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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.

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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.

The Thai Bankers’ Association Chairman Predee Daochai has ensured all banks have prepared a supply of cash for withdrawals by customers at all 6,800 branches and 54,000 ATMs across the country.

Banks are however encouraging customers to make transactions electronically to minimize their exposure to the coronavirus, and have prepared their network to cope with increasing transactions online.

To mitigate economic implications from the COVID-19 pandemic which has been disrupting the economy since February, commercial banks have offered refinancing services to some 30,000 clients, worth 234 billion baht in total.

Some of these clients have been offered a pause in principal payments, an interest rate cut, or a payback extension to help ease their economic burden.

A 150 billion baht soft loan has been made available, offering an up to 20 million baht loan to each customer with 2 percent annual interest rate and a two year payback period.

This loan will be offered to businesses who wish to improve their liquidity starting in April. Requests can now be made at participating banks.

The Government Housing Bank Chief Financial Officer Paninee Manosan, said today the bank now allows customers with mortgages worth 20 billion baht in total to make only their monthly interest payment for up to six months, to ensure they can keep their homes and have sufficient cash for living expenses. This offer is valid for regular customers, and non-performing loan (NPL) customers. Registration is required from now until 30 December 2020.

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Banking

Thailand Raises Public Debt Ceiling from 60% to 70% of GDP

Thailand’s State Monetary and Fiscal Policy Committee has decided to raise the ceiling of the public debt-to-GDP ratio from 60% to 70%

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Thailand’s State Monetary and Fiscal Policy Committee has decided to raise the ceiling of the public debt-to-GDP ratio from 60% to 70%, which will allow further public sector borrowing to rehabilitate the economy battered by COVID-19.

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Banking

Malaysia, Thailand banks to join the ASEAN Banking Integration Framework

Banking institutions from Thailand and Malaysia are invited to join the ASEAN Banking Integration Framework and indicate their interest to become a Qualified ASEAN Bank (QAB) in Malaysia and Thailand.

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Pursuant to the bilateral arrangement under the ASEAN Banking Integration Framework (ABIF) between Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) which was concluded in April 2019, banking institutions from Thailand and Malaysia are invited to indicate their interest to be a Qualified ASEAN Bank (QAB) in Malaysia and Thailand.

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