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New BOT Governor advises government to offer more direct assistance

New BOT Governor advises government to offer more direct assistance

BANGKOK: The new Governor of the Bank of Thailand (BOT), Sethaput Suthiwartnarueput, has expressed confidence that Thailand will be able to overcome the COVID-19 crisis, thanks to the government’s measures to help those affected, but it has to offer more direct assistance from now on due to limited resources.

economicsCOVID-19
By National News Bureau of Thailand

Friday 23 October 2020, 10:02AM


New Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput. Photo: NNT

New Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput. Photo: NNT

Mr Sethaput said the economy is expected to recover gradually in the first quarter of 2021, even though growth is likely to remain in negative territory, he explained in a report by state news agency NNT.

It will take at least two years for the Thai economy to return to pre-COVID-19 conditions, or by the third quarter of 2022. It also depends on factors, such as the production of vaccines against COVID-19 and Thailand’s trading partners.

The central bank chief said measures to help all sectors will have to be more direct due to limited resources. For instance, temporary suspension of debt repayment should be adjusted to support the financial institutions’ debt restructuring project. However, the Thai economy is strong enough to overcome this crisis.

Dan About Thailand

The BOT is addressing the debt issue in a sustainable way, helping the household and business sectors recover from the crisis, he said. 

 It is maintaining the country’s financial and macroeconomic stability to support business recovery, enabling Thai financial institutions to adapt to changes. In addition, the central bank is boosting public confidence and improving its efficiency, so as to build sustainability into the country’s economy and society.

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Kurt | 25 October 2020 - 07:35:32

Economy starts recovering in 1st quarter of 2021? Nonsense, just Officialdom pep talk. Thai economy strong enough to overcome crisis? A crisis of which we not know when it will be over. And Strong Government;  are many people strong enough to 'overcome' without money, without food on the table?

Kurt | 24 October 2020 - 13:02:15

In Thailand is not Government doings but silently let time/nature takes course of matters. Good example is water situation on Phuket. Lot of reports till now, nothing, nothing done to change/improve for future. Up to next year unpleasant water situation for many Thai on Phuket. Phuket last few months was saved a disaster coz 50,000+ Thai left and some millions tourists not came.

Kurt | 24 October 2020 - 12:48:31

Soon the Thai cabinet comes to Phuket. Will they bring something substantial relieving? Yes/No? Well, some ceremonies, with advice what colour shirt to wear, some goodies hand out, advice to pray for better times, promise to study things. Than Cabinet returns to BKK.  Studies will take some time. Thank you for waiting.

Kurt | 24 October 2020 - 12:25:59

@Stevet, many people in many countries are in same exhausted situation. It is up to respective Governments to open their overflowing money coffers and start caring for their own people instead of just flying around for 'seeing and do nothing'. Every Minister has been on Phuket. Now waiting for the whole cabinet, of which members have been here already! And, outcome? Zero! Sad.

stevet | 24 October 2020 - 09:25:44

PHUKET NEED TOURISTS, and the special tourist visa program will not be able to help most closed tourist companies resume operations.  The people of Phuket have exhausted their energy and money and cannot move on. Many residents cannot survive.  This is a big problem and must be resolved immediately. Travel bubble plans with low- risk countries will be safe and helpful

 

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