debt
- Business News
Thai banks reduce loan rates to alleviate customer debt
The four biggest banks in the country have all declared a drop in their loan interest rates. This decision by Bangkok Bank (BBL), Krungthai Bank (KTB), Kasikornbank (KBank), and Siam Commercial Bank (SCB) is a response to the prime minister’s call to lessen loan rates to help ease the debt pressure on susceptible customers. An anonymous banking sector analyst opines…
- Thailand News
Debt woes: Woman found dead in pond in Nong Bua Lamphu
A 57 year old woman was found dead in a pond in Nong Bua Lamphu province, following a period of severe stress due to her tenants failing to pay three months’ worth of rent. Children playing nearby initially spotted the body floating in the water and alerted adults yesterday. The deceased, later identified as Sumalee, had expressed to her mother…
- Thailand News
Government’s debt hike prompts caution from agencies
Ratings agencies issued cautionary statements following the surprise decision this week by the government to increase its debt in a bid to stimulate the economy. The move, which may compromise the government’s fiscal consolidation efforts, is likely to stimulate short-term growth. The medium-term budget plan was revised by the Cabinet on Tuesday, causing a rise in the deficit next fiscal…
- Thailand News
Thai comedian’s monkhood plans pickled in debt controversy
Controversy has erupted around a Thai comedian as he prepares to enter monkhood amid a storm of online criticism and debt claims from a pickled crab seller. The comedian’s decision to ordain follows a public dispute over unpaid debts, which has led to widespread condemnation from netizens and creditors alike. The drama unfolded on the popular talk show Hone Krasae,…
- Thailand News
Thai man shoots friend over fake gold necklace
A Thai man allegedly shot his friend at the weekend in a row over money and a gold necklace in the central province of Ayutthaya. The accused reportedly offered his friend a gold necklace as collateral for a money loan but the necklace turned out to be fake so the victim refused to loan his friend the money. An argument…
- Thailand News
Srettha pledges to address Thai civil servant debt issue
Addressing the debt crisis affecting nearly three million Thai civil servants, Prime Minister Srettha Thavisin pledged to address the issue accordingly. The government’s focus is on reducing interest rates to alleviate the financial burden. PM Srettha spoke of the positive progress made in the last two months following a meeting with 11 state agency chiefs who are working towards solving…
- Business News
Italian-Thai development grapples with liquidity crisis amid scandals
Thailand’s leading construction firm, Italian-Thai Development Plc (ITD), is grappling with a liquidity crisis that has alarmed investors, regulators, and rating agencies. This scenario follows a series of local corporate scandals and debt defaults that have already unnerved the market. ITD confirmed yesterday, March 13, that it is seeking new loans from banks to alleviate the current cash crunch that…
- Thailand News
Water assault over 200,000 baht debt injures elderly in Nonthaburi
A high-pressure water assault on a wheelchair-bound woman and her 82 year old mother has led to a heated dispute over unpaid debt in Nonthaburi, Thailand. Yesterday, a 41 year old woman, Jittrathiwat, reported being attacked by Jeab, the sister of debtor Duangkamol, during a confrontation at a beauty salon the previous evening. Jittrathiwat recounted that she had been pushing…
- Thailand News
Father throws young son from Hong Kong shopping centre rooftop
A seven year old boy narrowly escaped death after his father, burdened by debt and despair, attempted a gruesome murder-suicide at a bustling Hong Kong shopping centre. The young primary two pupil is in critical condition, fighting for his life at Queen Elizabeth Hospital’s intensive care unit following the harrowing ordeal, which unfolded atop the six-storey Kowloon City Plaza. Security…
- Thailand News
Thai govt’s debt settlement programme attracts over 150,000
The Thai government’s debt settlement programme has attracted over 150,000 registrations, totalling informal debts of nearly 12 billion baht (US$337 million), the Interior Ministry reported. So far, the initiative has facilitated the settlement of over 771 million baht (US$22 million) in debt for 18,509 individuals. The registration window spanned from December 1 to February 29. Suttipong Juljarern, the permanent secretary…
- Thailand News
