NESDC urges policy rate, credit card interest and lending-deposit spread cuts

13 Sept 07:56 Key points summarised by AI

The National Economic and Social Development Council (NESDC) has urged the Bank of Thailand to review its policy rate, cut credit card interest from 8% to 5%, and narrow the lending-deposit rate spread.
These measures aim to ease financial burdens on households and SMEs, as NESDC notes increasing repayment defaults and potential non-performing loans (NPLs).
Thailand's economy grew 1.7% in Q4 2023, with public sector investment for 2024 dropping by 20.1% due to budget disbursement delays.
Despite global recovery, Thailand faces contracting industrial production, low capacity utilization, and reduced tourist spending, hindering economic recovery.
NESDC forecasts 2.2%-3.2% growth for 2024, driven by anticipated export growth and increased investment and consumption, while monitoring risks like household debt and economic fluctuations.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.