Banks to control asset quality The Thai banking industry is expected to remain cautious in controlling asset quality amid economic turbulence brought about by the Covid-19 pandemic. Pasakorn Wangvivatcharoen, research manager at Asia Plus Securities, said local banks showed signs of improving fee-based income from securities and asset management business. “Despite setting aside a massive…
Thai Central Bank Warns against Baht-Denominated Stablecoin Private issuance of any monetary alternative violates the country’s currency act. The Bank of Thailand (BoT) has issued a warning on Wednesday against Thai Baht Digital (THT), a baht-denominated stablecoin, and asked the public not to make any sort of investment in it. The central bank raised alarm…
Krungthai Bank sees e-banking growth from gov’t COVID-19 measures BANGKOK (NNT) – Krungthai Bank has reported a jump in e-banking platform users, thanks to the government’s COVID-19 aid measures which familiarized the general public with electronic transactions via a mobile e-wallet application developed by the bank. Krungthai Bank Executive Director Krisada Chinavicharana disclosed today the…
Bank of Thailand steps in to curb recent baht strength Bank of Thailand accelerates measures to advance the development of the new Thai FX Ecosystem and to limit excessive currency volatilities In a press release published on the 20th of November, the central bank’s Monetary Policy Committee (MPC) has expressed concerns over the rapid appreciation…
Baht weakens just before BOT monetary policy meet The baht opened at 30.19 to the US dollar on Wednesday, weakening from 30.16 at close on Tuesday. The Thai currency is likely to move between 30.10 and 30.30, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities. On Tuesday night, the US…
MPC sticks with 0.50%, eyes baht The Bank of Thailand’s Monetary Policy Committee (MPC) voted to keep its policy rate unchanged at 0.50% yesterday and will continue monitoring the baht’s strength as capital inflows result from abundant global liquidity. The MPC voted unanimously to maintain the record-low benchmark interest rate, assessing that the economy would…
Baht strengthens as investors watch key monetary policy meeting The baht opened at 31.03 to the US dollar this morning (August 5), strengthening from yesterday’s close of 31.09. The Thai currency is expected to move between 30.90 and 31.10, said Jitipol Puksamatanan, head of Markets Strategy at SCB Securities. Yesterday, the S&P 500 increased by…
Baht strengthens in opening trade The baht opened at 31.44 to the US dollar this morning (July 29), strengthening from Friday’s close of 31.69. The Thai currency is expected to move between 31.35 and 31.85, said Jitipol Puksamatanan, head of Markets Strategy at SCB Securities. On Tuesday night (Thailand time), the S&P500 decreased by 0.6…
Worries over economic recovery put pressure on the baht The Thai currency is expected to move between 31.62 and 31.82, said Jitipol Puksamatanan, head of Markets Strategy at SCB Securities. The strategist said that concerns about recovery of the Thai economy and Asian capital market were weakening the baht, he added. On Thursday night, the…
Thai bank forecasts 7.3% GDP contraction in 2020 Siam Commercial Bank’s Economic Intelligence Centre (EIC) has further revised downward its economic projection for this year to an economic contraction of 7.3 per cent. Lockdowns triggered by the coronavirus across the globe have led the Economic Intelligence Center of Siam Commercial Bank (EIC SCB) to predict…