Among Thailand’s internet users, 74% access banking services via mobile devices, according to the annual Global Digital Report 2019 from social media management platform Hootsuite and digital marketing agency We Are Social.
That puts one of Asia’s favorite vacation spots well ahead of the global rate of 41% and higher than China, at 61%.
The trend matches the Thai government’s plan to help the predominantly cash-driven economy go cashless.
The government expects multiple benefits from a digital payments economy. Transaction records would allow small and medium-size enterprises to apply for loans.
They would also make bribery more difficult and put hurdles in front of human and narcotics traffickers.
Source : https://asia.nikkei.com/Business/Business-Trends/Southeast-Asia-eclipses-China-as-world-s-mobile-economy-hot-spot
BOT relaxes rules to Curb Strong Baht
the Bank of Thailand (BOT) decided to relax regulations to facilitate capital outflows to help promote capital flow balance and lessen pressure on the baht.
The Thai baht has been under pressure due to imbalanced capital flows in the current environment of highly uncertain and volatile external conditions, the Ministry of Finance (MOF) and the Bank of Thailand (BOT) decided to relax regulations to facilitate capital outflows to help promote capital flow balance and lessen pressure on the baht.(more…)
Bank of Thailand cuts rate by 0.25% to 1.25 per cent
The latest cut brings the Bot’s policy rate to an historical low, which the bank maintained from April 2009 to July 2010 during the subprime global financial crisis.
On 6 November 2019, the MPC voted 5 to 2 to reduce the policy rate by 0.25 percentage point from 1.50 to 1.25 percent, effective immediately. Two members voted to maintain the policy rate at 1.50 percent.(more…)
Thailand’s loss of trade privileges with US is credit negative
The development is credit negative because Thailand’s export-oriented economy is in a difficult external environment given that a broad-based export slowdown and strong Thai baht are weakening the competitiveness of goods exporters and the country’s tourism industry.
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