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Standard and Poor’s maintain Thailand’s credit rating at BBB+

The agency is confident in Thailand’s finances, in spite of measures needed to respond to COVID-19, resulting in a deficit for 2020-2021 and hiking state debt.

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BANGKOK (NNT) – Standard and Poor’s credit rating agency has kept its level of confidence in Thailand at BBB+, in spite of COVID-19 turmoil and political unrest, but has noted it is monitoring the situation.

Director of Public Debt Management at S&P Global Ratings, Patricia Mongkolvanich, revealed that the agency has maintained Thailand’s credit rating at BBB+, with a stable outlook due to the country’s fiscal strength and foreign currency reserves as well as low state debt.

It has assessed that current political problems will not weigh on the economy in the long term and that the administration is working effectively.

The agency is confident in Thailand’s finances, in spite of measures needed to respond to COVID-19, resulting in a deficit for 2020-2021 and hiking state debt.

S&P foresees the Thai economy recovering in the medium term and improving by 6.2 percent next year on the back of tourism and state investment. It also sees the Kingdom’s foreign reserves as stable.

Areas the agency is watching include economic growth and political stability, which may influence social and economic policies in the medium term.

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Banking

Thailand Raises Public Debt Ceiling from 60% to 70% of GDP

Thailand’s State Monetary and Fiscal Policy Committee has decided to raise the ceiling of the public debt-to-GDP ratio from 60% to 70%

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Thailand’s State Monetary and Fiscal Policy Committee has decided to raise the ceiling of the public debt-to-GDP ratio from 60% to 70%, which will allow further public sector borrowing to rehabilitate the economy battered by COVID-19.

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Banking

Malaysia, Thailand banks to join the ASEAN Banking Integration Framework

Banking institutions from Thailand and Malaysia are invited to join the ASEAN Banking Integration Framework and indicate their interest to become a Qualified ASEAN Bank (QAB) in Malaysia and Thailand.

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Pursuant to the bilateral arrangement under the ASEAN Banking Integration Framework (ABIF) between Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) which was concluded in April 2019, banking institutions from Thailand and Malaysia are invited to indicate their interest to be a Qualified ASEAN Bank (QAB) in Malaysia and Thailand.

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