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  • S Landreth
    replied
    The week ending November 26th, 2021 the Thai Baht was being exchanged at 33.11 baht to every 1 US dollar.


    Exports rise 17% y/y in Oct – ministry

    Thailand's exports rose 17.35% in October from a year earlier while imports jumped 34.64%, according to Commerce Ministry data on Thursday.

    Exports amounted to $22.74 billion and imports were worth $23.11 billion, resulting in a trade deficit of $370 million, the figures showed. The ministry will hold a briefing on the trade data by next week.: https://www.bangkokpost.com/business...n-oct-ministry

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  • S Landreth
    replied
    The week ending November 18th, 2021 the Thai Baht was being exchanged at 32.26 baht to every 1 US dollar.


    • Thailand economy expected to recover in Q1/2022: TU-RAC

    Thailands herd immunity can be reached with 100 million vaccines administered by the end of 2021 and forecasts economic recovery with 1.1 million more international tourists in Q1/2022, according to the Thammasat University Research and Consultancy Institute (TU-RAC)s research.

    Asst Prof Suthikorn Kingkaew, a research project manager at Thammasat University Research and Consultancy Institute (TU-RAC), revealed on Tuesday (November 16) that over the past two years, Thailand had been impacted by the Covid-19 pandemic in various perspectives, including economy, society, and livelihood, due to heavy reliance on other countries for revenue, such as tourism, exports, and inward investment.

    He said a research project was initiated to study the economic and social impacts of Covid-19 and the development of domestic vaccine production in Thailand, along with the government’s policy response, as well as to forecast economic and social implications following vaccine rollouts and investigate long-term economic benefits and health security brought about by a domestic Covid-19 vaccine production base.

    "According to the study, the Covid-19 pandemic was responsible for a 6.1 per cent decline in the gross domestic product (GDP) in 2020 compared to 2019. Starting from Q1/2020, Covid-19 caused the industrial sector and the service sector, especially in the spheres of accommodation, food services, transportation, and warehousing, to shrink by 36.6 per cent and 21 per cent, respectively, while also triggering a 19.4 per cent shrinkage in the export sector," he said.

    The study also found that Covid-19 impacted Thailand’s economy and society in eight major areas, namely:

    More: https://www.nationthailand.com/business/40008977
    • Economy shrinks less than expected, 2021 outlook raised as tourism revival eyed

    Thailand's economy contracted less than expected in the third quarter as businesses started a slow recovery from the coronavirus-driven slump in activity, while the reopening of the tourism sector raised hopes of a steady revival.

    The government upgraded its economic growth outlook to 1.2% this year, compared with a previous forecast of 0.7%-1.2% expansion, and projected 3.5%-4.5% growth in 2022, thanks to an easing of Covid-19 curbs and a reopening to overseas travellers to reboot its vital tourism industry.

    Southeast Asia's second-largest economy tumbled 6.1% last year.

    The economy shrank a seasonally adjusted 1.1% in the September quarter from the previous three months, data from the National Economic and Social Development Council (NESDC) showed, versus a forecast 2.5% drop in a Reuters poll, and a revised seasonally adjusted 0.1% growth in the June quarter.

    From a year earlier, gross domestic product (GDP) shrank 0.3% in July-September, a shallower than expected fall than the forecast 0.8% drop, and against a revised 7.6% growth in April-June.

    "We expect GDP to rebound strongly in the final quarter now that cases are falling, restrictions are being lifted and the vaccine rollout is gaining momentum," said Gareth Leather, senior Asia economist at Capital Economics.

    NESDC secretary-general Danucha Pichayanan told a news conference that economic indicators pointed to improving conditions and the government was considering introducing more measures to boost consumption before the New Year.

    "If there are no more outbreaks, the fourth quarter will definitely be better than the third," he said, adding that domestic consumption, public spending and tourism will drive growth in 2022.

    Increased exports and fiscal measures helped to limit the fallout from the pandemic. The NESDC expects exports to grow 16.8% this year versus a 16.3% rise seen earlier. In 2022, it predicted 4.9% export growth.

