Thai Baht to go to 28?

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The week ending December 3^rd, 2021 the Thai Baht was being exchanged at 33.35 baht to every 1 US dollar.

• Thailand’s finance minister confident of 4% growth in 2022 despite Omicron threat

The 4-per-cent expansion of gross domestic product (GDP) in 2022 is achievable even though Thailand and global communities are facing the threat of the variant of concern Omicron, Finance Minister Arkhom Termpittayapaisith said on Monday.

He was speaking at the online seminar “Investment Minutes in Late 2021” hosted by the Thai News Agency.

The minister said Thailand may not take that long to fully recover from the Covid-19 crisis compared to the 1997 Tom Yam Kung crisis, which took more than two years to overcome.

“The government has been working to gradually reopen the country and unlock more businesses even though the pandemic is not completely eliminated,” he said. “At this rate, the economy will recover slowly, with a 1 per cent GPD expansion expected this year and a 3.5-4.5 per cent growth in 2022.”

Arkhom pointed out that though the tourism industry, which accounts for 12 per cent of the GDP, has been severely affected by the pandemic, steady growth in the export sector has helped Thailand’s economy stay in the positive realm this year.

“We estimate that the total export of 2021 could expand up to 17 per cent, which is the highest in the past 12 years,” he said. “Other factors that help mitigate the impact of Covid-19 are the government’s different stimulus measures, such as ‘Rao Mai Thing Gun’ [We Won’t Leave Anyone Behind], Eat, Shop, Spend, Let’s Go Halves and Let's Travel Together campaigns.

“As the threat of Covid-19 still lingers with the emergence of Omicron variant, we need to continue keeping our guard up by following strict disease control measures. By working together across public and private sectors, the 4 per cent GDP expansion in 2022 is certainly achievable,” he said.

Arkhom also said the government may consider reducing the stimulus measures once the economy starts gaining pace in 2022 and more businesses can continue their operation as usual.

“The government will then shift its spending focus from economic stimulation to infrastructure projects such as transportation routes and irrigation system to serve as a foundation for future investments,” he said.: https://www.nationthailand.com/business/40009440

• Thai Central Bank warns against use of cryptocurrencies in transactions

Volatility and security risks mean that Thailand’s Central Bank remains unconvinced about the use of digital assets to purchase goods and services, as many shops have started allowing payment using cryptocurrencies.

The Bank of Thailand’s Assistant Governor for Payment Systems Policy and Financial Technology, Siritida Panomwon Na Ayudhya, revealed that the central bank does not support the use of digital currencies for making payments, due to their high price volatility and the risks of cyber-theft, personal data leakage and money laundering, to which both customers and the businesses become vulnerable.

She also believes that such risks could affect payment system and financial stability, as well as consumer protection, if digital assets become widely used for payment. Regulators in some countries, such as the United Kingdom, the European Union, South Korea and Malaysia, have recently restricted the use of digital assets, primarily to investment, while many other countries are considering appropriate oversight of such activities.

The Bank of Thailand and the Securities and Exchange Commission are planning to issue guidelines, in the light of the increasing use of digital assets in payments for goods and services.

Meanwhile, many shops in Thailand already allow customers to pay with cryptocurrencies, including “Inthanin Coffee”, where 21 out of 750 of its branches accept such payments.

A 38-year-old customer said that he has been interested in investing in digital assets, which he has been researching for the past 7 months. Normally, he would only use digital assets for investment, but now he can use them for other payments,which provides him with an additional level of convenience.

Not many people are making payments with digital currencies yet, as some are still concerned about security, especially hacking.: https://www.thaipbsworld.com/thai-ce...-transactions/

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The week ending December 9^th, 2021 the Thai Baht was being exchanged at 32.97 baht to every 1 US dollar.

• Bank of Thailand expects economy to return to pre-Covid levels in 2023

The economy is expected to return to pre-Covid-19 levels in the first quarter of 2023, the Bank of Thailand (BoT) governor told a business forum on Thursday.

"Recovery will be slow and uneven ... because Covid hit us in the soft underbelly in the tourism sector," BoT Governor Sethaput Suthiwartnarueput said.: https://www.bangkokpost.com/business...levels-in-2023

• Joint business group sees GDP growth next year 3%-4.5%

The country’s leading joint-business group on Wednesday said it expects gross domestic product growth in 2022 to reach as high as 4.5%, in line with global recovery.

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) maintained its growth outlook for the year to between 0.5% to 1.5%, and expects exports to grow up to 15% before slowing down to 3% to 5% next year, it said in a statement.

The government projects growth in 2022 to be between 3.5% to 4.5%.

The JSCCIB said the Omicron Covid-19 variant could slow down recovery in the tourism sector, a big employer and source of revenue.

"There is still concern in the short term despite a recovery, it's slow ... we urge the government to implement more measures in time for New Year festivities so businesses can distribute products," said Chamber of Commerce chairman, Sanan Angubolkul. : https://www.bangkokpost.com/business...xt-year-3-4-5-

• Finance Ministry eyes big tax break for wealthy Thais to boost spending

The Finance Ministry is planning to offer Thais a new economic stimulus programme at the end of the year as a New Year’s gift, Finance Minister Arkhom Termpittayapaisith said on Friday.

“We are designing a new campaign to help boost domestic consumption, especially among those with high purchasing power,” he said.

“The current programme targeting this group, ‘Ying Chai, Ying Dai’ [Spend More, Get More], is not as successful as we hoped. Hence, the new programme will focus on granting tax breaks to affluent spenders.”

The Ying Chai, Ying Dai subsidy offers cashback e-vouchers worth 10 to 15 per cent on spending of up to 60,000 baht.

The cashback is capped at 7,000 baht per person and stored in registrants’ Pao Tang digital wallets to spend at participating shops.

“As for the ‘Kon La Kreung’ [Let’s Go Halves] programme, the ministry will consider a fourth-round once the current round ends on December 31, provided the total spending shows an upward trend,” Arkhom added.

“Hopefully, spending under this programme will rise significantly during the high-season in line with the consumer confidence index, which is heading upwards.”

The Kon La Kreung stimulus measure targets mainstream consumers and small businesses by covering 50 per cent of their bills for food, drinks and basic necessities capped at 150 baht per day and 3,500 baht per round.

