Thai central bank offers more measures to help debtors | Inquirer Business

Thai central bank offers more measures to help debtors

/ 03:04 PM January 17, 2024

BANGKOK  – Thailand’s central bank said on Wednesday it was offering more measures this year to help debtors, as previous steps and a recovering economy might be insufficient in bringing down high household debt to below 80 percent of gross domestic product.

Thailand’s household debt was at 90.9 percent of GDP as of the third quarter of 2023, among the highest in Asia.

In a bid to tackle household debt, the Bank of Thailand (BOT) from January will offer debt restructuring for those with bad debt or debt servicing problems, it said in a statement.

Article continues after this advertisement

READ: Thai gov’t pawnshops offer interest-free loans to small borrowers

FEATURED STORIES

Starting in April, vulnerable groups will receive interest rate reductions and support to close their debt accounts within five years, the central bank said.

READ: Thailand OKs $908-M plan to suspend farmers’ debt payments for 3 years

Article continues after this advertisement

The BOT has said it is concerned about high debt, which has hindered economic growth.

In November, the BOT estimated economic growth at 2.4 percent in 2023, down from the 2.6 percent growth in 2026.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: debts, households, Thailand

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.