Bank of Thailand
- 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 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…
- Business News
Rising interest rates boost mortgage NPLs, Bank of Thailand urges debt restructuring
In the first quarter of this year, non-performing mortgage loans (NPLs) experienced an increase due to rising interest rates, prompting the Bank of Thailand (BoT) to encourage banks to assist borrowers through debt restructuring. The central bank recently revealed a housing loan NPL ratio of 3.16% in the commercial banking system, up from 3.01% in the previous quarter. The primary…
- Business News
Financial institutions step up to help mortgage customers amid rising interest rates
Financial institutions are taking steps to assist mortgage customers in coping with increasing rates as Central Bank hikes impact floating mortgage interest rates. Thakorn Piyapan, president of TMBThanachart Bank (ttb), mentioned that the bank provided some mortgage clients with the option to raise their monthly debt repayment amount or prolong the loan period to alleviate the higher monthly debt burden…
- Business News
Bank of Thailand to relax rules on Chinese yuan use for trade this year
The Bank of Thailand (BoT) plans to ease regulations on the use of China’s yuan for trade this year, aiming to mitigate the effects of currency volatility, according to BoT Deputy Governor Mathee Supapongse. Ongoing discussions between the central bank and its Chinese counterpart are focused on promoting the usage of the Chinese currency. China is a significant trade partner…
- Business News
Bank of Thailand predicted to raise policy rate to 2% this month
Economists anticipate that the Bank of Thailand will raise its policy rate to a terminal level of 2% this month, following their estimation that the Federal Reserve’s funds rate has reached its peak. The research centre of TMBThanachart Bank (ttb) suggests that the central bank’s Monetary Policy Committee (MPC) will increase the policy benchmark rate by 0.25 percentage points during…
- Tourism News
Bank of Thailand predicts 28 million foreign tourists this year
The Bank of Thailand (BoT) predicts that the Land of Smiles will see 28 million tourists this year. The BoT’s governor, Sethaput Suthiwartnarueput, said the BoT expects a 3.6% expansion in the gross domestic product (GDP) for this year. The BoT predicts a GDP growth of 2.9% in the first half of this year from the same period last year,…
- Thailand News
Bank of Thailand announces new biometric scans for mobile banking
The Bank of Thailand announced new measures to protect consumers from cyber risks in mobile banking transactions. Biometric scans, such as facial scans, will be required for high-value transactions, including digital money transfers of over 50,000 baht per transaction, transfers over 200,000 baht per day, and credit transfer amounts of over 50,000 baht per transaction. Banks must adopt these measures…
- Technology News
Ministry reveals 200 apps that steal your cash
Since an unhappy Thai man accused a charging cable of stealing the 100,000-baht contents of his bank account, people in Thailand have become hyper-aware of the problems of apps that steal your cash on their phones. The victim insists he had not accessed any suspicious websites, taken any call centre calls or filled in any online forms but says his…
- Economy News
Bank of Thailand increases interest rates, again!
The Monetary Policy Committee (MPC) of the Bank of Thailand insists that it had to hike its policy interest rate by 0.25% to 1.50% yesterday for the fourth consecutive time to curb high inflation. MPC Committee Secretary Piti Disyatat reported that the committee was unanimous in its decision. “Under a gradual policy normalisation, rate hikes could take place for a…
- Hot News
Bank of Thailand warns of elevated financial cybercrime risk
The Bank of Thailand (BoT) is warning consumers and banks of an elevated financial cybercrime risk. The warning comes after a man claimed that he had lost 101,560 baht from his bank account after using a public charging outlet. The BoT denied the claim after conducting an investigation and said it believes the theft occurred because the man was a…
- Crime News
Bank of Thailand blames dating app for phone hacking
The Bank of Thailand (BoT) denied a claim made on social media that a man lost money from his bank account after recharging his phone at a public outlet. BoT believes the theft occurred because the man was a victim of a malware attack. Police also attributed the theft to malware, stating that the user had downloaded an unsafe dating…
- Thailand video news
THAILAND NEWS TODAY | Korean woman arrested for 5-million-baht theft, 6-year overstay
The Thai cabinet decided Tuesday to revoke a law, which has been in force for more than three decades, exempting stock market share trades from financial transaction tax. Finance Minister Arkhom Termpittayapaisith said that the abrogation of the law means that all trading of stocks on the stock market, whether at a profit or loss, will be subject to a…
- Economy News
Bank of Thailand to raise interest rates on Wednesday
Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput today announced interest rates will be raised on Wednesday to deal with potential inflation increases. Governor Sethaput is expected to raise interest rates by a modest quarter-point to take the benchmark rate to 1.25% underscoring ongoing worries about growth in Southeast Asia’s second-largest economy. Thailand’s economy lagged its Southeast Asia contemporaries and is…
