Bank of Thailand Relaxes Regulations on Non-residents’ Transactions
The Bank of Thailand is providing more flexibility for non-residents to undertake Thai Baht transactions without submitting supporting documents, including managing Thai baht liquidity in their Non-resident Baht Accounts.
Thailand’s Rising Household Debt and Growing Risk of Bad Loans
In the first quarter of 2023, household debt reached 15.9 trillion baht, a 3.6% increase from the previous quarter, or 90.6% of the GDP. Real estate purchases and personal loans were identified as the main contributors to this growth.
Resilience and Challenges: An Overview of the Thai Banking System in Q2 2023 (BoT)
The Thai banking system demonstrated resilience in the second quarter of 2023, with strong capital levels, loan loss provisions, and liquidity despite a slight contraction in loans and some deterioration in loan quality.
The tourism sector contributes about 20% to Thailand’s gross domestic product (GDP) and employs about 15% of its workforce. Therefore, the recovery of tourism is crucial for Thailand’s economic and social development.