    Exports in the third quarter grew 15.7% from a year earlier, but private consumption was hurt by the Covid-19 curbs and dropped 3.2%.

    The agency predicted 200,000 foreign tourists this year, compared with 150,000 seen previously, and forecast 5 million visitors next year. There were 40 million foreign tourists in 2019.

    With a fraction of foreign tourists expected compared with pre-pandemic levels, most analysts expect the economic recovery will be slow.

    "Beyond the fourth quarter, the prospects for the recovery hinge on how quickly the tourism sector recovers," Capital Economics' Leather said.

    The government has introduced billions of dollars of relief measures to help revive the economy while the central bank has left its key rate at a record low of 0.50% since May 2020.

    Takit Chartchredsak, an economist at Asia Plus Securities, said interest rates are expected to remain unchanged through 2022 to support the economic recovery.: https://www.bangkokpost.com/business...m-revival-eyed
    • Tourism Ministry eyes Bt1.5 trillion revenue in 2022

    Revenue from tourism in 2022 is expected to reach 1.5 trillion baht after the Cabinet meeting earlier this week has approved the proposal to make 2022 the year of promoting Thailand’s tourism, said Tourism and Sports minister Pipat Ratchakitprakan on Thursday.

    The ministry has also proposed the campaign "Visit Thailand Year 2022 : Amazing New Chapters", to be spearheaded by Tourism Authority of Thailand (TAT), to attract more foreign visitors to the country.

    “The campaign aims to distribute tourism revenues to all five regions, with central locations in Phuket, Pattaya, Nakhon Ratchasima, Chiang Mai and Ayutthaya,” said Pipat. “We will use Thai traditional performances by local artists along with performances by famous guests from overseas to attract visitors. The campaign will be sponsored by both the government and private sector.”

    Pipat also added that the meeting of Centre for Covid-19 Situation Administration (CCSA) on November 12 had approved the setting up of Centre for Emergency Situation Related to Tourism and Sports. “This new centre will be a central agency that provide solutions to domestic and foreign tourists in Thailand who run into problems or need assistance,” he added. “It will be headed by the permanent secretary for tourism and sports.”

    TAT Governor Yuthasak Supasorn added that since the government has allowed vaccinated foreign visitors to land in Thailand from November 1, the number of foreign tourists has been rising continually. “Emirates airline recently switched the airplane flying between Dubai and Bangkok from Boeing 777, which has a capacity of 200 passengers to Airbus A380, which can carry 500 passengers,” he said. “This shows that the demand to enter Thailand by foreigners is now climbing.”

    “TAT set the revenue target from tourism in 2022 at 1.5 trillion baht, or about 50 per cent of tourism revenue in 2019, before the Covid-19 situation,” he added. “In 2023, we set the target at 80 per cent of 2019 revenue, or 2.4 trillion baht.”: https://www.nationthailand.com/thai-...ation/40009017

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  • S Landreth
    replied
    The week ending November 12th, 2021 the Thai Baht was being exchanged at 32.37 baht to every 1 US dollar.


    • Bank of Thailand holds key rate at record low as economy recovers

    The Bank of Thailand (BoT) left its key interest rate unchanged at a record low again on Wednesday, as widely expected, to support the economy as the country tries to revive the vital tourism sector.

    The BoT’s Monetary Policy Committee unanimously voted to hold the one-day repurchase rate at 0.50% for a 12th straight meeting, as expected by all 21 economists in a Reuters poll

    The rate was cut three times last year to alleviate the impact of the coronavirus pandemic.

    "The Committee assessed that the Thai economy had bottomed out in the third quarter of 2021 and entered the recovery phase following the relaxation of containment measures and the re-opening of the country," the BoT said in a statement after its policy meeting.

    However, the fragile economic recovery outlook would still be subject to uncertainties, it added.

    The economy would expand at a pace close to the previous projection for 2021 and 2022 on the back of domestic spending that gradually recovered following the relaxation of containment measures, partially offsetting the adverse impact of higher global energy prices, the BoT said.

    In September, the BoT forecast economic growth of 0.7% this year and 200,000 foreign tourists. Next year, it predicted 3.9% GDP growth and 6 million foreign arrivals.