The finance minister said he will propose the new stimulus measure to the Cabinet on December 21.: https://www.nationthailand.com/business/40009840

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Govt to keep inflation target at 1%-3% next year

The cabinet on Tuesday approved the central bank's headline inflation target at 1%-3% for next year, unchanged from this year, which is appropriate for the economy amid a coronavirus outbreak, a government official said.

The target is flexible for implementing monetary policy to cope with any inflation volatility in future, deputy government spokeswoman Rachada Dhnadirek told a briefing.: https://www.bangkokpost.com/business...-1-3-next-year

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World Bank keeps Thai growth outlook at 1% this year, sees better 2022

Thailand's economy is still expected to grow 1% this year due to the impact of a coronavirus outbreak, but growth is expected to accelerate to 3.9% next year, driven by a recovery in service sector activity, the World Bank said on Tuesday.

Thailand's economy is still expected to grow 1% this year due to the impact of a coronavirus outbreak, but growth is expected to accelerate to 3.9% next year, driven by a recovery in service sector activity, the World Bank said on Tuesday.

The economy shrank 6.1% last year, with the vital tourism sector still struggling. The country reopened more broadly to vaccinated foreign visitors in November and eased strict curbs as new infections decline.

"A major surge in Covid-19 cases severely slowed economic activity in Thailand during Q3 of 2021, but a recovery is now underway," the World Bank said in its latest Thailand Economic Monitor.

Economic activity is expected to return to pre-pandemic levels by the end of 2022, with vaccinations and a resumption of tourist arrivals providing support, it said.

While the number of foreign tourists is likely to be negligible this year, it is projected to rise to almost 7 million in 2022 and to around 20 million in 2023 - albeit still half of the 2019 level, the World Bank said.

In late September, it forecast only 1.7 million foreign tourists next year with economic growth of 3.6%.

Growth risks, however, are skewed to the downside due to uncertain variables, the World Bank said.

The new Omicron variant is one such risk and if there were new containment measures and border closures, the economy could contract 0.3% in 2022, Kiatipong Ariyapruchya, senior World Bank economist for Thailand, told a briefing.

Thailand said it would expedite Covid-19 boosters in anticipation of a local spread of Omicron.

Monetary policy is expected to remain accommodative to support the recovery, with the policy interest rate still seen unchanged at a record low of 0.50% in 2022, the World Bank said. It said Thailand, with its strong external position, was relatively less exposed to policy normalisation by the United States.: https://www.bangkokpost.com/business...es-better-2022

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The week ending December 17^th, 2021 the Thai Baht was being exchanged at 32.85 baht to every 1 US dollar.

• TAT aims at restoring 80 per cent of tourism revenue by 2023

Tourism Authority of Thailand (TAT) is aiming to achieve 1.5 trillion baht of tourism revenue in 2022, which is about 50 per cent of the total revenue in 2019, before the Covid-19 crisis.

“The goal for 2023 is to restore the tourism revenue to 80 per cent of 3 trillion baht revenue before Covid-19, or 2.4 trillion baht, by attracting visitors with high purchasing power and responsible tourists,” said TAT governor Yuthasak Supasorn on Monday.

Yuthasak added that the global travel restrictions due to Covid-19 outbreak has severely affected the tourism industry in 2020, with revenue throughout the year recorded at only 500 billion to 600 billion.

“After Thailand opened selected provinces to vaccinated foreign visitors on November 1, the number of registrants for Thailand Pass has jumped to almost 500,000 people,” he said. “Of these, over 400,000 people have been approved to enter the country. About 152,000 visitors are applying for the Test & Go programme.”

“We need to learn from the damage caused by Covid-19 and adjust our strategy to restore tourism revenue in the coming years,” he pointed out. “China still prohibits its people to travel overseas while many European countries are experiencing new waves of the outbreak. Thailand therefore needs to find new markets and target groups to stay competitive in the global tourism industry.”

Yuthasak added that moving forward TAT will shift its strategic focus from product centric to customer centric, as well as change the main target from mass market to experience tourism. “Visitors with high purchasing power, such as medical and wellness tourists and responsible tourists, will be a key factor that helps speed up the restoration of tourism revenues in the next few years,” he said. “We will also promote more collaboration between tourism entrepreneurs and those outside the tourism industry.”: https://www.nationthailand.com/thai-...ation/40009950

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The week ending December 24^th, 2021 the Thai Baht was being exchanged at 32.99 baht to every 1 US dollar.

• Nov exports top forecast, seen up 15-16% this year

Thailand's exports rose more than expected in November from a year earlier, helped by stronger global demand and a relatively weak baht, and full-2021 growth could be the highest in more than a decade, the Commerce Ministry said on Monday.

Exports, a key driver of the country’s growth, increased 24.7% in November from a year earlier, beating a forecast for a rise of 18.0% in a Reuters poll, and against October's 17.4% rise.

Shipments rose 16.4% in January-November from a year earlier, the ministry said.

"Export growth of at least 15%-16% is achievable this year," Commerce Minister Jurin Laksanawisit told a news conference.

Such a growth rate would be the highest in 12 years, ministry official Ronnarong Phoolpipat told a news conference.

However, risks to exports in the next few months include the spread of the Omicron coronavirus variant, high shipping costs and a shortage of semiconductors, Mr Ronnarong said.

For 2022, exports are expected to rise by 3.5% to 4.5%, the ministry said in a statement, citing a recovery in trading partners' economies and a soft baht among supporting factors.

The export gains in November were helped by stronger shipments of industrial and farm products, the ministry said.

Demand from most key exports markets was higher in November, with exports to the United States, the biggest market, up 20.5% from a year earlier. Exports to China increased by 24.3%, but exports to Japan dipped 0.1%.

In November, imports rose 20.5% in November from a year earlier, resulting in a trade surplus of $1.02 billion for the month, the ministry said.: https://www.bangkokpost.com/business...-jump-24-7-y-y

• Domestic car sales drop 3.2% y/y in November

Domestic car sales fell 3.2% in November from a year earlier to 71,716 vehicles, the Federation of Thai Industries (FTI) said in a statement on Tuesday.

The fall was much smaller than October's 13% year-on-year drop, thanks to a broader reopening and government support measures, the FTI said.: https://www.bangkokpost.com/business...-y-in-november

• Thailand’s auto industry exceeds its 2021 export target, revenue may hit THB1 trillion: FTI

The Federation of Thai Industries (FTI) reported that as of the end of November, Thailand had exported 857,887 cars, up 28.55 per cent year on year and exceeding its year’s estimated target of 850,000 cars.

