Banking
33% of Thais have less than 500 baht on their bank account
A study by Puey Ungphakorn Institute for Economic Research has identified just over 30 million Thais with savings accounts, altogether responsible for over 10 trillion baht in deposits.
One-third of Thai depositors have a deposit balance below 500 baht, and 50% of them have a balance below 3,124 baht.
Meanwhile the combined deposits of the largest 10% of depositors account for 93% of commercial banks’ total deposits, according to the Puey Ungphakorn Institute for Economic Research (Pier), the Bank of Thailand’s think tank.
This means a high concentration of deposits and low savings for many Thais, as 0.2% have deposits of more than 10 million, said Atchana Lamsam, head of networking and communications for Pier.
Banking
Thailand’s Banking Outlook changed to negative (Moody’s)
Moody’s has changed the outlook for Thailand’s banking system to negative from positive as coronavirus outbreak hurts asset quality and profitability
Moody’s has changed the outlook for Thailand’s banking system to negative from positive. The operating environment for the country’s banks will deteriorate in the next 12-18 months due to disruptions from the coronavirus outbreak, and this will lead to a weakening of banks’ asset quality and profitability.
(more…)Banking
Thai Banks launch packages for clients affected by COVID-19
Commercial banks in Thailand have offered refinancing services to some 30,000 clients, worth 234 billion baht in total.
All commercial banks in Thailand have pledged to offer special financial aid to customers and businesses affected directly or indirectly by the economic implications of COVID-19, ensuring sufficient cash for customers to make withdrawals at any time.
(more…)Banking
Thailand raises threshold to 1 million US dollars for repatriation
In a bid to lessen pressure on the Thai baht, the Bank of Thailand has increased to $1M the limit for foreign funds that do not need to be repatriated
The Bank of Thailand has relaxed foreign exchange regulations by increasing the threshold for proceeds that do not need to be repatriated from current $200,000 to USD 1,000,000 .
(more…)
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