Thailand’s central bank kept interest rates on hold, after reassessing the economic impact of the war in the Middle East as the U.S. and Iran work on a lasting peace deal, the Wall Street Journal reported. The Bank of Thailand’s monetary policy committee voted unanimously to keep its policy rate at 1.00% on Wednesday, saying that the conflict’s impact on the manufacturing and tourism sectors has been less severe than expected. The decision was predicted by all eight economists polled by The Wall Street Journal as the immediate risks from the Iran crisis ebb.
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Installment plans used to fund everything from bubble tea to chicken rice have caught the attention of Thailand's central bank chief, Bloomberg News reported. Governor Vitai Ratanakorn is moving to curb the rapid growth of buy-now-pay-later services, which increasingly allow consumers to split everyday purchases into installments. He worries that easy access to digital credit is encouraging borrowing in a country already burdened by one of Asia's highest household debt levels.
Thailand’s Revenue Department said that it may pursue bankruptcy proceedings against former prime minister Thaksin Shinawatra if it is unable to fully recover 17.6 billion baht (S$689.7 million) in outstanding tax liabilities, BusinessTimes.com.sg reported. Following a Supreme Court ruling that upheld the tax assessment against him, the agency has continuously pursued collection efforts, acting Revenue Department director general Somsak Anuntawat said in a statement on Friday (Jun 5).
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Thailand’s government may lift a voluntary ceiling on public debt to open room for additional borrowing of about $30 billion to fund measures to shore up an economy hit by global energy shocks, Bloomberg News reported. Officials from the finance ministry and Prime Minister Anutin Charnvirakul’s office are discussing raising the ceiling to 75% of gross domestic product from the current 70%, said the people, who requested anonymity ahead of an official announcement.
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Thai authorities seized assets worth 8.3 billion baht ($260 million) belonging to people behind an alleged money-laundering network linked to transnational cyber scam operations in Cambodia, Bloomberg News reported. The latest seizure by the Anti-Money Laundering Office included cash, cars, bank deposits and other securities, bringing the total value of assets confiscated in the widening probe to more than 20 billion baht, officials said at a briefing in Bangkok on Thursday.
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The Bank of Thailand will keep its interest rate at the current level “for as long as possible” to support the economy, even though inflation is set to accelerate due to the Middle East conflict, according to Governor Vitai Ratanakorn, Bloomberg News reported. “Inflation will definitely accelerate with oil price hikes and supply disruptions,” Vitai told reporters in Bangkok Thursday.
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Thailand’s central bank surprised markets with a rate cut at its first meeting of the year, delivering a second consecutive round of easing to bolster tentative signs of recovery, the Wall Street Journal reported. The Bank of Thailand’s monetary policy committee voted 4-2 on Wednesday to lower its policy rate to 1.00% from 1.25%. Two members voted to hold.
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Creditors of STARK demand repayment of 130 billion Baht from Vonnarat Tangkaravakoon, as bankruptcy proceedings continue. The Thai Investors Association updates affected shareholders on the ongoing case, The Nation reported. Mr. Vonnarat Tangkaravakoon ("Mr. Vonnarat") is one of the defendants in the case filed in the South Bangkok Civil Court under case number P.1061/2567. The Central Bankruptcy Court issued an order for the absolute preservation of his assets in the bankruptcy case under case number L.9679/2567.
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