Thailand’s auto industry exceeds its 2021 export target, revenue may hit THB1 trillion: FTI
“In November alone we exported 98,829 cars, increasing 32.6 per cent year on year,” Surapong Paisitpattanapong, vice president and spokesman of the automobile chapter of the FTI, said on Tuesday.

“FTI estimates total revenue from automotive export [cars, motorcycles and parts] can reach 1 trillion baht in 2021.”

FTI also reported that domestic automakers have produced 1,531,337 cars in the first 11 months of 2021, increasing 19.26 per cent compared to last year’s total production. November alone saw the output of 165,353 cars, which is the highest throughout the year. Of the 1.5 million cars produced, over 57 per cent have been earmarked for export.

“We expect local production to drop in December due to several public holidays, but the total production in 2021 will still exceed the target of 1.6 million cars,” he said.

Surapong also said that domestic sales of cars in November surged to 75,241 units, the highest in eight months thanks to government economic stimulus measures improving consumers’ confidence.

“Furthermore, with many countries unlocking their markets, more farmers and resellers have been buying vehicles to transport their produce,” he added.

FTI also said that in the first 11 months of 2021, Thailand has manufactured 2,092,051 motorcycles, up 15.01 per cent year on year. The production of motorcycles in November alone totalled 231,632 units, up by 8.23 per cent year on year. https://www.nationthailand.com/business/40010245

• Bank of Thailand holds key rate at record low, as expected

The Bank of Thailand (BoT) left its key interest rate steady for a 13th straight meeting on Wednesday as it sought to maintain support for the pandemic-hit economy, while it slightly upgraded its growth outlook for this year.

The BoT’s Monetary Policy Committee unanimously voted to hold the one-day repurchase rate at a record low of 0.50% at its final review of the year.

All 22 economists in a Reuters poll had expected the BoT to stay on hold this week.

The BoT slightly raised its 2021 economic growth forecast to 0.9% versus the 0.7% projected in September. It slightly decreased its 2022 growth estimate to 3.4% from 3.9% previously.: https://www.bangkokpost.com/business...ow-as-expected

• Forecast cut for foreign arrivals

The Bank of Thailand has cut its forecast for foreign tourist arrivals in 2022 because of the impact of the Omicron variant and government measures to restore mandatory quarantine for visitors entering the country from overseas.

The Monetary Policy Committee (MPC) meeting on Wednesday assessed the Omicron outbreak's impact on the economy in early 2022. The impact could be more severe and prolonged than expected due to downside risks, such as the severity of the outbreak and the strictness of corresponding containment measures, said MPC secretary Piti Disyatat.

The government temporarily suspended the entry of both Thais and foreign arrivals under the "Test & Go" scheme and restored mandatory quarantine in a bid to keep the Omicron coronavirus variant at bay.

Prime Minister Prayut Chan-o-cha said on Tuesday the government would stop approving new applications for Test & Go entry, except for the Phuket sandbox, from Dec 21 until Jan 4. Visitors whose applications were previously approved are allowed to enter Thailand as planned. New arrivals undergo RT-PCR testing and are quarantined for between 7-10 days.

The central bank reduced its foreign tourist arrival outlook for 2022 from 6 million to 5.6 million. This figure is in line with the bank's existing assessment regarding downside risks for tourism amid higher uncertainties for an outbreak, Mr Piti said.

Arrivals should gradually improve in the second half of next year, he said. The government's latest temporary measures to curb overseas travel should not have an adverse impact on foreign tourist arrivals next year, especially in the second half, said Mr Piti.

If the government implements containment measures in the second half, this would have a greater impact on visitors from abroad, he said.

The spread of the Omicron variant is the key risk factor for the economic outlook, said the MPC.

The committee revealed it upgraded Thailand's GDP growth rate for 2021 from 0.7% to 0.9%, in line with data confirming a recovery trend.

The MPC cut the GDP growth outlook for 2022 to 3.4% from 3.9% and projected a growth rate of 4.7% for 2023. The recovery trend is driven by domestic spending and a gradual improvement in foreign tourist figures.

A recovery in various business sectors is expected to improve in line with economic activities, said the MPC.

The meeting also voted unanimously to maintain the policy rate at 0.5%.

Mr Piti said the central bank expects the Thai economy will return to pre-pandemic levels in 2023.

However, the labour market needs to be monitored, he said, especially employment and income, which are still below pre-pandemic levels.

Inflation is expected to remain within the central bank target in the medium term, with headline inflation projected at 1.2% in 2021, 1.7% in 2022, and 1.4% in 2023.

Headline inflation increased temporarily because of supply-side factors, particularly energy prices, which were expected to subside in the second half of 2022, said the MPC.

The MPC views government measures and policy coordination among state agencies as critical to support the economic recovery. https://www.bangkokpost.com/business...reign-arrivals

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The week ending December 30^th, 2021 the Thai Baht was being exchanged at 32.88 baht to every 1 US dollar.

• Forecast for New Year spending lowest in 12 years

The University of the Thai Chamber of Commerce (UTCC)’s Centre for Economic and Business Forecasting (CEBF) expects people to spend 85.8 billion baht during the New Year break, 6.2 per cent less than last year and the lowest in 12 years.

Forecast for New Year spending lowest in 12 years

The expected spending was split as follows:

• Domestic travel: 47.91 billion baht
• International travel: 1.73 billion baht
• Celebrations: 10.03 billion baht
• Shopping: 15.79 billion baht
• Making merit: 7.87 billion baht

The centre also said that the population wants the government to do the following:

• Manage the country transparently
• Combat corruption
• Decentralise administration so local governments can work efficiently
• Launch more economic stimulus schemes like Khon La Khrueng (Let’s Go Halves) and Chim Shop Chai (Eat, Shop, Spend)
• Solve the Covid-19 problem.

Meanwhile, the centre revealed that the most bought New Year presents were gift baskets, food and supplement drinks.

The average spending on local travel came in at just under 5,500 baht per person and international travel at slightly more than 21,000 during the New Year break.

A survey conducted by CEBF showed that 71.2 per cent of Thais expect the state of the economy to affect their spending, while 68.3 per cent said it was also Covid-19 and 43.2 per cent said it was debt. https://www.nationthailand.com/in-focus/40010416

• Commerce Ministry predicts 4% growth in exports next year

Total exports in 2021 came in at US$268 billion, up by 16 per cent year on year, Commerce Minister Jurin Laksanawisit said on Monday.