- Thailand News
Thailand and Vietnam launch international QR payments
Moving money between Vietnam and Thailand has been historically far more complicated than you would expect. But that may change as a new QR payment system has been launched to link the two countries. The Bank of Thailand has worked alongside the State Bank of Vietnam to connect each country’s independent QR payment services. In March of 2021, the two…
- World News
Thailand pushes digital payments, rejects US dollar in move towards cashless society
The Bank of Thailand and central banks in four more southeast Asian countries are creating a cross-border payment zone using QR codes so that southeast Asians can make international payments digitally without having to convert and reconvert to US dollars. The bank hopes to bolster the use of digital payments to halve the amount of cash in circulation in Thailand…
- Thailand News
20 baht notes printed with errors, says Bank of Thailand
A batch of 20 baht banknotes have been printed with errors, the Bank of Thailand (BOT) said yesterday. The BoT said the Thai numerals were printed mismatching the Arabic numerals. People can still use the misfit banknotes until they are fully removed from the system, Thai media said. The company De La Rue (DLR) International Limited said that there was…
- Economy News
Economists foresee 38 baht to 1 US dollar this year
With the US dollar strengthening and Thailand’s struggling economy, economic experts predict the baht may fall to 38 to the dollar by the end of this year. The head of capital markets research for Kasikorn Bank believes the baht will continue its instability along with the global money markets as a result of domestic and international factors. While the US…
- Tourism News
8 million tourists to enter Thailand by the end of 2022 – BoT
There are now about 30,000 international tourists entering Thailand every day. By the end of 2022, the total number of tourists could hit 8 million. This is 2 million above the Bank of Thailand’s prediction of 6 million if the current pattern continues until the end of this year. According to the bank’s data, the first five months of 2022…
- Thailand News
Bank of Thailand updates 20 baht banknote for improved hygiene and longevity
The Bank of Thailand has launched a new 20 baht banknote made of polyester. The banknote is said to resist moisture and grime, resulting in a longer shelf-life. The central bank began distributing the shiny new baht greenbacks on March 24. The Bank of Thailand announced that people used the 20 baht banknote the most frequently, making them dirty and…
- Economy News
Digital assets as payment requires more regulation in Thailand
After studying the risks and benefits of using digital assets and cryptocurrencies to pay for goods and services, a coalition of financial bodies have decided that more regulation is necessary in Thailand. The Ministry of Finance, along with the Bank of Thailand and the Securities and Exchange Commission, have partnered together to assess the regulation needed for crypto usage in…
- Economy News
20 baht bills getting a modern polymer update on March 24
Money enthusiasts, get ready! On March 24 the 20 baht bill is getting a radical new update. The Royal portrait will still be prominent but the flimsy, green paper the bills have been printed on for decades is being replaced with a modern new polymer with a glossy, plasticky feel. Starting on March 24, the new, more durable polymer 20…
- Economy News
Finance Minister: economy of Thailand will recover in 2023
Minister of Finance Arkhom Termpittayapaisith says that the economy of Thailand should see a full recovery, not next year, but by 2023. The economy is expected to grow by about 4% next year so 2022 would begin economic recovery, but it will take longer for Thailand definitely bounce back after the devastation of the Covid-19 pandemic. The Finance Minister believes…
- Thailand News
Bank of Thailand concerned with banks trading in digital assets
The Bank of Thailand said they don’t want commercial banks to directly trade in cryptocurrency and digital assets due to their extreme volatility. Thai lenders have been investing more and more in digital asset exchanges in Thailand with several banks making deals in the digital currency space. Siam Commerical Bank recently purchased a 51% share of Bitkub for 17.85 billion…
- Crime News
Man blames 50 million baht of withdrawals on adopted daughter
A 77 year old businessman in Phitsanulok discovered that 50 million baht was missing from his bank account and has accused his adopted daughter of stealing it. The money is claimed to have disappeared from 6 bank accounts without the man’s knowledge and he has now asked the bank for detailed statements to identify when and how the money was…
- Covid-19 News
Survey shows nearly half of Thai businesses expect return to normality in early 2022
A survey carried out by the Bank of Thailand shows that nearly half of Thai businesses expect life to return to normal during the first quarter of 2022. According to a Bangkok Post report, businesses of all sizes were interviewed between July 1 – 22 as part of the business sentiment index. The findings show that 45% expect people to…