    In 2019, nearly 40 million foreign visitors spent 1.91 trillion baht.

    “I don’t think today’s decision and statement moves the needle much on Bank of Thailand’s monetary policy outlook,” said Euben Paracuelles, economist at Nomura Holdings Inc in Singapore. “There is some discussion on inflation but BoT was clear underlying pressures are still low. This allows them to continue to focus on supporting the economic recovery.”

    Nomura expects the Thai central bank to keep its policy rate unchanged throughout 2022 as the nation’s economic recovery may lag the broader region because of a slow rebound in tourism despite the reopening this month, Paracuelles said.

    The BoT said the baht was more volatile and it would closely monitor developments in both global and domestic financial markets and continue to work on improving the structural issues in the foreign exchange system.

    The baht was little changed after the rate announcement, holding gains of 0.1% against the dollar and poised for a fourth straight day of advances. The currency has gained 1.3% so far this month. While the benchmark stock index pared losses in afternoon trading, the yield on 10-year government bonds rose two basis points to 1.883%.

    The Bank of Thailand sees low probability of the US Federal Reserve raising rates faster than expected, but it stands ready to handle any impact on the nation’s currency, bond yields and capital flows, Assistant Governor Piti Disyatat told a briefing.

    The Monetary Policy Committee will revise economic forecasts at its next meeting on Dec 22, Mr Piti said. The panel may slightly raise its inflation forecasts, though the price gains are not significant enough to impact monetary policy, he said.: https://www.bangkokpost.com/business...ow-as-expected
    • Oct industries sentiment at 5-month high on travel reopening

    Thailand's industries sentiment rose for a second straight month in October to a five-month high, bolstered by improved economic activity following an easing of coronavirus curbs, including a travel reopening, an industries group said on Monday.

    The country welcomed vaccinated foreign visitors quarantine-free from this month in a bid to revive its struggling tourism sector.

    The Federation of Thai Industries (FTI) said its industries sentiment index rose to 82.1 last month from 79.0 in September.

    "We see more people mobility and more hotel bookings for the New Year period, which are good signs for the country's reopening," FTI chairman Supant Mongkolsuthree told a briefing.

    The FTI expects the economic recovery to continue and urges the government to urgently introduce more stimulus and further relax restrictions to spur domestic activity, he said.

    The sentiment index, however, remains below 100, indicating that enterprises' confidence "is still poor", Mr Supant added.

    Higher prices of materials and fuel, currency volatility and a labour shortage are among negative factors, he said.

    At least 500,000 migrant workers are needed, particularly in the construction and food sectors, he added.: https://www.bangkokpost.com/business...avel-reopening

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  • S Landreth
    replied
    The week ending November 5th, 2021 the Thai Baht was being exchanged at 32.84 baht to every 1 US dollar.


    • Foreigners invested Bt15.8 billion in Thai shares in October

    The Stock Exchange of Thailand (SET) reported on Friday (November 5) that the net purchase of Thai shares by foreign investors in October is at 15.88 billion baht, rising for three consecutive months and is the highest net purchase in the year 2021. Meanwhile, foreign investors’ accumulated net sales as of October 29 is at 60.81 billion baht, significantly lower than that of the pervious year which was recorded at 264.38 billion baht.

    Aphichart Phubanjerdkul, senior strategic analyst at Tisco Securities Ltd has said that it is estimated that foreigners will continue to buy Thai shares in November, thanks to the country’s reopening and economic recovery in several sectors. “However, the share purchasing in December will start to slow down due to the long holiday season in foreign countries. We might start seeing this trend as early as late November,” he added.

    Aphichart further added that toward year end foreign investors are likely to invest more in the Super Savings Fund (SSF) and Retirement Mutual Fund (RMF) as they expect to gain tax benefits from these funds. “However, by early 2022 investors will start selling Long Term Equity Fund (LTF) as it has limited holding period,” he said.

    “Positive factors that will help bring in foreign investment are mostly external ones, especially the monetary policy in foreign countries,” said Aphichart. “It is estimated that in the next six months there will still be no increasing of policy rate, while the overall liquidity will still be high amid economic growth.”