The biggest earners this year were agricultural, agro-industrial and industrial products.

The Commerce Ministry predicts that the Thai export market will grow by up to 4 per cent in 2022 to $280 billion based on trading partners’ economies, exchange rates, the price of crude oil and raw agricultural products, the Covid situation and factors related to logistics.

The minister also said Thailand should also keep an eye on other factors affecting exports, namely the Omicron strain, shortage of labour and raw materials, environmental measures and public health situation in partner countries, etc. https://www.nationthailand.com/blogs/business/40010479

• Thai economy gradually moving in the right direction, says BOT

The Thai economy grew by 0.9 per cent as expected in December, though fears over the Omicron variant may slow things down in the first quarter of 2022, the Bank of Thailand (BOT) said.

Chayawadee Chai-Anant, senior director of BOT’s Corporate Communications Department, said that despite positive trends, people should closely monitor the Covid-19 situation as it may continue disrupting the supply chain and keep fuel prices high.

However, the central bank reckons the economy will improve if Thailand continues opening up to foreign tourists.

Meanwhile, BOT has reduced GDP growth estimation from 3.9 per cent to 3.4 per cent, because of a drop in people’s purchasing power. Also, businesses are worried about stricter prevention measures being introduced in the future.

As for the country’s monetary policy, the BOT said Thailand is different because its economy has not been able to bounce back like that of other industrialised nations. Hence, the Monetary Policy Committee will focus on economic stability before increasing the interest rate.

Chayawadee said it was important for the government to issue new stimulus schemes, adding that overall consumer confidence and improving household incomes have helped bolster the economy. https://www.nationthailand.com/business/40010667

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The week ending January 7^th, 2021 the Thai Baht was being exchanged at 33.19 baht to every 1 US dollar.

• Baht falls most in a month after govt raises Covid alert level

The baht fell the most since late November after the government raised the Covid-19 alert to the second-highest level, further dimming the recovery of the tourism sector.

The baht fell as much as 1% to 33.523 per dollar. That’s after the government on Thursday heightened the alert level from 3 to 4, a category that includes new guidelines to discourage dining and consuming alcohol in restaurants, leaving the house and using public transport as well as travelling abroad.

“The Thai baht is pretty sensitive to Covid-19 curbs due to the huge tourism industry,” said Mingze Wu, a foreign-exchange trader at StoneX Group in Singapore.

The baht is the worst-performing currency in emerging Asia in the last 12 months with a loss of more than 10%, as the pandemic hit the tourism-dependent economy. The nation’s currency is also weighed by more expensive energy imports and potentially faster hikes in US interest rates.

The appearance of the Omicron virus variant had pushed authorities on Dec 21 to temporarily ban an almost two-month quarantine-free entry of tourists. The health ministry had recommended extending the suspension until the end of the month.

“The heightened virus alert, denting reopening and recovery hopes have compounded pressure on the baht created by a more hawkish than anticipated FOMC minutes overnight,” said Philip McNicholas, FX & rates strategist at Bloomberg Intelligence in Singapore. “That said, the market appears to have consistently underestimated the recovery in Thailand’s balance of payments, suggesting this knee-jerk reaction may not last.”

As the year progresses, the baht may regain strength on the back of a potential trade and current-account surplus, said Jeff Ng, a senior currency analyst at MUFG Bank. The bank’s forecast is for the baht to reach 34 per dollar in the first quarter before recovering to 33.75 in the fourth quarter.

The baht pared losses to trade at 33.16 as of 5.06pm. https://www.bangkokpost.com/business...id-alert-level

• Cabinet approves 2.7% hike in budget for 2023 fiscal year

The cabinet on Tuesday approved a 3.185 trillion baht budget for the 2023 fiscal year, a government spokesman said in a statement.

The budget was 2.74%, or 85 billion baht, higher than the previous year, spokesman Thanakorn Wangboonkongchana said. Thailand's 2023 fiscal year begins in October 2022 and ends in September 2023. https://www.bangkokpost.com/business...23-fiscal-year

• Ministry keeps inflation average at 1.5%

Despite a sharp rise in the prices of fresh food such as vegetables, pork, eggs, cooking oil, rice and curry, the Commerce Ministry is maintaining its headline inflation forecast in the range of 0.7% to 2.4% (average of 1.5%) this year.

Ronnarong Phoolpipat, director-general of the Trade Policy and Strategy Office, said headline inflation is projected to increase in 2022 in line with supply and demand because of the country's economic recovery.

Domestic and international demand will be supported by tourism, exports and production, said Mr Ronnarong.

Higher demand for energy is another significant factor, while government stimulus packages are expected to help increase the purchasing power of businesses and individuals, he said.

"For the supply side, an increase in production and logistics costs is expected, along with depreciation of the baht and labour shortages. These factors will affect the manufacturing sector and prices of goods," said Mr Ronnarong.

"However, ongoing pressure from the Covid-19 situation is a risk factor that may adversely affect the economy, limiting the expansion of inflation."

He said the headline inflation projection by his office is based on expected economic growth of 3.5-4.5% this year, with Dubai crude oil prices averaging US$63-73 per barrel and an exchange rate of 31.5-33.5 baht per US dollar.

The ministry reported yesterday headline inflation, gauged by the consumer price index (CPI), rose for a fourth straight month in December, primarily driven by a sharp increase in prices of fresh food such as fresh vegetables, pork and eggs as a result of rising livestock production costs, especially for swine disease prevention.

In addition, the prices of cooking oil, rice and curry increased as a result of the rise in production costs and ingredients.

The ministry reported headline inflation was 2.17% year-on-year in December, decelerating from 2.71% growth in November and a 2.38% surge in October.

On a monthly basis, CPI dropped by 0.38% from November.

Core CPI, which excludes raw food and energy prices, rose 0.29% year-on-year in December, unchanged from the previous month.

For the 12-month average, the rate increased 1.23% from 2020, which is close to the target range projected by the ministry of 0.8% to 1.2%.

Excluding volatile food and energy prices, the average core CPI rose 0.23% from a year earlier.

"The first factor that contributed to the rise in inflation in 2021 was gasoline, as supply was insufficient in meeting demand, leading to higher prices globally for fuels and related products," said Mr Ronnarong.

"The second contribution was from fresh vegetables as farms were submerged part of the year by floods. Seasonings and condiments, as well as food items at home and away from home, were also significant factors because of a rise in production costs.

