Posts Tagged ‘Bank of Thailand’

Bank of Thailand (BoT) Assistant Governor Sorasith Sunthornkes on Wednesday revealed the central bank had urged commercial banks to lend more to the business sector, particularly small- and medium-size enterprises (SMEs), in support of government policy.

Additionally, the central bank prompted Thailand’s commercial banks to supervise the capital fund and non-performing loans (NPLs) closely, and asked them to restructure debts to ensure that the capital base is not affected.

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Although Thailand’s gross domestic product (GDP) contracted between 5-6 per cent during the first quarter of 2009, there are positive signs that the economy is heading towards recovery, a senior Bank of Thailand (BoT) official said on Thursday.

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Thailand’s international reserves dropped by nearly Bt34 billion during April 8-15, the Songkran festival period when the country’s political confrontation heated up and turned violent, according to the Bank of Thailand (BoT) report on the official reserve.

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Bank of Thailand (BoT) Deputy Governor Atchana Waiquamdee on Thursday expressed optimism that the government’s decision to reduce the spending budget for Fiscal 2010 to Bt1.7 trillion from Bt1.9 trillion would not affect investment it planned to make as part of efforts to stimulate the country’s economy.

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Despite uncertainty emanating from the global economic slump which may be prolonged longer than earlier projections indicated, fierce competition and political unrest in Thailand, a majority of business executives are optimistic that Thailand’s economy will start recovering during the fourth quarter of 2009, according to a Bank of Thailand (BoT) survey.

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Commercial banks still have manoeuvre space to further reduce lending rates given the excess liquidity in the financial system and stiff competition in financing, according to the Bank of Thailand (BoT).

BoT Deputy Governor Bandid Nijathaworn said current deposit rates should not be cut further, because they are already considered at their lowest level.

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Thailand’s economy, now suffering badly due to the global economic meltdown, has forced the Bank of Thailand (BoT) to reduce the projected gross domestic product (GDP) for 2009 to between 1.5-3.5 per cent lower than the 0-2 per cent growth rate forecast in January, a senior BoT official said on Wednesday.

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Thailand’s overall exports have begun to pick up with the continued plunge expected to ease in the second quarter of this year, according to former finance minister M.R. Pridiyathorn Devakula.

Delivering a keynote speech on “Ways to Survive for Thai Exporters vs. the Country’s Economy,” he said the country’s exports signaled improvement.

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Bank of Thailand (BoT) Assistant Governor Sorasith Sunthornkes on Monday allowed that the risk factors regarding ‘specially mentioned’ (SM) loans held by 17 commercial banks had increased, but the rising numbers of late payments could not yet be classified as non-performing loans (NPLs) and do not yet affect the banks’ financial stability.

SM loans are defined as those having missed payments for 1-2 months while non-performing loans (NPLs) are those with missed payments for 3 months or longer.
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