Thailand injects $4.6 billion in soft loans to help virus-hit business - central bank

[webfact]

Thailand injects $4.6 billion in soft loans to help virus-hit business - central bank

 

FILE PHOTO: Vendors wearing protective face masks sell mangoes during the coronavirus disease (COVID-19) outbreak, at Talad Thai wholesale market outside Bangkok, Thailand April 20, 2020. REUTERS/Soe Zeya Tun

 

BANGKOK (Reuters) - Thailand has provided about 148 billion baht ($4.65 billion) in soft loans to small businesses hit by the corinavurius outbreak so far this year, the central bank said on Wednesday.

 

The Bank of Thailand (BOT) has lent 58 billion baht to some 35,000 small enterprises under its 500 billion-baht soft loan scheme, deputy governor Ronadol Numnonda said in a statement.

 

The Government Savings Bank has provided 55 billion baht, with the remaining 35 billion baht coming from other financial institutions, he said.

 

The BOT's loans are part of a larger economic package worth 1.9 trillion baht aimed at mitigating the impact of the outbreak on the economy expected to shrink the most since the 1997-98 Asian financial crisis.

 

The economy may shrink 5-6% this year, or a loss of up to 1 trillion baht, according to state planning agency.

 

(Reporting by Orathai Sriring; Editing by Toby Chopra)

 

-- © Copyright Reuters 2020-05-27

 

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[ThailandRyan]

OK, I give up.  Just a few weeks ago the government said that they did not have any money left to give the people a second round of 5,000 baht stimulus assistance.  In the past few days they have backed the Government Pawn shops with more money for loans to people who will pawn there goods for a lower percentage rate.  Now the BOT has come up with 148 Billion Baht to loan out to the SME's as part of a larger economic package worth 1.9 trillion baht aimed at mitigating the impact of the outbreak on the economy expected to shrink the most since the 1997-98 Asian financial crisis.

 

Can someone please explain where they found the money from since the GDP has shrunk in regards to a lack of Tourism, and the economy is in tatters, but the Baht is still standing sky high.  Are they printing money, did they get a windfall from a major country as a loan themselves.  What is the exact foundation from where this money has surfaced from.  Are they selling off the USD they have in the surplus account or have they hedged the account...

[graemeaylward]

Looks like the guy in the picture will need more than a loan to get him off his backside to do some selling ????

 

[xtof2]

1 hour ago, ThailandRyan said:

OK, I give up.  Just a few weeks ago the government said that they did not have any money left to give the people a second round of 5,000 baht stimulus assistance.

I am sure you understand Thai rationale : today we say something ... tomorrow we say, sorry, we can't.