Banking
Bank cuts Thai 2020 GDP growth outlook to 2.7%
SCB’s Economic Intelligence Center (EIC) has released its latest growth forecast, at 2.7 percent, showing a slow recovery from just 2.5 percent economic growth in 2019
SCB’s Economic Intelligence Center (EIC) has released its latest forecast, indicating that the Thai economy at the end of 2020 will have grown by 2.7 percent, showing a s recovery from just 2.5 percent economic growth in 2019, thanks to a better performing export sector and improved global economy.
Earlier this week the World Bank also downgraded Thailand’s economic growth outlook for this year to 2.7% .
The EIC expects the Bank of Thailand to maintain the policy rate at 1.25 percent per annum. The center is keeping a close eye on uncertainties between the U.S. and China; the U.S. and EU; the U.S.-Iran conflict; Brexit, and the financial fragility in households and businesses.
The forecast indicates that the Thai economy will still face challenges from the strong Thai baht currently between 29.5 and 30.5 baht per U.S. dollar; the slowdown in consumption and private investment; employment issues; household debt, and the drought disaster.
In 2019, declining exports and growing weaknesses in domestic demand weighed on Thai economic growth.
The baht, which has appreciated by 8.9% since last year, has also dealt a blow to international tourism and merchandise exports, the World Bank said.
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
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.
(more…)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.
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.
(more…)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
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 .
(more…)
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