"On the other hand, these were partially offset by downward contributions from rice, glutinous rice and fresh fruit because of a drop in both domestic and international demand during the pandemic. Production also increased for these crops compared with last year. Several government measures also resulted in the reduction in utility costs and tuition fees." https://www.bangkokpost.com/business...verage-at-1-5-

• Crypto traders subject to 15% capital gains tax

Profits from cryptocurrency trading are now subject to a 15% capital gains tax, according to a source from the Finance Ministry.

The ministry recommends investors identify their income from cryptocurrencies when filing tax this year to avoid legal penalties.

In 2022, all taxpayers who gained from cryptocurrencies, including investors and mining operators, are subject to a 15% withholding tax, while digital asset exchanges are exempt from such duties.

The Revenue Department plans to strengthen its surveillance of cryptocurrency trading this year after it saw significant growth in market size and the value of the digital asset market in 2021, the source said.

The department has the authority to collect taxes from cryptocurrency trading as profits from such activity can be considered assessable income under Section 40 of the Royal Decree amending Revenue Code No.19.

Akalarp Yimwilai, co-founder and chief executive of Zipmex Thailand, said many questions remain about how to calculate profits, including whether a gain from a price increase as the US dollar strengthens is considered a profit, he said.

"Tax methods and calculations should be more concise, clear and easy to understand. Many people I know want to pay taxes, but don't know how to calculate them," said Mr Akalarp.

"As an exchange provider, Zipmex has been working to develop a system to help our customers calculate profits and losses, but it's very difficult. If the Revenue Department really has such an advanced data analytics system that it can precisely calculate gains from cryptocurrencies, it would be a great benefit to share it with the industry."

Anon Thadium, a judge on the Central Tax Court, wrote in an article that any traders with gains from the sales of cryptocurrencies are considered beneficiaries of crypto transactions. This gain is assessable income under Section 40 and must be calculated for personal income tax, said Mr Anon.

It is important that once the seller is subject to withholding tax, the profits from crypto transfers must also be filed for annual income tax returns, as such withholding is not considered a final withholding tax, he said.

Sellers can use the deducted tax as a tax credit for a deduction next year under Section 60 of the Revenue Code, Mr Anon said. https://www.bangkokpost.com/business...ital-gains-tax

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The week ending January 14^th, 2022 the Thai Baht was being exchanged at 32.74 baht to every 1 US dollar.

• Bank of Thailand sees lower H1 growth due to Omicron outbreak

The Bank of Thailand (BoT) said on Monday the country's economy could see lower growth in the first half of 2022 than a base case scenario due to uncertainties caused by the Omicron variant of the coronavirus.

"Thailand is expected to bring its Omicron outbreak under control within the first quarter of the year and see an economic impact only in the first half of the year," the BoT said in a statement at an analysts' meeting. https://www.bangkokpost.com/business...icron-outbreak

• Exports seen up 5%-8% this year – shippers

Exports this year are expected to rise between 5% to 8%, boosted by strong global demand and a weaker baht currency, the Thai National Shippers' Council said on Tuesday.

The group expects exports in 2021 to have risen 15-16%, it told a briefing. https://www.bangkokpost.com/business...-year-shippers

Economy to take 0.3% hit from Omicron – Bank of Thailand

The economy will take a 0.3% hit from an outbreak of the Omicron variant of Covid-19, although it should be managed within the first half of 2022, the Bank of Thailand (BoT) governor said on Tuesday.

The BoT has tools ready should the Omicron-driven outbreak last longer than anticipated, Sethaput Suthiwartnarueput told reporters.

He said he expects the economy to return to pre-pandemic levels in the first quarter of 2023 and that recovery continues to be fragile.

"This year will be no less challenging than what we faced in the past ... but the central bank is ready to introduce new measures if needed," he said.

Thailand on Tuesday reported over 7,000 new coronavirus infections, up from an average of about 2,600 in the final week of 2021.

Authorities raised the alert levels and rolled out curbs last week, including extending a suspension of the "Test & Go" scheme for vaccinated tourists to skip quarantine.

Inflation was gradually increasing in certain sectors, within the central bank's framework, but wages were still depressed, Mr Sethaput said.

Non-performing loans (NPLs) were gradually increasing, but would not surge, he said, as Thai banks were "strong and are able to handle the rise of NPLs".

The economy would see a limited impact from global monetary tightening policies due to its financial infrastructure relying more on bank loans over bonds, he added.

The economy is forecast to expand by 3.4% in 2022, the BoT said last week.

A "financial landscape" paper is set to be released on Feb 2 that would lay out guidelines for commercial banks and financial technology, he added.

Further details for financial institutions seeking to enter joint ventures in asset management companies would be given towards the end of the month, he said. https://www.bangkokpost.com/business...nk-of-thailand

• Finance Ministry favours cutting tax on animal feed

The Finance Ministry is in favour of lowering the tax on animal feed to help rein in soaring food prices, Deputy Prime Minister Supattanapong Punmeechaow said on Friday.

He was speaking after a meeting with senior officials of the Finance Ministry, the Energy Ministry, the Bank of Thailand and the Office of the Economic and Social Development Council.

He was briefed on the inflation situation and told it was still within the framework 1-3%.

Mr Supattanapong said, however, some categories of goods may be adjusted and measures were needed to control prices.

He said there was fluctuation of prices in some categories of goods. Product prices were rising as the economy started to recover. This led to rapid consumption growth, he said.

During the Covid-19 outbreak, production of some goods had halted but this was only for a certain period, he said.

He said lowering the tax on animal feed could help pull in food prices, particularly the cost of meat.

“If a tax reduction on animal feed does not put an added burden on the government, we will consider it,’’ the deputy prime minister said. https://www.bangkokpost.com/thailand...on-animal-feed

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The week ending January 21^st, 2022 the Thai Baht was being exchanged at 32.55 baht to every 1 US dollar.

• Ministry nixes land and building tax cut

The Finance Ministry will not consider this year extending the period of the land and building tax reduction because of the fiscal burden, says Finance Minister Arkhom Termpittayapaisith.

The 90% tax cut took effect in June 2020. From 2020 to 2021, the tax reduction cost the state coffers around 30 billion baht per year, he said.

The ministry believes this tax cut should not be extended, said Mr Arkhom.

