Bank of Thailand
- Thailand News
Limited-edition banknotes issued to celebrate king’s birthday
The Bank of Thailand has released a stunning series of commemorative banknotes, igniting a frenzy among collectors and royal enthusiasts. These special 100-baht notes are designed to honour His Majesty the King’s 72nd birthday, marking his 6th Cycle Birthday Anniversary on July 28. Available from July 23, these exclusive notes are already creating waves. Bank of Thailand Governor Sethaput Suthiwartnarueput…
- Business News
BoT opposes cash handout scheme, urges help for those in need
The Bank of Thailand (BoT) firmly opposes the digital wallet cash handout initiative proposing a 500 billion baht cash distribution to nearly all adult citizens to boost consumption, emphasising that it would be more beneficial to directly assist those in need. Private consumption is expected to grow by about 4% this year following a record 7% increase last year. However,…
- Business News
Inflate debate: BoT warns against raising inflation target
Bank of Thailand (BoT) cautioned against raising the inflation target to match the range established by the monetary authority, citing concerns that such a move may destabilise expectations and accelerate price increases. BoT Governor Sethaput Suthiwartnarueput stated that the current range is appropriate. “The current inflation target range is appropriate for the circumstances and it has worked well in terms…
- Thailand News
Bank of Thailand intensifies crackdown on mule accounts
The Bank of Thailand (BoT) intensified efforts to crack down on mule bank accounts used for fraudulent financial activities by placing a freeze on any suspicious accounts, in a move to disrupt criminal operations. Deputy Governor for Financial Institution Stability at the BoT, Ronnadol Numnonda revealed that last year, a decree on measures to prevent and suppress technological crime was…
- Thailand News
Making cents: Thai PM showers BoT governor with praise
During the Council of Economic Ministers’ meeting yesterday, Prime Minister Srettha Thavisin showered praise on Central Bank Governor Sethaput Suthiwartnarueput for his constructive opinions on economic measures. This commendation comes hot on the heels of criticism from the PM’s adviser, Pichai Naripathaphan, who had lambasted the central bank for its inaction in supporting the government’s efforts to spur economic growth.…
- Business News
Loan and behold: NPLs spike as economy recovery stumbles
The Bank of Thailand reported a rise in non-performing loans (NPLs) within the banking industry for the first quarter, attributing the increase to all types of loan products amidst an uneven economic recovery. NPLs in the banking sector reached 502 billion baht, equivalent to 2.74% of total outstanding loans in the first quarter, an increase from 2.66% in the previous quarter.…
- Business News
Finance Minister, Central Bank Chief to discuss interest rates
A crucial meeting is scheduled tomorrow between Finance Minister Pichai Chunhavajira and Bank of Thailand Governor Sethaput Suthiwartnarueput to address the prevailing contention over interest rates. The government, under Prime Minister Srettha Thavisin’s directive, has been advocating for a rate reduction to stimulate the economy. In contrast, the central bank has maintained its key rate at the highest in ten…
- Business News
Thai industry leader defends Bank of Thailand’s financial autonomy
Federation of Thai Industries (FTI) Vice Chairman Montri Mahaplerkpong voiced opposition to any proposals that would impede the Bank of Thailand‘s (BoT) authority over its financial stability management. Montri argued that the government should explore more palatable solutions to its disagreement with the BoT over policy rates, rather than attempting to curtail its power, which he sees as a contentious…
- Business News
Bank of Thailand’s independence crucial for economic stability
Economists emphasise the importance of the Bank of Thailand’s independence in its mission to maintain economic stability. They note that while interest rates have a negligible effect on bolstering economic growth, they could influence the stability of the baht and trigger an increase in household debt. Despite persistent appeals from Prime Minister Srettha Thavisin for a collaborative effort between monetary…
- Business News
Thai Finance Minister set to discuss policies with BOT
The freshly appointed Finance Minister today expressed his readiness to engage in discussions with the governor of the Bank of Thailand (BoT) to align fiscal and monetary policies. Pichai Chunhavajira, who is also the Deputy Prime Minister of Thailand, stated to journalists that collaborating with the BoT on policy coordination is part of his job responsibilities. Pichai expressed confidence that he…
- Thailand News
Bank of Thailand warns government against digital wallet plan
Phumtham Wechayachai, Deputy Prime Minister and Commerce Minister, dismissed concerns about a confidential Bank of Thailand (BoT) document warning the government against the proposed digital wallet handout initiative. Phumtham, a prominent figure in the Cabinet, stated he was unaware of the document’s contents and questioned its credibility, insisting that if it were a real warning, it would have been officially…
- Business News
Thailand’s central bank defends policy rates amidst govt pressure
Amidst persistent governmental pressure to decrease borrowing costs and stimulate slow-paced growth, Thailand’s central bank (BoT) defended its current policy interest rate settings today, stating they are resilient and capable of tackling future economic risks. The bank warned that although rate reductions could alleviate debt in the short term, they could also invite long-term hazards. By maintaining a steady rate…
- Business News
Bank of Thailand likely to cut policy rate, predicts CIMB Thai Bank
The Bank of Thailand (BoT) is predicted to lower its policy rate tomorrow, providing a short-term stimulus to the nation’s economy, which has been hampered by budget disbursement delays. Amonthep Chawla, lead economist at CIMB Thai Bank (CIMBT), believes the central bank’s Monetary Policy Committee (MPC) will favour a reduction in the policy rate at the upcoming meeting, with a…
- Business News
Analysts predict BoT to maintain policy rate despite weak baht
There’s a growing consensus among financial analysts that the Bank of Thailand (BoT) won’t lower its policy rate during its April 10 meeting, despite a weakening baht and economic outlook. This perspective is strongly held by Kasikorn Research Centre (K-Research), according to Kanjana Chockpisansin, the head of research. Kanjana stated that they believe the BoT’s Monetary Policy Committee (MPC) will…
- Business News
World Bank predicts 2.8% economic growth for Thailand
The World Bank predicted a modest economic growth of 2.8% for Thailand in 2024, with an acceleration of 3.0% in 2025. This forecast announced today, April 1, is underpinned by the nation’s struggling exports and a postponed budget. This projection for 2024 and 2025 marks a decrease from the previously estimated figures of 3.2% and 3.1%, respectively, set in December.…
- Business News
Thai stock market hits snooze button despite extended hours
Despite the extension of the Stock Exchange of Thailand‘s (SET) trading hours and looming interest rate cuts by the Bank of Thailand, the Thai market failed to rally yesterday. Concerns over a premature rate cut and the aftermath of a recent terrorist attack near Moscow fuelled investor anxiety. The SET yesterday, March 25, increased its trading period from 270 to…
- 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
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)…
- 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
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…
