Latest news with #BankofThailand
Time of India
6 days ago
- Business
- Time of India
Bot: Thai economy improved in April on increased manufacturing, central bank says, ET Manufacturing
Advt Join the community of Top industry professionals Subscribe to our newsletter to get latest insights & analysis. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. The Thai economy improved in April from March, driven by the manufacturing sector after a sharp increase in exports drove inventory replenishment and also helped by a slight rise in tourism, the central bank said in a report on was too early to see adverse impacts from the U.S. tariff policy, which was announced in early April, the Bank of Thailand said, noting that private investment continued to while the tourism sector slightly improved from March, it remained weaker compared to the same period last year."Although exports to the U.S. slowed slightly, they remained at a high level," the central bank exports rose 9.9% in April from a year earlier and imports increased by 17.3%, the BOT said, leading to a trade deficit of $1.4 billion. Thailand recorded a current account deficit of $1.5 billion in April.
Arabian Post
27-05-2025
- Business
- Arabian Post
Thailand Unveils Crypto Payment Pilot for Tourists in Phuket
Thailand has initiated a pilot programme enabling foreign tourists to make purchases using cryptocurrencies in Phuket, marking a significant step in integrating digital assets into the nation's tourism sector. The initiative, announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, allows visitors to register their Bitcoin through Thai exchanges and verify their identities before transacting. A designated clearinghouse will convert these digital payments into Thai baht, ensuring that local merchants receive funds in the national currency and are insulated from cryptocurrency price volatility. This pilot operates within Thailand's existing legal frameworks, requiring no amendments to current laws. The government aims to enhance convenience for tourists and expand business opportunities in the tourism sector, a critical driver of the nation's economy. Phuket, attracting up to 14 million tourists annually, serves as an ideal location for this trial. The programme builds upon Thailand's growing acceptance of cryptocurrency. In Kalasin's Huay Phueng district, dubbed 'Bitcoin Town,' over 80 businesses, including noodle vendors and tuk-tuk services, accept Bitcoin payments. This grassroots adoption demonstrates the potential for broader cryptocurrency integration across the country. ADVERTISEMENT Former Prime Minister Thaksin Shinawatra has advocated for using Phuket as a 'Bitcoin sandbox' for tourism, suggesting that Thailand is well-prepared to advance cryptocurrency initiatives compared to other Southeast Asian nations. He also proposed the issuance of a government-guaranteed stablecoin to increase economic liquidity and potentially boost GDP growth. Despite these advancements, challenges remain. The Bank of Thailand has previously expressed concerns about the use of cryptocurrencies for payments, citing potential threats to financial stability. However, proponents argue that a carefully controlled pilot could attract new capital inflows and liquidity into Thailand's economy.
Yahoo
27-05-2025
- Automotive
- Yahoo
ASEAN 2025 sales forecast faces third consecutive year of decline
The ASEAN Light Vehicle (LV) market closed Q1 2025 with marginal growth of 2% YoY, thanks to positive results in the region's two smallest markets: Vietnam and the Philippines. The Vietnamese market surged by 51% YoY in Q1 2025, largely attributable to the strong performance of VinFast. According to the company announcement, it delivered more than 35k units in Q1 2025, a substantial increase from approximately 9k units in Q1 2024. VinFast has now become the leading automaker in the Vietnamese market, accounting for more than 31% of total LV sales. Looking ahead to the remainder of 2025, and considering that Q1 results have exceeded our expectations, we have revised the country's forecast upward to a record high of 521k units, marking a 12% YoY increase. This optimistic outlook is supported by the market's resilience and robust economic growth. Meanwhile, LV demand in the Philippines rose by 10% YoY in March, marking the 37th consecutive month of growth, and contributed to overall Q1 2025 sales increasing by 9% YoY. Based on local media reports, the strong results were supported by increasing demand for EVs, affordable vehicle prices from Chinese brands, and aggressive sales campaigns. Moreover, household consumption grew by 5.3% in Q1 2025, improving from 4.7% in Q4 2024, thanks to easing inflation. This could imply higher consumer confidence and purchasing power. Despite the positive growth in Q1 2025, we have cut the Philippines' 2025-27 sales forecast by an average of 2% compared to last month's report, due to political uncertainty stemming from the conflict between the Marcos and Rodrigo families. As such, 2025 volumes are now projected at 492k units, reflecting a 4% YoY increase. In contrast, LV sales in Thailand decreased by 7% YoY in Q1 2025. However, this decline is less severe than the nearly 30% contraction experienced in Q4 2024 and the subdued total LV sales of 565k units (-26% YoY) for the whole of last year. We have made a downward adjustment to the country's sales forecast for 2025-2028. Volumes are now expected to decrease by to 555k units in 2025, with a projected recovery to 625k units in 2026. A major concern arises from the unpredictable policies of the US under the new administration of President Trump. The Bank of Thailand has projected that, in the most favorable scenario, the economy will expand by 2%. However, if the impact of US tariffs is more pronounced, growth may slow to 1.3%. Although the long-term sales outlook remains generally positive, it is important to note that growth is likely to be constrained by the high level of household debt and a more moderate pace of economic expansion. Based on the recent GAIKINDO report, the Indonesian LV market dropped by 2% YoY from January to April. Toyota, Isuzu, and Fuso were the only Japanese brands that saw their sales grow during this period, thanks to the new generation Innova, Agya GR Sport, and the newly launched Hilux Rangga for Toyota, as well as Light Commercial Vehicles (LCVs) for all three brands. Meanwhile, new Chinese players, particularly BYD, Denza, Aion, Chery, and Geely, delivered positive performances due to the expansion of their modelline-ups, although it is important to note that these Chinese brands had not started operations in Q1 2024. Indonesia's near-term outlook has been lowered by an average of 4% compared to our previous report due to: a) weaker-than-expected sales in March and April; b) Indonesia's Q1 2025 GDP growth of 4.9%, the