    “As for domestic outlook, we believe that Thai economy will continue to recover. But we need to closely monitor how the government will use the borrowed 500 billion baht as economic stimulants,” he added.: https://www.nationthailand.com/business/40008484

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  • S Landreth
    replied
    The week ending October 29th, 2021 the Thai Baht was being exchanged at 32.69 baht to every 1 US dollar.


    • Finance ministry cuts 2021 GDP outlook

    The Finance Ministry on Thursday cut its 2021 economic growth forecast to 1.0% from a previously projected 1.3% expansion, the fourth such revision this year, as the country struggles to recover from the pandemic.

    Thailand suffered a 6.1% economic slump last year, after the collapse of its tourism sector. The country imposed tougher restrictions in July and August this year that slowed economic activity.

    The ministry expects the economy to have contracted by 3.5% in the third quarter year-on-year before growing by 3% in the final quarter of the year, when Thailand will reopen to vaccinated foreign visitors without quarantine.

    The growth outlook downgrade was due to the severe outbreak and lockdown in the third quarter, Pornchai Theeravet, head of the ministry's fiscal policy office, told a briefing.

    "But the situation has improved, leading to more economic activity," he said. "Economic growth in 2022 is expected to accelerate to 4%, driven by continued export growth and a recovery in tourism."

    Earlier, the ministry predicted 4-5% growth in 2022.

    The ministry trimmed its 2021 forecast for exports, a key growth driver, to a 16.3% increase from a previous forecast 16.6% rise. For next year, it projects 3.8% export growth.

    It expected only 180,000 foreign tourists to spend 10 billion baht this year, and projected 7 million tourists with spending of 380 billion baht next year.

    Foreign tourist spending generally accounts for 12% of Thailand's gross domestic product (GDP). In 2019, nearly 40 million foreign visitors spent 1.91 trillion baht.

    Thailand's overall economic stability remained strong, but possible risks from global volatility might affect capital movements and warrant close monitoring from the ministry and the central bank, Mr Pornchai said.

    "We have worked closely and are ready to introduce measures to manage volatility," he said, without giving further details.: https://www.bangkokpost.com/business...21-gdp-outlook

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  • S Landreth
    replied
    The week ending October 21st, 2021 the Thai Baht was being exchanged at 32.90 baht to every 1 US dollar.


    • KBANK, SCB report third-quarter earnings

    Leading commercial bank Kasikornbank (KBANK) and Siam Commercial Bank (SCB) on Thursday announced their financial results for the third quarter of 2021.

    Kasikornbank (KBANK)

    Kasikorn saw net profits of 8.62 billion baht in the third quarter of 2021, down 2.96 per cent from the previous quarter, as the bank set higher credit-loss provisions due to uncertainties from the Covid-19 outbreak.

    Year-on-year, KBANK’s third-quarter earnings rose by 29 per cent.

    For the first nine months of 2021, KBANK booked profits of 28.15 billion baht, up 73.5 percent from low base levels a year earlier.

    The bank’s non-performing loan (NPL) ratio stood at 3.85 per cent as of September 30.

    Siam Commercial Bank (SCB)

    SCB reported net profits of 8.8 billion baht for the third quarter, the same level of the previous quarter but a 90-per-cent increase from a year earlier, owing to lower credit-loss provisions and low base levels in 2020.

    SCB’s net profits for the first nine months of 2021 were 27.7 billion baht, up 24.6 per cent year-on-year.

    The bank’s non-performing loan (NPL) stood at 3.89 per cent as of September 30.: https://www.thaienquirer.com/34228/k...er-on-quarter/

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  • S Landreth
    replied
    The week ending October 14th, 2021 the Thai Baht was being exchanged at 32.74 baht to every 1 US dollar.

    • Foreign investment soars in nine months of 2021

    Thailand has continued attracting foreign direct investment (FDI) in the first nine months of this year, with an increased number of investment project applications, Thailand’s Board of Investment (BoI) said.

