Finance Ministry
- Thailand News
Deputy PM defends mammoth borrowing to jump start growth
In a heated parliamentary session yesterday, Deputy Prime Minister and Finance Minister Pichai Chunhavajira staunchly defended the government’s proposal to borrow a staggering 865 billion baht to mitigate the fiscal 2025 budget deficit. Pichai argued that this bold move is essential to rejuvenate Thailand’s languishing economy and achieve targeted GDP growth. He assured lawmakers that the loan would adhere strictly…
- Business News
Finance Ministry to fast-track NPL debtor blocklist removal
The Finance Ministry is set to engage in discussions with the Bank of Thailand and the National Credit Bureau (NCB) to address the issue of non-performing loans (NPLs) caused by the Covid-19 pandemic, specifically targeting Code 21 debtors. The aim is to expedite the removal of these debtors from the bureau’s blocklist, enabling quicker access to credit. Deputy Finance Minister…
- Business News
Minister proposes shorter blacklist period for bad debtors
Finance Minister Pichai Chunhavajira proposed reducing the time period for which bad debtors remain on the National Credit Bureau’s blacklist, aiming to facilitate quicker access to new borrowing opportunities. While speaking at a signing ceremony for the establishment of ARI-AMC, a joint venture between the Government Savings Bank (GSB) and Bangkok Commercial Asset Management Plc (BAM), Pichai noted that the…
- Business News
Thailand to issue US$1.1 billion sustainability-linked bonds
Thailand will issue up to US$1.1 billion (40 billion baht) in baht-denominated sustainability-linked bonds (SLBs) in the coming months, marking the first such offering by an Asian government. This initiative aims to address both the nation’s budget deficit and its environmental commitments. According to the public debt advisor at the Ministry of Finance, Jindarat Viriyataveekul, the proceeds from the bond…
- Business News
Finance minister orchestrates with BoT for fiscal symphony
Finance Minister Pichai Chunhavajira is adopting a more cooperative stance towards the Bank of Thailand (BoT) compared to the Thai prime minister, aiming to align fiscal and monetary policies more effectively. Prime Minister Srettha Thavisin has been advocating for interest rate cuts to stimulate the economy. Pichai, however, has shifted the focus towards enhancing public access to finance, expressing his concerns…
- Thailand News
Finance Ministry to discuss new economic stimulus measures
The Ministry of Finance is currently considering new economic stimulus measures to boost the economy in the second half of 2024. Previously, Deputy Prime Minister and Finance Minister Pichai Chunhavajira held discussions about the economic situation, particularly focusing on economic figures. Despite the government’s extensive stimulus efforts, the economy grew by 1.5% in the first quarter of 2024, which, although…
- Business News
Thailand seeks new stimulus after Q1 growth falls short
Following Finance Minister Pichai Chunhavajira’s announcement yesterday, Thailand needs additional stimulus measures to unlock its economic potential after experiencing lower-than-expected growth in the first quarter. The country’s economy expanded by only 1.5% year-on-year in the first quarter. This performance, while surpassing analysts’ forecasts, fell short of the 1.7% growth recorded in the previous quarter, said Pichai. “There was still growth…
- 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…
- Thailand News
Thailand’s deputy finance minister resigns
Kritsada Jinavijarana, former deputy finance minister, officially stepped down from his position, as confirmed by Prime Minister Srettha Thavisin in an exclusive revelation to reporters. PM Srettha made the declaration moments before embarking on an official trip upcountry, slated to span multiple provinces. Kritsada’s abrupt resignation came hot on the heels of a reported dissatisfaction stemming from a perceived reduction…
- Thailand News
Thai deputy finance minister’s shock resignation
Thailand Deputy Minister of Finance Kritsada Jinavijarana sent shockwaves through the political corridors with his offer of resignation. Prime Minister Srettha Thavisin intervened, urging Kritsada to reconsider his decision. Expressing discontent with task allocation, Kritsada tendered his resignation from the Cabinet. But the 62 year old Thai prime minister, not ready to lose a key figure, stepped in swiftly to…
- Thailand News
New Finance Minister Pichai pledges to boost Thailand’s economy
Newly appointed Finance Minister Pichai Chunhavajira pledged to accelerate initiatives aimed at addressing household debt, stimulating the economy, and raising personal income. Pichai, who previously held the chairman position at the Stock Exchange of Thailand and served as the prime minister’s advisor, observed a consistent decline in the country’s economic growth rate over the past two decades during his inaugural…
- Business News
Pichai Chunhavajira announced as new Thai Finance Minister
The former Stock Exchange of Thailand (SET) chairman has been appointed as the new finance minister, a move that has garnered a positive reception from stock market analysts. They believe Pichai Chunhavajira will play an active role in managing the capital market and advancing economic stimulus, now that the 2024 fiscal budget is prepared for allocation. Expressing his view on…
- Thailand News
Thai citizens set to receive government handout by year-end
To dispense a financial lifeline, Deputy Finance Minister Julapun Amornvivat unveiled plans to ensure that eligible Thais receive a 10,000 baht handout before the year’s end. The initiative, slated to be facilitated through digital wallets, hinges on a decisive timeframe to be determined by the digital wallet committee. Speaking confidently yesterday, March 25, the minister expressed optimism that the committee,…
- Thailand News
Stocking up: SET chairman tipped for Finance Minister role
