Bank of Thailand

  • Business NewsBank of Thailand raises policy rate to 2.5%, highest since 2013

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

    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 NewsBank of Thailand considers interest rate cuts to address household debt

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

    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…

  • Economy NewsThai economy boost: Bank forecasts GDP growth, increased tourism

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

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

    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 NewsBank of Thailand continues interest rate normalisation amid new government

    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 NewsBank of Thailand likely to hike rates amid inflation concerns

    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 NewsBank of Thailand raises key interest rate amid inflation risks

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

    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 NewsRising interest rates boost mortgage NPLs, Bank of Thailand urges debt restructuring

    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 NewsThai Bankers’ Association considers new fee structure for industry

    Thai Bankers’ Association considers new fee structure for industry

    The Thai Bankers’ Association (TBA), which represents the banking industry in the country, is contemplating the introduction of a new fee structure in response to increasing operating costs. Banks are planning to take into account expenses from traditional and digital banking services while finalising the updated fee structure. This will be done in conjunction with the Bank of Thailand. The…

  • Business NewsBank of Thailand to relax rules on Chinese yuan use for trade this year

    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 NewsBank of Thailand predicted to raise policy rate to 2% this month

    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 NewsBank of Thailand predicts 28 million foreign tourists this year

    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,…

  • Economy News89% of bank accounts in Thailand hold less than 50,000 baht

    89% of bank accounts in Thailand hold less than 50,000 baht

    The Bank of Thailand (BOT) reports that 88.88% of bank accounts in Thailand hold less than 50,000 baht (US$1,423) in deposits, according to Komchadluek. In total, there were 121.4 million bank accounts in Thailand at the end of 2022. Of those, 98.5 million (88.88%) held less than 50,000 baht and 1,023 bank accounts (0.0008%) held more than 500 million baht.…

  • Technology NewsMinistry reveals 200 apps that steal your cash

    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 NewsBank of Thailand increases interest rates, again!

    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 NewsBank of Thailand warns of elevated financial cybercrime risk

    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…

  • Economy NewsThai baht soars to six-month high against US dollar

    Thai baht soars to six-month high against US dollar

    The Thai baht opened at 34.78 against the US dollar today, strengthening from yesterday’s close of 35 to a six-month high. The baht’s sudden rise is down to the Bank of Thailand’s (BOT) hiking the policy rate by a quarter point earlier this week. The BOT remains committed to a gradual monetary tightening policy, raising the policy rate from 1%…

  • Thailand video newsTHAILAND NEWS TODAY | Korean woman arrested for 5-million-baht theft, 6-year overstay

    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 NewsBank of Thailand to raise interest rates on Wednesday

    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 NewsThailand and Vietnam launch international QR payments

    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…

  • Business NewsBOT to mount rescue of crumbling baht

    BOT to mount rescue of crumbling baht

    The Bank of Thailand (BOT) is attempting to steer the baht and the economy through some tricky times. As the government is apparently out of ideas to jump-start the economy due to high debt, the responsibility has fallen to the central bank. The central bank’s recent move to raise the key policy rate by 0.25 percentage points to 1% has, however,…

  • Thailand News20 baht notes printed with errors, says Bank of Thailand

    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 NewsEconomists foresee 38 baht to 1 US dollar this year

    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 News8 million tourists to enter Thailand by the end of 2022 – BoT

    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 NewsThailand’s central bank may revise inflation rate, GDP to battle economic downturn

    Thailand’s central bank may revise inflation rate, GDP to battle economic downturn

    The Bank of Thailand’s rate-setting committee with meet today to discuss a possible revision of key economic figures such as interest rates and GDP, as the country battles an economic climate that has soured high hopes for the year. Various factors include a weakened baht, rising inflation and the impact of the war in Ukraine, which has resulted in spiking…

  • Economy NewsDigital assets as payment requires more regulation in Thailand

    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…