The Bank of Thailand (BOT) has reaffirmed commercial banks’ financial health, urging members of the public to remain confident with the banks’ ability to cope with the COVID-19 economic fallout.
Thailand’s commercial banks are financially sound and are able to withstand any economic impact from the pandemic, Bank of Thailand (BoT) Deputy Governor Ronadol Numnonda said in a statement Sunday.
Deputy governor on financial institution stability Ronadol Numnonda revealed commercial banks in Thailand are still backed by a large amount of excess reserves thanks to a stringent monetary policy.
The central bank asked financial institutions to run stress tests and the results showed all the lenders possess sufficient capital to cope with a “severe crisis.” There are also both fiscal and monetary policies in place to help the economy, according to Mr Ronadol.