    The total value of FDI applications received by the BoI from January to September rose 220 per cent compared to the same period last year, to a total value of Bt372.06 billion from 587 projects, the latest data from the BoI shows.

    “Top three countries that have most investment value are Japan (Bt67.8 billion), the United States (Bt26.9 billion) and Singapore (Bt26.8) billion,” said Duangjai Asawachintachit, BoI secretary-general.

    “In the first nine months of 2021, BoI have received applications from 1,273 projects with total investment value of Bt520.6 billion, increasing 23 per cent and 140 per cent year on year respectively,” she said. “This number is also higher than total investment value of the whole 2020 at Bt432 billion, and higher than the average investment value before Covid-19 situation (2015-2019) at Bt483.6 billion.”

    Duangjai further added that the applications for investments in the targeted industries, led by electronics and electrical sector, medical equipment sector and petrochemical and chemical sector, represented Bt269.7 billion or 52 per cent of the total.

    Of the total investment project applications, 134 projects focus on improving manufacturing efficiency and capacity, with total investment value of Bt14.8 billion. “One of these projects are Western Digital’s adaptation of the Fourth Industrial Revolution (4IR) at scale in its facility,” she said. “The project has resulted in the World Economic Forum on September 27 welcomed the facility from Thailand to prestigious Global Lighthouse Network for the first time. This achievement has proven that Thailand has a strong potential as an investment destination that will drive businesses to full scale industrial revolution.”: https://www.nationthailand.com/business/40007401
    • Economy bottomed out in Q3 - central bank minutes

    Thailand's economy bottomed out in the third quarter of this year and will continue to recover, although uncertainty remains high, based on the minutes of the central bank's last policy meeting released on Wednesday.

    Pent-up demand is expected to support the economic recovery throughout 2021, following progress in Covid-19 vaccinations and an earlier-than-expected relaxation of containment measures, the minutes showed.

    On Sept 29, the Bank of Thailand's monetary policy committee unanimously voted to keep the benchmark interest rate unchanged at a record low of 0.50% for an 11th consecutive meeting.

    The BoT next reviews monetary policy on Nov 10 and analysts expect no rate change for the rest of the year.

    The committee was of the view that financial measures would be more effective than a further reduction in the already-low policy rate, the minutes showed. Fiscal policy is the main driver of the recovery, while monetary policy must contribute to accommodative financial conditions,the minutes showed.

    At the meeting, the BoT maintained its 2021 economic growth forecast at 0.7% but slightly raised its 2022 outlook to 3.9% growth from 3.7% projected in August.

    The central bank will closely monitor the baht and ensure its movement does not hinder business and will expedite a new foreign exchange ecosystem, the minutes showed.: https://www.bangkokpost.com/business...l-bank-minutes
    • Tourism, investments expected to take off as Thailand reopens on Nov 1

    Business leaders are expecting an influx of foreign tourists and investors when Thailand reopens its doors to the world on November 1.

    “Reopening Thailand will open up many opportunities,” said Stanley Kang, chairman of the Joint Foreign Chambers of Commerce.

    Prime Minister Prayut Chan-o-cha had earlier announced a phased reopening of the country to foreign visitors without mandatory quarantine from November 1.

    Visitors from 10 low-risk countries, including China, Singapore, the United Kingdom, Germany, and the United States would be allowed first, and more countries would be added to the list later, Prayut said on Monday (Oct11).

    The move has drawn a mixed response. Many people expressed worry that rushing to reopen the country could lead to a renewed spike in COVID-19 infections, but local businesses welcomed the step, expecting an improvement in the economic situation from increased spending by foreign tourists.

    More foreign investors

    Kang expects more business leaders from overseas to visit Thailand if they are spared compulsory quarantine.

    The pandemic severely impacted foreign direct investment, as many countries put travel restrictions in place to contain the spread of the coronavirus.

    Business leaders saw the mandatory 14-day quarantine — recently reduced to seven days — as a waste of their time, so they are reluctant to come to Thailand, said Kang.

    The reopening of the country would also benefit the Meetings, Incentives, Conventions and Exhibitions industry, he predicted.