slowest rate in three and a half years; and c) a weak currency leading to vehicle price hikes and high inflation. As such, Indonesia's 2025 sales were revised downward to 775k units, representing a 3% YoY decline. In Malaysia, the LV market started the year sluggishly, recording a 24% YoY decline in January. However, volumes gradually improved and achieved growth of 1% YoY in February, 2% YoY in March, and 3% YoY in April, thanks to new model launches from Chinese OEMs such as the BYD Sealion 7 and M6, Denza D9, Jaecoo J7 PHEV, and Omoda C9, along with aggressive sales campaigns from automakers. As a result, Malaysia's LV market improved from a double-digit decline in January to a single-digit decline of 4% YoY from January to April as a whole. Malaysia's Passenger Vehicle (PV) sales were stronger than expected, and national brands are now set to expand their xEV models in the market. This led us to increase Malaysia's 2025 outlook from 759k units to 772k units, although this still represents a decline from a record high of 818k units in 2024. As a result, the ASEAN LV sales near-term outlook has been lowered by approximately 1% compared to our previous report, and 2025 sales are now projected to marginally drop from 3.12 million units in 2024 to 3.11 million units in 2025, with downside risks stemming from global trade uncertainty. This article was first published on GlobalData's dedicated research platform, the . "ASEAN 2025 sales forecast faces third consecutive year of decline – GlobalData" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Times
20-05-2025
- Business
- Business Times
Thai banks' bad loans rise to 2.9% in Q1
[BANGKOK] Thai banks' non-performing loans rose to 2.90 per cent of outstanding loans at the end of March from 2.78 per cent at the end of December, the central bank said on Tuesday (May 20). Bank lending dropped 1.3 per cent in the first quarter of 2025 from a year earlier, after an annual fall of 0.4 per cent in the previous quarter, the Bank of Thailand said in a statement. The banking system remained strong with high capital funds, reserves and liquidity, the central bank said. Lending is expected to continue to decline in the second quarter as the export sector could be impacted by US tariffs, assistant governor Suwannee Jatsadasak told a press conference, and she said interest rate cuts have not boosted lending. The ratio of household debt to gross domestic product probably dropped to below 88 per cent at the end of March from 88.4 per cent at the end of December, Suwannee said. Thailand's ratio is among the highest in Asia. She said the expected drop in the household debt ratio was due to 3.1 per cent annual growth in the first quarter and contracting consumer lending. REUTERS
The Star
20-05-2025
- Business
- The Star
Thailand defends casino plan eyes Las Vegas-style resorts despite 'grey'" nation fears
BANGKOK: Thailand's Deputy Finance Minister Julapan Amornvivat (pic) has robustly defended the government's ambitious plan to establish integrated entertainment complexes, pushing back against concerns that the move could tarnish the country's reputation by associating it with a "grey" economy. Julapan questioned the logic of such claims, asking if nations with legalised casinos, such as the United States, Singapore, Japan, and Dubai, would similarly be labelled. He argued that the proliferation of illegal gambling dens across Thailand, often wilfully ignored, presents a far greater risk of a "grey" image than regulated casinos operating under strict legal and supervisory frameworks. He suggested that the criticism might represent the personal view of the Bank of Thailand governor rather than an official institutional stance. Undeterred, Julapan affirmed the government's unwavering commitment to the Entertainment Complex project, following the Cabinet's approval. The relevant draft legislation is now progressing towards parliamentary consideration. He stressed that the government's vision encompasses multifaceted national development, including wellness complexes alongside entertainment hubs, as a responsible administration must foster progress across all sectors. The current government aims to finally realise the Entertainment Complex project, a concept that has been discussed for three to four decades without tangible progress. They firmly believe it will be a "significant turning point" for Thailand's economy and tourism, attracting a minimum investment projected to exceed 100 billion baht and generating substantial economic growth. The anticipated timeline, assuming parliamentary approval, envisages approximately one year for the establishment of a dedicated regulatory body, the completion of feasibility studies, and the drafting of tender documents to invite private sector investment. The ambitious target is to break ground on construction within three years. Regarding potential locations, Julapan suggested large state-owned land plots, at least 300 rai per site, to mitigate land disputes and accommodate the extensive facilities planned within the complexes, such as museums, theme parks, and hotels. In a significant development, Julapan revealed strong interest from several world-renowned international companies in investing in the project. Notably, Wynn Development Co., Ltd., the owner of Wynn Resorts, a leading global integrated resort operator from Las Vegas, USA, has engaged in discussions. Chris Gordon, President of Wynn Development, met with Julapan to inquire about the project details and express keen interest, recognising Thailand's potential to attract major investment and its strong tourism appeal. He believes the initiative could elevate Thailand to a premier global entertainment destination. "The interest from leading companies like Wynn Resorts underscores their confidence in Thailand's potential," Julapan stated. " The government is committed to proceeding carefully to ensure economic growth, job creation, and new employment opportunities, alongside social stability and the benefits for the Thai people. We have updated Wynn Resorts executives on the progress of the draft legislation, which is expected to be submitted to Parliament around July this year." The legislation will incorporate stringent measures to combat money laundering and address potential social impacts, such as gambling addiction. Gordon added that Wynn Resorts already implements rigorous anti-money laundering and responsible gaming measures and is willing to share its global expertise and technology currently employed in its operations in the United States and other countries. Julapan concluded by noting that, in addition to Wynn Resorts, other world-class entertainment complex operators involved in related sectors like concerts, shows, and sports have also expressed interest and are actively seeking discussions with the government. - The Nation/ANN
