17 July 2020
Cabinet to consider extending visas beyond 31 July for stranded foreigners
Today, the deputy spokesman of the Foreign Ministry announced that the Immigration Bureau will propose a third automatic visa extension after 31 July 2020 to the Cabinet.
Monetary policy should remain accommodative, says BoT
According to the central bank, monetary policy should stay accommodative for a period of time to encourage the economy as well as the domestic purchasing power to revitalise. The policy will also enable Thailand’s headline inflation to get back to the normal range and mitigate its financial stability risks.
Baht erodes further after Somkid’s exit
Despite being Asia’s top performing currency in 2019, the baht continues to see a decline in its strength against the US dollar on a year-to-date basis, by 5.5%. The weakening of the local currency persists as the Deputy Prime Minister Somkid Jatusripitak and four other key officials resigned on Thursday in the midst of a leadership restructuring.
Future comes early as 5G takes off
Although they are still in the early stage of implementation, 5G use cases are thriving in Thailand and bringing change to consumers and businesses across the country. Agriculture, tourism, healthcare, automotive, finance, and e-commerce are among many businesses that are impacted by this innovation, according to industry experts at Bangkok Post Conference on ‘5G: The Game Changer’.
High-yield bonds back in style
After three months of sluggishness due to Covid-19, the high-yield bond market has begun to recover. Though high-yield bond issuance plunged in April, corporate bonds rated at A- and above was not affected, according to Asia Plus Securities (ASP)
16 July 2020
BOT will extend the period of reduced FIDF contribution.
The contribution to Financial Institutions Development Fund (FIDF) has been reduced from 0.46 per cent to 0.23 per cent in order to help banks liquidity. This will also allow banks to be able to help customer by cutting interest rates for loans.
However, banks may still face a decrease in profit as more provision for doubtful debts will be recorded.
Weakening dollar pushes gold price up
Since the weakening of dollar, the buying price of a gold bar increased by THB 50 to THB 27,050. The commodity exchange gold price for August also rose by USD 0.40 to USD 1,813.80 per ounce.
Even though the price of gold is increasing, investors reduced the demand for gold and shifted toward rising stock markets resulted from positive news about a Covid-19 vaccine.
1.9m sign up for domestic travel perk
Over 1.9 million Thais have signed up for the ‘We travel together’ campaign on the first day. This campaign will subsidy travellers and stimulate domestic tourism in many sectors including food, accommodation and airlines.
BOT cryptocurrency rolled out for businesses before public debut
Bank of Thailand will begin transaction between big businesses with central bank digital currency (CBDC) which will reduce costs of transaction and printing banknotes. However, for the public use, a comprehensive study must be conducted first to look into pros and cons.
15 July 2020
Newest cases of Covid-19 should not impact Rao Tiew Duay Kan
Ministry of Finance said that the latest cases of Covid-19 should not impact Rao Tiew Duay Kan, a travel stimulus scheme. People can apply for special deals on the website from today onwards.
The Excise Department is preparing the new tax control system
The Excise Department is preparing to apply the digital system in the new tax control system, which is called direct coding. This system prints an electronic stamp on the bottom of the beer can.
Depa aims to enhance the potential of digital workers
The Digital Economy Promotion Agency (Depa) aims to support eight projects, such as cybersecurity and white hat hacking, with an aim to increase the potential of tech workers.
BoT predicts two years to fully recover
Mr. Veerathai Santiprabhob, Chief of the Bank of Thailand, said that Thailand’s economy is forecast to take two years to fully recover.
Reviewing disease control measures
Following a case of Egyptian soldier and the daughter of a Sudanese attache having tested positive for Covid-19, Prime Minister Prayut Chan-o-cha has ordered the Centre for Covid-19 Situation Administration (CCSA) to review the easing of restrictions given to foreign diplomats and family members, and military delegations.
14 July 2020
Covid-19 tests for Rayong residents
Today, His Majesty King Maha Vajiralongkorn has granted three biosafety vehicles to public health officials in Rayong to gather samples from those who went to Passione department store on 10 July, as an Egyptian soldier was tested positive after having visited the shopping mall.
Residents who want to be tested for Covid-19 can go to local hospitals or Rayong’s public health offices so samples will not be mixed up.
SCB Securities Lower P/B Ratio for Market Ahead
Property, construction, hospitality, and media businesses will see a considerable drop in the price-to-book (P/B) ratio. Healthcare, retail, food and ICT business, however, will be shielded from this lower P/B ratio, according to SCB Securities.
Covid-19 Cases Trigger Inquiry, Border is Tightened
Urgent measures have been taken after a Covid-19 positive Egyptian soldier visited shopping malls in Rayong and a self-quarantined Thai girl returning from Sudan was tested positive for the virus, said Bangkok Post. According to Reuters, Thailand has also tightened its border to prevent illegal migrants from entering the country.
Soft loans for small firms
The Government Savings Bank (GSB) will prepare a batch of soft loans worth 100 billion baht to help small businesses in the tourism and service sectors keep their employees.
An interest of 0.01% will be charged to commercial banks annually, which will be relent to borrowers at 2% interest.
Both new and existing borrowers can receive these GSB’s new soft loans. In addition, the bank will also offer 20 billion baht loans to self-employed workers, merchants and salary earners affected by the pandemic.
13 July 2020
Beware of dengue fever during rainy season
The Department of Disease Control has warned of dengue fever. During this rainy season, 25,000 people have already caught the fever and 15 have died.
The most affected group were in age of 15-24 and 25-34. Rayong, Chaiyaphum, Khon Kaen, Mae Hong Son and Nakhon Ratchasima are among the provinces that have the most patients. The number will be increased this week due to heavy rains in many parts of Thailand.
To prevent the spread of dengue fever, the department suggests people to eliminate mosquito breeding sites, especially places where water can easily fill, and prevent mosquito bites by wearing long sleeves cloth and using mosquito repellents.
NIA’s programme for agricultural starups
Together with 12 private partners, the National Innovation Agency (NIA) is launching a program to promote the use of technology for better product prices rather than relying on government aid.
NIA will select 10 agricultural startups by their promising business plans to join the program. The application will open from 12 July and the selection process will start on 21 July.
Find out more on http://inno4farmers.nia.or.th
In spite of a low interest rate, banks still receive a influx of deposits
Even though Bank of Thailand has cut key rate to 0.5 per cent to increase investments but deposits has risen continuously as investors would rather save their money in bank account than invest in risk assets during this period
Medical Tourism after lockdown
Foreign patients are one of the first groups to be allowed to enter Thailand after lockdown. But, there are still many public concerns about reopening for tourists.
Despite a decrease in revenue, companies still prioritise technology.
A survey of 1,000 Asean small businesses conducted by UOB, Accenture and Dun & Bradstreet found that technology topped the investment priority for 2020 at 64% of respondents.
Even though many companies expect their revenue to be dropped, they still increase their overall technology budget ensuring more sustainable business model and competitiveness in the long-term.
CU-Cov19 vaccine expected to be ready next year
Together with University of Pennsylvania, the Thai research team at Chulalongkorn University received good responses after having tested on macaques and mice earlier in May and June.
The first phase trial on human is expected in the October this year, followed by the second phase at the beginning of 2021. Finally, the third phase will occur around the third quarter of 2021.
If the trials on human give good responses, they will begin the mass production at around two billion doses of vaccine by the end of next year.