    He, however, did not expect foreign visitors to make a beeline for Thailand on November 1. He predicts arrivals will pick up from the middle of November, and urges the government to quickly meet the target of fully vaccinating 70 percent of the population.

    Currently, only about 35 percent of the total population has got two shots.: https://www.thaipbsworld.com/tourism...pens-on-nov-1/

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  • S Landreth
    replied
    hope the thai baht remains above 33 baht to every US dollar

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  • S Landreth
    replied
    33.40 to every US dollar today

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  • S Landreth
    replied
    The week ending October 8th, 2021 the Thai Baht was being exchanged at 33.42 baht to every 1 US dollar.


    • Sept inflation beats forecast as state subsidies end

    The headline consumer price index (CPI) rose more than expected in September as government utility subsidies ended and energy prices increased, the Commerce Ministry said on Tuesday.

    The CPI rose 1.68% in September year-on-year, the most in four months, compared with a forecast for a rise of 0.70% in a Reuters poll. It followed August's 0.02% dip.

    October's CPI is expected to be similar to September's pace, ministry official Wichanun Niwatjinda told a news conference on Thursday.

    Consumer prices in the fourth quarter are likely to increase further, driven by higher oil prices, improved economic activity after the easing of coronavirus restrictions and a weaker baht currency, he said.

    "Our inflation is not high like other countries because of government support measures," he said, adding main inflation was expected at 0.8% to 1.2% this year, barring additional government measures to reduce living costs.

    In September, the core CPI index was up 0.19% from a year earlier, compared with a forecast for a 0.20% rise.

    In the January-September period, headline CPI rose 0.83% from a year earlier, with the core rate up 0.23%.: https://www.bangkokpost.com/business...-subsidies-end

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  • S Landreth
    replied
    The week ending October 1st, 2021 the Thai Baht was being exchanged at 33.20 baht to every 1 US dollar.


    • World Bank cuts Thai GDP growth outlook to 1% this year

    Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in Covid-19 cases and a delayed reopening to visitors, the World Bank said on Tuesday, as the country fights its biggest virus outbreak to date.

    The economy contracted 6.1% last year, its deepest slump in more than two decades, with the crucial tourism sector devastated by the impact of the pandemic.

    The economy is now expected to return to its pre-pandemic level in 2023, Kiatipong Ariyapruchya, senior World Bank economist for Thailand, told a virtual briefing.

    "The economic recovery to pre-Covid levels will be a year slower than previously expected in 2022," he said, adding that was based on an assumption that Thailand would reach 70% vaccination rates in the first half of 2022.

    After recording 40 million foreign tourists in 2019, Thailand is now expected to receive only 160,000 this year, down from the 600,000 arrivals projected in July, Mr Kiatipong said.

    Tourist arrivals are seen at 1.7 million next year, when the economy is forecast to grow 3.6%, he added.

    Exports and fiscal measures had provided support in the meantime and the World Bank backed the government's lifting of the public debt ceiling to help the economy, Mr Kiatipong said.

    The World Bank's 2021 economic outlook compared with growth of 1.3% predicted by the finance ministry and 0.7% by the central bank.: https://www.bangkokpost.com/business...to-1-this-year


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  • S Landreth
    replied
    a lot of us like this news

    Today the Thai baht is at 33.36 to every 1 US dollar

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  • S Landreth
    replied
    Today the Thai baht is at 33.36 to every 1 US dollar
    • Bank of Thailand holds key rate at record low as Covid-19 outbreak eases

    The Bank of Thailand held its key interest rate unchanged on Wednesday as the country’s Covid-19 outbreak eases, allowing the government to loosen movement restrictions to boost local demand and tourism.

    The bank's Monetary Policy Committee voted unanimously Wednesday to hold the one-day repurchase rate at a record-low 0.5% for an 11th straight meeting, as 19 of 22 economists in a Bloomberg survey predicted. The other three expected a 25-basis point cut.

    Thailand is joining other Southeast Asian countries in slowly easing pandemic restrictions as it balances virus-containment measures with steps to revive the economy. The government has promoted a “living with Covid-19” strategy and ramped up its vaccination campaign, followed by a decision Monday to cut the quarantine period, shorten the nightly curfew and allow more businesses to reopen.

