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Thai financial system stable, but credit access limited: Central bank

Thai financial system stable, but credit access limited: Central bank

Bank of Thailand Governor Sethaput Suthiwartnarueput speaks during his first briefing on the economy and monetary policy after taking office in Bangkok on Oct 20, 2020. (Photo: Reuters/Chalinee Thirasupa)

BANGKOK: Thailand's financial system and its baht currency are stable, the country's central bank chief said on Monday (Sep 13), adding that one "pain point" was limited access to credit for some businesses from financial institutions.

Digital banking will help address a problem of access to credit for small-and medium-sized businesses (SMEs), Bank of Thailand Governor Sethaput Suthiwartnarueput told a business seminar.

"Stability, currency or finance should not be a big issue ... as inflation is not high, the currency is stable, the financial system is stable ..." he said.

But a "key pain point" is limited access to credit for retail and SMEs, he said, adding 60 per cent of SMEs had not been able to obtain credit from financial institutions.

However, the BOT still did not support allowing crypto currencies to be used for bill payments, because of its volatile value and other risks, Sethaput said.

Looking forward, the financial system will be more digital and green while the BOT's guidelines include more open data and more open competition for new players, he said.

 

Source: Reuters/zl

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