The House backed a Bt3.78trnl annual budget for the fiscal yr starting Oct. 1, with 322 lawmakers supporting it in its first reading, with 158 voted against.
Foreign tourist arrivals fell 11% mom in May to 2.27m, top 3 were visitors from Malaysia, China and India, Transport Min.
Entertainment Complex: Government plans to record and monitor financial transactions of visitors to casinos to deter money laundering as part of its plan to legalize gambling venues, which will be modelled on SG, JP and UAE, with each entertainment complex requiring a min investment of Bt100b. Wynn Resorts Ltd. and MGM Resorts International have shown interests, according to officials.
Mixed response to solar panel bill: Possible loopholes identified in the draft. A new bill to promote solar panel installation is drawing mixed reactions from businesses, with the latest comment from the Thai Photovoltaic Industries Association identifying possible loopholes in the draft. Bangkok Post
Part of debt-ridden Oil Fuel Fund posts positive reading: The State Oil Fuel Fund, once riddled with huge debts after heavily subsidising oil and gas prices, has seen a shift from red to black ink in its oil account, thanks to decreasing global oil prices, said a source at the Energy Ministry. Bangkok Post
Tourism stimulus to create B267bn: Economic support from B13.3bn budget. The Tourism and Sports Ministry expects the stimulus budget of 13.3 billion baht to generate 267 billion baht for the Thai economy, after combining development plans for tourism areas under the Culture Ministry and the Natural Resources and Environment Ministry. Bangkok Post
Somprawin Manprasert, one of the candidate for BOT governor, suggests cutting the benchmark rate by 75-100 bps to ease financial conditions and boost growth, and that the BOT should explicitly state it’s in an easing cycle, given the bleak growth Outlook and subdued CPI, with growth projected to be 1.5-1.8% this year.
Govt eyes conclusion of FTA talks with EU: The government has reaffirmed its commitment to concluding its free trade agreement negotiations with the European Union by the end of this year, a move aimed at expanding trade and investment opportunities amid growing global economic uncertainty. Bangkok Post
SCB says it is prepared to handle tariff uncertainties, with solutions to help clients that export directly to the US.: Stress test indicates bank can handle risk. Siam Commercial Bank (SCB) believes it is properly positioned to withstand tariff-related uncertainties following a stress test mandated by the Bank of Thailand. According to Kris Chantanotoke, chief executive of SCB, the bank conducted a stress test to assess the potential impact of the US tariffs, in compliance with the regulator’s requirements. Bangkok Post
CIMBT’s mortgage refinancing market share fell to around 16% from 20% last year after other banks shifted their focus from new home loans to refinance, said head of consumer banking Tanawan Chiaranant. Bangkok Post
regarding ‘…BOT governor, suggests cutting the benchmark rate by 75-100 bps to ease financial conditions and boost growth…’:
This alone won’t improve the Thai economy very much, i guess. the problems are much deeper in the system. also,it won’t be of much use if the banks restrict lending.
peter satrapa-binder
regarding ‘…BOT governor, suggests cutting the benchmark rate by 75-100 bps to ease financial conditions and boost growth…’:
This alone won’t improve the Thai economy very much, i guess. the problems are much deeper in the system. also,it won’t be of much use if the banks restrict lending.
Pon
as the smartest man in thailand mentioned to me “It seems that want a BoT governor that will do as told”
peter satrapa-binder
sure they do.