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.

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