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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.

Boris Sullivan

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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.

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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

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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.

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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.

National News Bureau of Thailand

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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.

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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

Boris Sullivan

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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 .

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