Over 147,000 sign up for debt relief programme worth billions
Some 147,714 individuals have registered for the Interior Ministry’s debt relief programme within the past three months, an initiative aimed at combating a staggering debt value of 10.74 billion baht, confirmed Permanent Secretary Suttipong Juljarern on Monday. With the registration window, which started on December 1, set to close tomorrow, Suttipong urged those grappling with debt woes to expedite their…
- Thailand News
Family seeks refuge from loan shark at Nonthaburi bus stop
A family in Nonthaburi province found refuge at a bus stop after fleeing their home due to threats from a loan shark who demanded daily interest payments. The incident took place yesterday at 8pm, on February 25, when the family, lacking the funds to meet the exorbitant interest demands, feared for their safety. Nontranut Promjan, the chairman of the Nonthaburi…
- Thailand News
Thai police officers face bankruptcy with debt over 300 billion baht
Police General Torsak Sukvimol has indicated that a multitude of law enforcement officers across Thailand are facing impending bankruptcy due to an accumulated debt totalling around 300 billion baht. This revelation came about during his interaction with the House committee tasked with reviewing the 2024 annual budget expenditure bill. Pol. Gen. Torsak was summoned to respond to inquiries concerning the…
- Business News
GSB asses terms for informal debtors in Thailand’s debt relief bid
Deputy Finance Minister Krisada Chinavicharana announced that the Finance Ministry has tasked the Government Savings Bank (GSB) with reassessing conditions for informal debtors. This move is part of the government’s steadfast resolution to address economic issues, especially those concerning formal and informal debt. The responsibility of registering informal debtors and facilitating negotiations with informal lenders has been given to the…
- Thailand News
Thailand govt cuts informal debts by 670 million baht in two months
The Government of Thailand has slashed the nation’s informal debts by 670 million baht (US$18.69 million) in a span of two months, successfully resolving 102,000 out of the 140,000 reported cases. This significant reduction is part of an initiative to alleviate the household debt burden. Prime Minister Srettha Thavisin, who also holds the position of Finance Minister, attributed this progress…
- Business News
Bangkok’s BAM anticipates drop in bad debt auction prices in 2024
Bangkok Commercial Asset Management (BAM), a prominent player on the Stock Exchange of Thailand (SET), anticipates a decrease in auction prices for bad debt sales in 2024 due to a rising supply amid economic sluggishness. The financial institutions are expected to face increased challenges with the escalation of distressed debts, influenced by depreciating auction prices for both non-performing loans and…
- Business News
Student Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts
With a staggering 100 billion baht (US$2.8 billion) in bad debts, the Student Loan Fund (SLF) is set to see a decline in its debt pile following the implementation of a new debt repayment calculation method, according to SLF manager, Chainarong Kajchapanan. This change is a result of the recent amendment of the Student Loan Fund Act (No.2) 2023, which…
- Thailand News
Dispute over Thailand’s tallest Thao Wessuwan statue escalates
A contentious dispute has erupted over the world’s tallest statue of the deity Thao Wessuwan, as the landowner, who had initially agreed to a sale, has now backed out. This sudden change has caused confusion and concern among the devotees. In a press conference convened at the Sathan Saphan Bun Association in Rayong Province, 27-year-old Chakkrit, renowned for his charitable…
- Business News
SEC enhances high-yield bond oversight amid Thai market instabilities
The Securities and Exchange Commission (SEC) is enhancing oversight measures for high-yield bonds to fortify payment protections and investor assurance, according to remarks made by SEC Secretary-General Pornanong Budsaratragoon. This move comes in response to recent market instabilities caused by numerous defaults and a significant accounting scandal in the speculative debt sector. As part of this heightened vigilance, the SEC…
- Thailand News
Thailand’s Student Loan Fund tackles 100 billion baht in bad debts
