Thai Baht hits six year high – 31.05 to the US dollar The Thai baht has hit a six-year high, reaching 31.05 to the US dollar yesterday after the US Federal Reserve signalled possible interest rates cuts. The US Fed says their monetary easing would be in response to increased economic uncertainty and a drop in…
Asian real estate and US interest rates Continued upward movements of US interest rates are starting to impact Asian real estate markets in a number of ways Economic conditions in the US continue along a path of steady improvement, with the latest GDP growth rate of 4.1% (annualized), signifying the strongest rate of growth in…
Bangkok Bank and Commerzbank run international trade transaction on Marco Polo blockchain network Two banking members of blockchain trade finance initiative Marco Polo – Bangkok Bank and Commerzbank – have jointly executed an international trade transaction using distributed ledger technology (DLT). Launched in 2017, Marco Polo, which counts over 20 banks from across the globe as its…
Government Housing Bank (GH Bank) extends low-cost housing project The Government Housing Bank (GH Bank) has launched the one-million-unit low-cost housing project, which provides an opportunity for the general public to buy houses priced below one million baht. BANGKOK, 24 May 2019 (NNT) – The government has a policy to improve the people’s quality of…
Thai bank loans may grow only 5-6 pc this year: central bank BANGKOK: Thailand’s commercial bank loans may grow 5-6 pc this year, less than the 6-7pc increase seen three months ago, a central bank official said on Tuesday. In January-March, lending rose 5.6 pc from a year earlier, slowing from a 6 pc rise…
Airbnb and Thailand’s Government Savings Bank partner to support local homestays GSB will help ensure better funding for hospitality entrepreneurs while Airbnb will help build capacity through training and connecting homestay owners to its worldwide platform. Bangkok, Thailand – Airbnb and Thailand’s Government Savings Bank (GSB) have formed a strategic partnership to help promote and empower Thai hospitality entrepreneurs,…
Thai central bank says it has not manipulated currency THAILAND’S central bank has not intervened in the trading of the baht to gain a trade advantage with the United States, an assistant governor said on Monday, amid speculation that Washington may soon add the country to a currency watch list. “Thailand has some trade surplus…
Thailand’s Largest Commercial Bank and State Oil Company Trial Blockchain Payments Thailand’s largest commercial bank, Siam Commercial Bank (SCB), and state oil company PTT Exploration and Production Public Company Limited (PTTEP) performed a successful test of blockchain use for cross-border business-to-business payments. The bank recently announced the successful pilot on its website. Per the announcement, the project, which has been ongoing since mid-2018,…
Thailand’s bank pushes Thai agricultural products to Chinese market BANGKOK, 27 April 2019 (NNT) – The effort of the Small and Medium Enterprise Development Bank of Thailand (SME D Bank) to promote Thai processed agricultural products to markets in China succeeded further when a Chinese company decided recently to pilot the purchase of 16,000 tons…
Tax exemption to be clarified for annual interest less than 20,000 baht The banks will have to submit interest income information to the Revenue Department for consideration BANGKOK, 25 April 2019(NNT) – On the requirement for depositors with an interest income of less than 20,000 baht per annum, officials from the Revenue Department, the Thai…