He said the tax is collected by local administrative organisations for their local development. Revenue loss from the tax cut has forced the ministry to seek income from elsewhere to offset the dip, said Mr Arkhom.

The government has launched a host of measures to relieve people's economic burden caused by the pandemic, which started in late March 2020.

Under the law, first-home owners are exempt from property tax for the value of land and buildings up to 50 million baht, or 10 million baht if they only own the structures but not the land.

For ownership of houses other than the primary one, the rate is a step-up basis starting from 0.02%, varying depending on the land and house value.

The normal tax rate for farm land is 0.01-0.1%, while it is 0.02-0.1% for residential land.

The rate for land and buildings owned by individuals is 0.03-0.1%, while the rate for vacant land is 0.3-0.7%.

The government is inching towards imposing taxes on some products and ending tax waivers to ensure fiscal stability and expand the tax base.

Mr Arkhom said last week taxing profits from cryptocurrency trade and a plan to end the financial transaction tax waiver on share sales on the local bourse should help to expand the tax base and garner additional revenue for national development.

He said Thailand has not expanded the tax base for many years. Though GDP has expanded over the years, tax revenue has not increased in relation to GDP.

This is because the country offers a host of tax exemptions to support specific sectors, said Mr Arkhom.

The Finance Ministry forecast economic expansion this year of 4%.

The government set expenses for fiscal 2022 at 3.10 trillion baht and anticipates net revenue of 2.4 trillion baht. The government is expected to borrow 700 billion baht to offset the budget deficit. https://www.bangkokpost.com/business...ilding-tax-cut

• Revenue Department to cut high earners’ tax benefits

The Revenue Department is further adjusting its income tax exemption structure to reduce benefits for high-income earners and increase them for low- and middle-income earners, the department chief said on Monday.

Ekniti Nitithanprapas said that under the current structure, the top 20 per cent of income earners enjoyed 80 to 90 per cent of tax exemption packages offered by the department, while middle/low-income earners saw few benefits.

Ekniti said the changes would boost tax revenue.

The change follows the earlier cancellation of tax exemption on LTF (long-term equity funds). Earlier, 15 per cent of LTF investments up to Bt500,000 could be deducted from taxable annual income.

The department is instead offering income earners a 30-per-cent deduction on Super Saving Fund investments up to Bt200,000.

“The restructuring will benefit middle- and low-income earners, reduce benefits enjoyed by high-income earners and allow the Revenue Department to earn more revenue from tax collection,” Ekniti said.

Currently, income earners can cite several investments as tax deductible. These include RMF (retired mutual funds), with 30 per cent of up to Bt500,000 deductible from annual taxed income. They can also deduct life insurance up to Bt100,000 from taxable annual income. https://www.nationthailand.com/business/40011206

• Transfer, mortgage fees to stay at 0.01% until Dec 31

Property transfer and mortgage fees will remain at 0.01 per cent until the end of 2022 for properties costing no more than 3 million baht.

The government had lowered transfer fees from 2 per cent to 0.01 per cent and mortgage fees from 1 per cent to 0.01 per cent in 2019 in a bid to support the real-estate sector. The subsidy was to be offered until December 31, 2021.

“The Cabinet earlier this month agreed to extend the campaign until December 31, 2022, as part of the government’s economic stimulus plan,” Nisit Chansomwong, director-general of Department of Lands, said on Tuesday.

The subsidy covers houses, condominiums or land with an estimated value of no more than 3 million baht. The subsidy applies to both new and second-hand property, but can only be used by Thai nationals.

“The department believes this campaign will help Thais get their own property more easily and will also promote the property sector as well as other related industries that have been suffering from the fallout of Covid-19,” Nisit said. https://www.nationthailand.com/business/40011238

• Household debt expected to rise to 90% of GDP

Household debt is likely to hit nearly 90 per cent of gross domestic product in the first half of the year, according to Siam Commercial Bank’s Economic Intelligence Centre (EIC).

The EIC estimates household debt to be in the range of 89.5 to 90.5 per cent of GDP, before gradually decreasing in the second half of the year when the impact of the Omicorn virus variant decreases.

Household loan growth from the banking system in the third quarter slowed down in all major credit categories. However, personal loans continued to expand at a high level based on liquidity demand to offset the steep drop in income.

The problem of non-formal debt in the household sector tends to accelerate from households that need credit to pay for their expenses but have limited access to credit in the system. Most of them are already vulnerable low-income households, the EIC said.

The ratio of household debt to GDP in Thailand is likely to rise again within the first half of 2022. The main risk factor comes from the Omicron virus and how it will affect household income and increase loan demand.

This will challenge the process of repairing the balance sheet of the household sector and slow down the recovery of household finances, which will further affect household spending trends and credit quality, the EIC said.

Therefore, there must be government assistance measures for debt restructuring, income remedies, employment support, and labour reskilling programmes to increase the ability to earn money, including liquidity support measures to prevent informal debt problems, the EIC suggested.

The Bank of Thailand said that Thai household debt, as of the third quarter of 2021, amounted to 14.3 trillion baht, representing a growth rate of 4.2 per cent year on year, decelerating from the previous quarter. Meanwhile, the household debt-to-GDP ratio stood at 89.3 per cent, unchanged from the previous quarter, considered to be a high level. https://www.nationthailand.com/blogs/business/40011290

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The week ending January 28^th, 2022 the Thai Baht was being exchanged at 32.87 baht to every 1 US dollar.

• Bank of Thailand detects no surge in bad loans, eyes JV for bad assets

The Bank of Thailand (BoT) has not detected any signs of a surge in non-performing loans (NPLs) after imposing various measures to support debtors as the economic activity is hit by coronavirus outbreaks, a senior official said on Thursday.

The central bank will also encourage banks, asset management companies and others bodies to set up a joint venture to manage bad assets, Suwannee Jatsadasak, senior director at the BoT, told a news conference.

While commercial banks remain strong with high levels of capital, reserves and liquidity, there is a need to provide flexibility for lenders and asset firms to jointly handle NPLs that may increase in future, she said.

Such a joint venture could be set up within three years and operate for at least 15 years, Ms Suwannee said, adding further details would be released later on Thursday.

NPLs at banks stood at 3.14% of lending at the end of September, and were likely steady in the final quarter of 2021 because of long-term debt measures, she said.

Before the pandemic, NPLs were at 3.04% of lending in the first quarter of 2020, Ms Suwannee said.

