Business News

    Bank of Thailand likely to hike rates amid inflation concerns

    Inflation concerns prompt predictions of further Bank of Thailand rate hikes this year, as the nation’s economy recovers. Siam Commercial Bank’s research unit, SCB Economic Intelligence Center (EIC), anticipates the central bank’s Monetary Policy Committee (MPC) will increase its policy benchmark rate by a quarter percentage point in both August and September, bringing it to 2.5% from the current 2%.…

  • Business News

    Bank of Thailand raises key interest rate amid inflation risks

    The Bank of Thailand announced a 25 basis point increase in its key interest rate, bringing it to 2%. This marks the sixth consecutive meeting where the central bank has raised the rate, with a total increase of 150 basis points since August last year. The decision was unanimous among the Monetary Policy Committee members and in line with the expectations…

  • Business News

    Thailand to ease yuan rules for trade amid rising US dollar volatility

    Amid the increasing volatility of the US dollar in relation to other global currencies, regulators are considering loosening restrictions on the utilization of the yuan in yuan-baht trade transactions. The Bank of Thailand, in collaboration with Asian and ASEAN central banks, is actively working toward establishing frameworks for local currency settlements. This initiative aims to encourage the use of local…