The chairman of the Stock of Thailand (SET) is reportedly poised to ascend to the position of Finance Minister, according to insider sources. The anticipated transition is slated to occur at the culmination of the ongoing parliamentary session on April 9, disclosed the informants. This strategic move aims to relieve Prime Minister Srettha Thavisin of his dual role, allowing him to…
- Thailand News
Thailand’s revamped tax system promises economic boost
In a bid to shield the public from economic turmoil, Thailand’s Finance and Interior Ministries have unleashed a slew of reforms, spearheaded by Paopoom Rojanasakul, secretary to the finance minister. Addressing a high-profile property seminar, Paopoom asserted that the proposed alterations to the land and building tax are geared towards bolstering collection efficiency and ensuring a fair tax rate. “We…
- Business News
Thai government’s revenue collection could fall short in 2024
Deputy Finance Minister Krisada Chinavicharana expressed concerns that the government’s revenue collection for fiscal 2024 might not surpass the target, unlike the 174 billion baht (US$4.8 billion) surplus witnessed the previous year. This was announced at the Outstanding Revolving Fund Award event held yesterday. The government has projected an expenditure budget of 3.48 trillion baht (US$96 billion) for fiscal 2024,…
- Business News
Thailand’s Q1 2024 government revenue exceeds target by 0.3%
The Fiscal Policy Office announced that government revenue collection for the initial quarter of fiscal 2024 surpassed its target by 0.3%, equating to 1.62 billion baht (US$45 million), according to the director-general, Pornchai Thiraveja. Pornchai, who also serves as a spokesperson for the Finance Ministry, disclosed that the government’s net revenue collection for the initial three-month period of fiscal 2024,…
- Business News
Thailand taps Chinese influencers to boost exports
The Thai government launched an initiative to boost the country’s exports to China, the world’s second-largest economy. The plan involves inviting 30 to 50 of China’s leading social media influencers to visit Thailand in May. During their stay, these influencers will livestream their Thai experiences, promoting local products from traditional elephant pants to native sweet treats to their followers back…
- 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 baht heads for poorest January since 2020
The Thai baht, after experiencing a nearly 4% loss compared to the US dollar, is on track for its poorest January performance since 2020. The currency’s downfall signals further challenges ahead, given the significant outflows. Emerging Asia’s top-performing currency in the fourth quarter turned into this year’s biggest loser as global funds avoid Thai assets. This comes amid a dispute…
- 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…
- Business News
Finance Ministry proposes joint venture asset management companies to aid debtors
The Finance Ministry is advocating for collaborative investments between Specialised Financial Institutions (SFIs) and Asset Management Companies (AMCs), proposing the formation of joint venture asset management companies (JV-AMCs). This initiative aims to aid debtors who collectively hold three million accounts amounting to a total value of 230 billion baht, stated Paopoom Rojanasakul, the secretary to the finance minister. Rojanasakul explained…
- 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…
- Thailand News
Government to shoulder Covid-19 insurance claims as insurers buckle under 60 billion baht payouts
Deputy Finance Minister Julapun Amornvivat has revealed that the Thai government may have to step in to assist with the hefty burden arising from Covid-19 insurance claims. The grim situation has seen total payouts skyrocket to almost 60 billion baht, leaving non-life insurance companies in shambles and prompting the closure of those unable to meet the financial demands. Julapun disclosed…
- 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
Easy e-receipt programme set to kick off next year in Thailand
A newly approved tax refund scheme, aimed at stimulating domestic spending and promoting the use of electronic invoices, is set to kick off early next year, the Finance Ministry confirmed on Monday. The so-called Easy E-Receipt programme allows individuals to claim a tax deduction of up to 50,000 baht on goods and services purchases from businesses backed by the e-tax…
- Thailand News
Thailand’s power play: Hosting mega IMF and World Bank meetings in 2026
The Chief of the Fiscal Policy Office (FPO) unveiled Thailand‘s ambitious proposal to host the annual meetings of the International Monetary Fund (IMF) and World Bank in 2026. On October 15, the Finance Ministry, Bank of Thailand, and IMF and World Bank reps threw ink on a memorandum of understanding, sealing the deal for Thailand to reclaim its throne as…
- Business News
Rich rewards offered for info on currency counterfeiters
With large numbers of fake banknotes now circulating in Thailand, especially in the north of the country, the Digital Economy and Society Ministry Saturday announced a counterfeit rewards system for those canny enough to spot the fakes and turn them in. If you come up with information on counterfeit banknotes, you can expect to be rewarded with up to 100,000…
- Thailand News
Court clears THAI for takeoff, as it doubles Aussie flights
Thai Airways (THAI) received a much-needed boost today when the Central Bankruptcy Court approved the airline’s request to overhaul its recovery plan. The news comes on the back of a THAI announcement that passengers increased by 80% this month and plans to double flights to Melbourne, Australia, in December. Thailand’s national flag carrier was told by the court to carry…
- Economy News
Finance Ministry expected to adjust 2022 economic forecast from next month
The Finance Ministry will adjust the 2022 forecast for Thailand’s economic growth to focus on the rise in both inflation and energy prices, from next month. According to an unnamed Bangkok Post source, the ministry is concerned about the impact Russia’s invasion of Ukraine will have on overseas arrivals this year. At the start of the year, the ministry had…