"If banks did not help debtors, NPLs would surge," she said, noting bad loans were almost 50% of lending during the 1997/98 Asian financial crisis. https://www.bangkokpost.com/business...for-bad-assets

• Toyota's Thai unit sees its 2022 car sales up 18.5%

The Thai unit of Toyota Motor Corp expects its car sales in the country to rise 18.5% to 284,000 vehicles this year, the company said on Thursday.

Toyota, which commands about a third of the Thai vehicle market, recorded sales of 239,723 in the country, down 1.9% in 2021, President of Toyota Motor Thailand Noriaki Yamashita said in a statement.

The company is targeting car exports of 371,000 vehicles this year, up 27% from 292,000 cars shipped out last year.

"Covid-19 may continue to impact on the Thai economy, but we anticipate that the Thai auto industry would gradually return to normal, with resuming operations of all economic sectors, and also people have learned how to cohabit with the Covid-19 outbreak safely," Mr Yamashita said.

There will also be a gradual recovery in a shortage of parts supplies, he added.

Thailand is a regional vehicle production and export base for the world's top carmakers, including Toyota, Honda and Mitsubishi.

The industry accounts for about 10% of gross domestic product and manufacturing jobs. https://www.bangkokpost.com/business...sales-up-18-5-

• Domestic car sales drop 4.2% in 2021, seen higher this year

Domestic car sales fell 17.2% in December from a year earlier and dropped 4.2% in the whole of 2021, due to coronavirus outbreaks and a shortage of microchips, the Federation of Thai Industries (FTI) said on Monday.

Car sales totalled 86,145 units in December and 759,119 vehicles in all 2021, slightly above target, the FTI said.

In 2022, the FTI still forecasts car sales at 800,000 to 850,000 vehicles, or a rise of 5.4% to 12%, supported by easing of travel curbs and economic recovery, Surapong Paisitpattanapong, a spokesperson for FTI's automotive industry division, told a briefing.

Thailand is a regional vehicle production and export base for the world's top carmakers, including Toyota, Honda and Mitsubishi.

The industry accounts for about 10% of gross domestic product and manufacturing jobs.

Car exports, however, jumped about 48% in December from a year earlier and rose 30.4% in the whole of 2021, the FTI said. It predicts car exports to rise by 4.3% to 1 million vehicles in 2022. https://www.bangkokpost.com/business...gher-this-year

• Car exports hit 9-month high in December

Exports of finished cars rose 2.51 per cent in December from November, hitting a nine-month high of 101,307 units, the Federation of Thai Industries (FTI) said on Monday.

Figures broke through the 100,000 level after a 47.93-per-cent rise in exports from December 20 thanks to increased supply of semiconductors and auto-parts.

Thai auto exports increased to all markets – up 101 per cent to Australia and Oceania, 64.96 per cent to Europe, 54.99 per cent to North America, and 121.87 per cent to Central and South America – driven by the global economic recovery.

Thai auto-parts exports also grew, in response to increasing demand from trading partners.

Finished car exports in 2021 (January-December) rose 30.35 per cent from 2020 to 959,194 units – rising in value 36.56 per cent to 561.15 billion baht.

This year, the FTI is targeting production of 1.8 million cars, an increase of 6.78 per cent from 2021. Of these, 1 million units will be for export and 800,000 units for domestic sale. https://www.nationthailand.com/blogs/business/40011460

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Bank of Thailand detects no surge in bad loans, eyes JV for bad assets

The Bank of Thailand (BoT) has not detected any signs of a surge in non-performing loans (NPLs) after imposing various measures to support debtors as the economic activity is hit by coronavirus outbreaks, a senior official said on Thursday.

Hard to believe

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most everyone is hurting

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Economy slows in January on Omicron after Q4 recovery

Thailand's economic activity slowed in January due to a new coronavirus outbreak fuelled by the Omicron variant, cutting short a recovery in the final quarter of 2021, the Bank of Thailand (BoT) said on Monday.

The economy in the fourth quarter was helped by robust exports and an easing of Covid-19 curbs.

But the abrupt suspension of a quarantine waiver programme for international arrivals in December has impacted tourism, however. The waiver will resume on Tuesday.

"We started to see the spread of the Omicron late in December. That has somewhat slowed economic activity in January. But part of that is a seasonal adjustment," Chayawadee Chai-Anant, senior director at the Bank of Thailand, told a news conference.

In December, the economy improved from November with exports increasing and tourism improving following a broad re-opening to foreign visitors in November, after 20 months of mandatory quarantine that saw annual arrivals plunge to less than 1% of pre-pandemic numbers.

Private consumption and investment also increased, the BoT said in a statement.

Exports, a key driver of growth, jumped 23% in December from a year earlier, with imports up 28.2% year-on-year and a trade surplus of $2.8 billion, the BoT said.

The country recorded a current account deficit of $1.4 billion in December after November's surplus of $0.3 billion.

The economy in the final quarter of 2021 likely performed better than the previous quarter and better than expected, Ms Chayawadee said, without giving specific forecasts.

Official fourth-quarter and 2021 GDP data are due to be released next month. https://www.bangkokpost.com/business...er-q4-recovery

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The week ending February 4th, 2022 the Thai Baht was being exchanged at 32.50 baht to every 1 US dollar.

• Dec factory output rises 6.83% y/y, beats forecast

Thailand's manufacturing production index (MPI) in December rose more than expected by 6.83% from a year earlier, the Industry Ministry said on Monday.

The reading compared with a forecast for a 5.25% rise in output in a Reuters poll, and November's revised 4.91% increase. The MPI rose 5.93% in the whole of 2021. https://www.bangkokpost.com/business...beats-forecast

• Foreign investment in Thailand hit Bt82bn in 2021, Japan tops ranking again

Thailand saw total foreign investment of 82.501 billion baht last year, creating 5,450 jobs for Thais, the Commerce Ministry announced on Monday.

Japan remained the Kingdom’s highest foreign investor, topping the rankings with 23.260 billion baht or 28.6 per cent of total investment.

The United States was second with 5.948 billion baht (15.4 per cent) and Singapore third with 10.530 billion baht (15.1 per cent).

Most of the 570 foreign businesses handed licences in 2021 were related to new or S-Curve industries. The government is seeking to attract S-Curve businesses with investment promotions in a bid to drive economic development.

Foreign investment is expected to expand this year amid signs that domestic and international demand have begun to recover.

