Thai central bank to introduce more debt measures in October

Economy4 minutes ago (Sep 28, 2021 03:50AM ET)

(C) Reuters. FILE PHOTO: Thailand’s central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva/File Photo

BANGKOK (Reuters) – Thailand’s central bank 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 Bank of Thailand (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.

Thai central bank to introduce more debt measures in October

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Epic Games opposes Apple’s effort to pause antitrust trial orders

Stock Markets16 minutes ago (Oct 23, 2021 05:40AM ET) (C) Reuters. FILE...

Subscribe to our stories

Join the exclusive subscription today and get premium articles for free

Same Category

Epic Games opposes Apple’s effort to pause antitrust trial orders

Stock Markets16 minutes ago (Oct 23, 2021 05:40AM ET) (C)...

Russian, Chinese warships hold first joint patrols in the Pacific

World55 minutes ago (Oct 23, 2021 05:01AM ET) 5/5 (C) Reuters....

Pecan Pie Balls

If you are looking for a healthy fall snack...