The Student Loan Fund (SLF) in Thailand has accumulated bad debts amounting to 100 billion baht (US$2,816,902,000). This is a significant increase from 2017 when the total non-performing loans stood at 60 billion baht. The SLF’s manager, Chainarong Katchapanan, attributes this surge to borrowers prioritising other repayments, such as credit card debt and mortgages, over their student loans. The SLF…
- Business News
IMF predicts six top global economies in 2024 to be from Sub-Saharan Africa
Six of the top-performing global economies in 2024 will be from Sub-Saharan Africa, predicts the International Monetary Fund (IMF). Despite the limited scale of these economies, they’re contributing positively to a region plagued by poverty and inequality. The economic growth of this region is set to rise from 3.3% in 2023 to 4% in 2024, with standout performances from Ivory…
- Business News
GSB plans debt moratorium for 630,000 debtors amid Covid-19 pandemic
The Government Savings Bank (GSB) is setting up a plan to provide a debt moratorium for 630,000 debtors, totalling 6.3 billion baht. This plan is in response to the economic hardship experienced by individuals and businesses due to the Covid-19 pandemic, according to an anonymous source. During the pandemic, between 2020 and 2021, GSB, a state-owned entity, issued loans totalling…
- Thailand News
Loan shark allegedly attacks pregnant woman, causing victim to lose baby
A Thai woman accused a loan shark of attacking her at her home in the northern province of Phetchabun, causing her to lose her unborn baby. The accused loan shark denied responsibility and demanded proof of her pregnancy. The victim, 45 year old Chusri, asked Amarin TV and other news agencies to spread her story and help her seek justice.…
- Business News
Thai government initiates measures to alleviate SMEs’ debt
As part of its ongoing commitment to address economic issues, the government has launched a programme to suspend and alleviate debt for small to medium-sized enterprises (SMEs). Government spokesperson, Chai Wacharonke, confirmed this. The board of the Thai Credit Guarantee Corporation (TCG), a state-owned specialised financial institution under the jurisdiction of the Finance Ministry, has recently given the go-ahead for…
- Thailand News
Thai government makes headway in battle against informal debts
The Thai government has reported progress in its ongoing battle against informal debts, stating that it has resolved the issues of 233 registered debtors. Prime Minister Srettha Thavisin personally observed the progress of a debt resolution model in Nan last Saturday. Government spokesman Chai Wacharonke revealed that the Interior Ministry’s data indicates that 106,863 debtors have registered with the government…
- Economy News
Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
- Thailand News
Thai man commits suicide for funeral fund to pay off debts
A Thai woman sought help from non-profit organisation Saimai Survive after her husband decided to commit suicide to get money from a government funeral fund so she could pay off their debts. The 60 year old woman, Yupin, and Samai Survive founder, Ekkaphop Luengprasert, revealed that she and her 59 year old husband were vendors selling shallots and garlic in…
- Business News
Thai businesses navigate bankruptcy via national rehabilitation process
The Thai economy has weathered numerous challenges recently, including the Covid-19 pandemic, a worldwide economic downturn, repercussions from international conflicts, declining exports, and persistent domestic political upheaval. This has led to a surge in bankruptcies, and many other Thai businesses have sought to navigate the business rehabilitation process under Thailand’s Bankruptcy Act. The Bankruptcy Act allows a creditor, debtor, or…
- Thailand News
Thai government proposes 15 billion baht plan for informal debtors relief
The Ministry of Finance proposed a plan to the Cabinet to assist informal debtors, allocating a budget of 15 billion baht through the Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC). This initiative will also aid debtors affected by the Covid-19 situation who have lost their credit bureau records. At the Government House at 10am…
- Thailand News
Over 2,500 debtors in Nakhon Ratchasima seek resolution for 195 million baht informal debts
Over 2,500 debtors in Nakhon Ratchasima have registered for assistance in resolving their informal debts, amassing a total debt of 195 million baht. The highest number of registrations came from the Mueang district. The scene at the registration point in Mueang Nakhon Ratchasima district was bustling with both debtors and creditors seeking to register for state assistance in addressing their…