The trend of investing in joint ventures with Thai companies in order to receive incentives from the Board of Investment should aid recovery of the domestic economy, said Sinit.

Top 10 territories for foreign investment in Thailand last year:

1. Japan: 28.6% (Bt23.260 billion) via 163 businesses.

2. United States: 15.4% (Bt5.948 billion) via 88 businesses.

3. Singapore:15.1% (Bt10.530 billion) via 86 businesses.

4. Hong Kong: 7.2% (Bt19.555 billion) via 41 businesses.

5. China: 5.1% (Bt3.748 billion) via 29 businesses.

6. The Netherlands: 3.2% (Bt3.063 billion) via 18 businesses.

7. France: 2.6% (Bt1.127 billion) via 15 businesses.

8. South Korea: 2.5% (Bt847 million) via 14 businesses.

9. Germany: 2% (Bt695 million) via 16 businesses.

10. United Kingdom: 1.5% (636 million baht) via 9 businesses.

Other countries accounted for 16 per cent of foreign investment (13.093 billion baht) via 91 businesses. https://www.nationthailand.com/blogs/business/40011761

• 6.7% growth in 2021 rice export pushes Thailand up in world ranking

Thailand became the world’s third-largest rice exporter by shipping 6.12 million tonnes of rice last year, up 6.7 per cent year on year, Charoen Laothamatas, president of the Thai Rice Exporters Association, said on Monday.

“Though the export volume has increased, the total value of exported rice in 2021 dropped 7.1 per cent from the previous year, or from $3.7 billion [THB116.04 billion] to $3.4 billion [THB107.75 billion],” he said.

Meanwhile, India still remains the top rice exporter for four consecutive years with 19.5 million tonnes of rice exported in 2021, up 33.9 per cent year on year. Vietnam came in second with 6.24 million tonnes exported last year, dropping 5.2 per cent year on year. Pakistan and the United States, meanwhile, are in fourth and fifth places, with 3.93 million tonnes and 2.85 million tonnes of rice exported in 2021, respectively.

The Thai Rice Exporters Association also reported that in December 2021, Thailand exported 729.12 tonnes of rice valued at THB12.5 billion, down 3.5 per cent and 1.9 per cent respectively from the same period in the previous year.

“Rice export dropped towards the end of last year in both quantity and value because buyers tend to slow down after they have built up a stock of rice,” Charoen said.

Thailand’s biggest rice buyers in 2021 include China, Japan, United Arab Emirates, the Philippines, Congo, Syria, Benin and Angola.

“We expect rice export in January to be around 700,000 tonnes, while the target for 2022 is set at 7 million tonnes,” said Charoen. “Positive factors for rice export this year include the recovery of the global economy, increasing demand in Africa, Asia and the Middle East, and our estimate that the baht will stay steady at THB33 per US dollar, which will make our price competitive against other exporters.” https://www.nationthailand.com/business/40011771

• Inflation forecast 1.5-2.5% in 2022

The Joint Standing Committee on Commerce, Industry and Banking expects inflation to run at 1.5-2.5% this year, and 3% in first half due to rising oil prices.

Supant Mongkolsuthree, chairman of the Federation of Thai Industries, said on Wednesday that tension between Russia and Ukraine could prompt Russia to reduce its crude oil and natural gas production in response to pressure from opposing countries.

That would raise the price of both oil and goods, especially energy and fresh food.

Under the circumstances, the JSCCIB foresaw inflation of 1.5-2.5% over the full year, and possibly as high as 3% in the first half, he said.

The private sector committee also expected gross domestic product to expand by 3.0-4.5% and exports to rise by 3.0-5.0% this year.

"Concern about the cost of living will cause households to slow down their consumption and spend carefully, and the recovery in economic activity may be slower than earlier expected," Mr Supant said.

The Omicron variant being a less severe Covid-19 would leave some room for export growth, he said. https://www.bangkokpost.com/business...-5-2-5-in-2022

• Top business group retains 2022 GDP outlook despite Omicron

Thailand’s leading joint business group on Wednesday said it has maintained its economic growth forecast at 3.0% to 4.5% this year, despite a rise in coronavirus infections driven by the Omicron variant.

While the virus outbreak had slowed economic activity early in the year, the overall impact is not expected to be severe, said the Joint Standing Committee on Commerce, Industry and Banking (JSCCBI).

However, higher inflation is a concern since it could hit 3% in the first half and mean the economy expands less than expected, Federation of Thai Industries chairman Supant Mongkolsuthree told a news conference.

Headline inflation was at 2.17% in December.

The group is sticking to its forecast for foreign tourist arrivals of 5 million to 6 million this year, waiting to see the results of a resumption of a 'Test & Go' quarantine waiver, said Mr Supant, who is also head of the Federation of Thai Industries.

The figure compares with the nearly 40 million tourist arrivals recorded in 2019 before the pandemic. There were just about 428,000 foreign tourists in 2021. https://www.bangkokpost.com/business...espite-omicron

• Stimulus scheme tipped to pump in B396bn

The four phases of the government's "Khon La Khrueng" co-payment subsidy scheme are expected to inject almost 400 billion baht into the economy, according to Fiscal Policy Office (FPO) director-general Pornchai Thiraveja.

The co-payment scheme, which was launched in 2020, aims to mitigate the impact of the pandemic by reducing people's living costs.

The scheme sees the government subsidising 50% of food, drink and general goods purchases for participants, with the total subsidy limited to 150 baht per person per day.

More than 26 million individuals and 1.3 million shops have taken part in the scheme, Mr Pornchai said.

The first three phases pumped some 326 billion baht into the economy, he said.

The fourth phase, scheduled to run from Feb 1 to April 30, is expected to generate 69.6 billion baht for the economy, said Mr Pornchai.

Spending totalled around 1.15 billion baht on the first day of the fourth phase, of which 585 million baht was spent by registrants and the rest was contributed by the state subsidy, said the FPO.

Mr Pornchai said the scheme should not be regarded as a cash handout because it passes money to retail business operators such as street vendors, helping them earn income from their products and services.

The Finance Ministry also approved additional cash for state welfare cardholders and those in need of special aid as part of its ongoing relief efforts.

Earlier this week Deputy Prime Minister Supattanapong Punmeechaow said the Thai economy was likely to start recovering in the first half of this year thanks to the government's better control of Covid-19 infections, the state's economic stimulus measures and accelerated infrastructure development. https://www.bangkokpost.com/business...pump-in-b396bn