Credit card spending in Nov 2009 soared to 85.67 billion baht, up by 5.6 billion baht or 7.1 per cent from its previous month, the Bank of Thailand (BoT) reported on Sunday.
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Credit card usage rose in Nov
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The performance of Thailand’s telecommunications sector has come a long way in the last decade, particularly in terms of availability and use of affordable telephone service and growth of internet access. The telecommunications sector in Thailand is dominated by mobile communications. There are about 43 million mobile subscribers versus approximately 7 million fixedlines. Furthermore, growth in the mobile market remains strong compared to the fixed market, which is stagnant. Broadband network infrastructure is growing rapidly; however, it is still insignificant.
Credit card usage rose in Nov
Many of these tax privileges were scheduled to expire at the end of this year, but now extended for another one to three years, depending on whether such tools and equipment can be currently locally produced. The government also cancels many parts and components required in assembling chasses used in vehicles that are fueled entirely by natural gas.
When accounting for the net services, income, and transfers surplus of 601 million US dollars from lower investment income transfer compared to the previous month, the current account balance registered a 2,289 million US dollar surplus.
Nevertheless, the impact on lending was muted. Commercial banks, concerned about credit risks in a contracting economy, were cautious in lending, while private sector demand for credit generally declined in tandem with economic activity. The rate of increase in loans by commercial deposit-taking institutions slowed from 8.4% in the ifrst quarter to 6.1% in the second. Stock prices as refected in the SET index, afer falling by 48% in 2008, picked up in the second quarter of 2009. The index rose by 45% in the first 8 months of this year, a gain in line with other Asian markets.
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