    Thailand reported 9,489 new Covid-19 cases Tuesday, its lowest tally since July 15. About 33% of the population has been vaccinated, up from 18% a month ago.

    Earlier this month, the central bank relaxed rules for its low-interest loan program and boosted incentives for banks to encourage debt restructuring.

    The government raised the public debt-to-GDP ratio to 70% from 60% from Sept 20 to allow for higher state borrowing to fight the outbreak. The cabinet also approved a public debt management plan for the fiscal year starting Oct 1, which includes 1.34 trillion baht in new borrowing mainly to finance the budget deficit, government investments and virus-related projects.: https://www.bangkokpost.com/business...outbreak-eases


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  • S Landreth
    replied
    Cabinet approves B1.34 tn borrowing in 2022 fiscal year

    The Cabinet on Tuesday approved new borrowing of 1.34 trillion baht in the 2022 fiscal year starting in October, government officials said.

    The borrowing is part of a wider debt management plan in the fiscal year, which also includes existing debt of 1.5 trillion baht and 339 billion baht debt management, deputy government spokeswoman Rachada Dhnadirek told a briefing.

    With the ongoing outbreak, the government has a need to use fiscal policy to revive and stimulate the economy, Patricia Mongkhonvanit, head of the Finance Ministry's Public Debt Management Office, said in a statement.

    The debt plan took into account central bank monetary policy and liquidity in the system, she said.

    The new borrowing will also be used to finance a budget deficit of 700 billion baht in the fiscal year, she added.

    Under the debt plan, the country's public debt is expected to reach a ratio of 62.69% of gross domestic product (GDP) at the end of the 2022 fiscal year to Sept 30, the officials said. As of July, the debt-to-GDP ratio was at 55.59%.

    Earlier this month, the government approved lifting its public debt ceiling to 70% of GDP from 60% for more fiscal flexibility.

    Meanwhile, the Bank of Thailand (BoT) said on Tuesday it planned to introduce debt consolidation measures to help reduce interest rates on consumer loans for retail debtors, as the country suffers its most protracted coronavirus outbreak so far.

    The move is viewed as more useful than cutting the rate ceiling of those loans, at a time of high credit risk, as it would push debtors with bad credit to borrow outside the financial system, said Oramone Chantapant, deputy director at the BoT.

    "What will help debtors a lot is debt consolidation, which will be introduced in the middle of next month and we will also increase incentives," she told a briefing.

    However, cutting the rate ceiling remains a policy option, she added.

    In June, the government asked the BoT to review interest rates for personal loans and credit cards to ease people's interest burden.

    The BoT has said it would focus on financial support measures to assist debtors as the central bank governor recently said interest rates were a blunt tool.: https://www.bangkokpost.com/business...22-fiscal-year

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  • S Landreth
    replied
    The week ending September 23rd, 2021 the Thai Baht was being exchanged at 32.73 baht to every 1 US dollar.


    • ADB trims Thailand’s 2021 GDP estimation to 0.8 from 3% amid Covid-19 concerns

    The Asian Development Bank (ADB) has lowered Thailand’s 2021 GDP estimation to 0.8 per cent from its previous estimation of 3 per cent in April amid continuing concern over the Covid-19 pandemic across Asia.

    Thailand’s growth outlook for 2022 was also lowered from 4.5 to 3.9 per cent, according to the ADB’s updated Asian Development Outlook 2021, released on Wednesday.

    The ADB has lowered its 2021 economic growth outlook for all of developing Asia.

    ADB forecast growth of 7.1 per cent among Asia’s developing nations this year. That compares with a projection of 7.3 per cent in April.

    The growth outlook for 2022 is however raised to 5.4 from 5.3 per cent.

    New Covid-19 variants, renewed local outbreaks, the reinstatement of various levels of restrictions and lockdowns, and slow and uneven vaccine rollouts are weighing down the region’s prospects, it said.: https://www.nationthailand.com/business/40006547

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