InfoQuest (September 4, 2019) -- Mr. Uttama Savanayana, minister of Thai Ministry of Finance (MOF), revealed that the Office of the National Economic and Social Development Council (NESDB) showed concerns over family debts in Thailand. Recently, family debts in Thailand have risen to the highest level over the past nine quarters, ranking 11th worldwide. MOF and Bank of Thailand (BOT) will keep an eye on the issue. MOF has ordered the government's specialized financial institutions, particularly Government Saving Bank and Bank for Agriculture and Agricultural Cooperation (BAAC), to conduct field study immediately in local communities, and send special groups to solve problems in a one-to-one manner.
"MOF and BOT will follow the issue closely. MOF has ordered Government Saving Bank and Bank for Agriculture and Agricultural Cooperation (BAAC) to establish specialized groups to engage with debtors, and launched a special program to publicize debt-related knowledge to help debtors get through difficulties. I believe that these measures will tackle the problem effectively." said Mr. Uttama.
He said that family debt problem in Thailand is not alarming, and reassured that it will not affect economic growth in the second half of 2019. Some family debts were generated in the process of doing business, with properties as mortgage.
"The government supports beneficial debt financing, which is not bad debts. Yet the government will not take the problem lightly, and will continue to watch the issue closely. It will take measures to enhance Thai people's understanding and management of debts," said the finance minister.
Source: InfoQuest, by Thaba/ Kasamarporn / Rachada, translated by Xinhua Silk Road
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