Connect with us

Banking

Bis Spendings for Chinese New Year (Bank of Thailand)

Circulation of around Bt31 billion ($1 billion) was estimated for withdrawal during the Chinese New Year festival, according to the Bank of Thailand (BoT).

Avatar

Published

on

Chinese character meaning wealth, used primarily for Chinese New Year.

Circulation of around Bt31 billion ($1 billion) was estimated for withdrawal during the Chinese New Year festival, according to the Bank of Thailand (BoT).

Comparatively close to that of the same period last year, such an amount was part of BoT’s forecast on total money withdrawals of Bt107 billion to be requested by commercial banks during the period of two weeks before the New Year.

As of Jan 16, the BoT has supplied around Bt490 billion ($15.8 Bn). All types of banknotes are sufficiently in reserve for commercial banks, it stated.

Chinese character meaning wealth, used primarily for Chinese New Year.

"Fook", the Chinese character meaning wealth, used primarily for Chinese New Year.

Meanwhile, the latest Suan Dusit Poll revealed that during this period of Chinese New Year, 76 percent of Thai-Chinese will follow the tradition of paying respect and gratitude to ancestors and spirits, while 56 percent said they would give less importance to the tradition due to social and economic changes.

Respondents spoke of different reasons on how they benefited from spirit offerings during the Chinese New Year.

Almost forty percent said they were happy to pay respects to ancestors, whereas 19 percent viewed it as a means to garner good luck, fortune and safety. Twenty-seven percent viewed it as an occasion for family gathering, and 12 percent said it was when they received gift money in red envelopes.

When asked what they would like to say to other Thai-Chinese, 47 percent of those surveyed said they wanted all Thais with Chinese origin to keep the Chinese New Year spirit offerings tradition alive.

Twenty percent asked for them to love Thai soil and 17 percent for Thais of all ethnicities to love each other and unite.

The survey was conducted among 1,936 Thais-Chinese citizens in Bangkok and Chinese communities nationwide from Jan 16-20. (MCOT online news)

via Bt31 billion circulation estimated during Chinese New Year: BoT.

In 2012, Thailand and China will be celebrating the 37th anniversary of the re-establishment of Thai-Chinese relations on 1 July 1975. Chinese New Year celebrations to mark the arrival of the Year of the Dragon are expected to be even more significant and special because they overlap with three other auspicious occasions being celebrated by the Thai people in 2012. These are the 85th birthday of His Majesty King Bhumibol Adulyadej, Rama IX, the 80th birthday of Her Majesty Queen Sirikit, and the 60th birthday of His Royal Highness Crown Prince Maha Vajiralongkorn.

Both countries are working together to jointly host a spectacular Sino-Thai cultural showcase entitled “From the Huang Ho (Yellow River) to the Chao Phraya River Basin”. The program will feature a rich tapestry of Chinese cultural performances and performing arts dating back two centuries, and a magnificent program of classical and traditional Thai performing arts. This cultural extravaganza will also be making its way to the 11 Thai provinces with established Thai-Chinese communities.

Comments

Banking

APAC corporates likely to improve in 2021

Moody’s Investors Service says in a new report that credit conditions in APAC will improve in 2021, supported by the gradual recovery of economic activity given the early containment of the pandemic in several Asian economies.

Pr News

Published

on

By

Ongoing fiscal and monetary support in both advanced and emerging markets will also aid improving conditions, but renewed lockdowns in parts of the world have stalled the nascent global economic recovery and create uncertainty around improving credit conditions.

(more…)
Continue Reading

Banking

Can Fintech drive a strong post-COVID-19 recovery in Asia?

The pandemic has highlighted the power of digital technology. Now is the time to harness this power for inclusive growth so that communities, especially in poor and remote areas, can survive the crisis and thrive.

Asian Development Bank

Published

on

To say 2020 has been a challenging year is a massive understatement. The COVID-19 pandemic has quickly undermined development gains from recent decades and slowed growth in many Asian economies.

(more…)
Continue Reading

Banking

BoT sees mild impact of new COVID-19 wave on the economy

The Bank of Thailand (BoT) does not see the new wave of COVID-19 infections as having as much of an impact on the economy as the first wave, as fewer businesses have had to be suspended.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – Despite a new and wider wave of COVID-19 infections in the country, the Bank of Thailand (BoT) has assessed that the economic impact of the situation will not be as severe as the first wave as the effects of the virus are not as pronounced, and public health preparations, including plans for vaccination, are in place.

(more…)
Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,609 other subscribers

Trending