UPDATE 2-Thai c.bank keeps policy rate at record low, warns of COVID-19 risks * Central bank holds key rate at record low 0.50%, as expected * Says economy to expand sharply less than forecast this year * Says monetary policy to remain accommodative * Says fiscal policy, exports to support economy (Adds GDP scenarios, analyst…
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…
World Bank supports continued government economic stimulus BANGKOK (NNT) – The World Bank has encouraged the Thai government to continue its economic stimulus measures with a focus on businesses directly impacted by the COVID-19 pandemic such as those in the tourism sector. Senior country economist of the World Bank for Thailand Kiatipong Ariyapruchya has noted…
DLT Provides App for Annual Car Tax Payment BANGKOK (NNT) – The Department of Land Transport (DLT) has urged motorists to pay their yearly vehicle tax via the department’s smartphone app in order to curb the spread of Covid-19. Department deputy director-general Yongyut Nakdaeng said the tax sticker and receipt will be sent by mail within…
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…
Thai economy continued to recover in December but remained uneven, says Bot In December 2020, the Thai economy continued to recover but remained uneven. The new wave of COVID-19 outbreak emerged in the end of this month has been starting to affect some economic activities. Although private consumption indicators remained in expansion, the new wave…
Can Fintech drive a strong post-COVID-19 recovery in Asia? The pandemic has highlighted the power of digital technology. Now is the time to harness this power for inclusive growth so that communities, especially in poor and remote areas, can survive the crisis and thrive. To say 2020 has been a challenging year is a massive…
BoT sees mild impact of new COVID-19 wave on the economy The Bank of Thailand (BoT) does not see the new wave of COVID-19 infections as having as much of an impact on the economy as the first wave, as fewer businesses have had to be suspended. BANGKOK (NNT) – Despite a new and wider…
Thai Central Bank Holds Key Rate, Cuts Growth Forecast for 2021 (Bloomberg) — The Bank of Thailand kept its benchmark interest rate unchanged for a fifth straight meeting to preserve its limited policy space, while reiterating concerns about a currency rally and lowering its economic growth forecast for next year. The central bank held the…
Standard and Poor’s maintain Thailand’s credit rating at BBB+ The agency is confident in Thailand’s finances, in spite of measures needed to respond to COVID-19, resulting in a deficit for 2020-2021 and hiking state debt. BANGKOK (NNT) – Standard and Poor’s credit rating agency has kept its level of confidence in Thailand at BBB+, in…