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Bank of Thailand (BOT) reaffirms commercial banks’ financial health

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

National News Bureau of Thailand

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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.

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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.

Banking

Singapore’s PayNow and Thailand’s PromptPay Launch Cross-border Payment System

Olivier Languepin and Abhishek Prakash

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In a global first, Singapore and Thailand have linked their real-time payment systems, PayNow and PromptPay allowing international fund transfers between the two countries within minutes.

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Asean

12 Things to Know about the ASEAN Catalytic Green Finance Facility (ACGF)

The ACGF is an ASEAN Infrastructure Fund initiative managed by ADB’s Southeast Asia Department Innovation Hub. It helps Southeast Asian governments prepare and finance infrastructure projects promoting environmental sustainability and contributing to climate change goals.

Asian Development Bank

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Southeast Asia faces an infrastructure investment shortfall of more than $100 billion a year, which may have worsened amid the COVID-19 pandemic.

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Banking

Thai cabinet approves 350 billion baht Aid for COVID-hit Businesses

Thailand unveiled new measures to help small and medium COVID-hit businesses in the tourism industry hit by a liquidity crunch.

Olivier Languepin

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The Thai cabinet has approved assistance worth 350 billion baht($11 Billion) to help businesses affected by COVID-19 with soft loans and asset warehousing.

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