TDRI warns government against interference with the central bank

13 Sept 23:42 Key points summarised by AI

TDRI Chairman Dr. Somkiat Tangkitvanich cautioned the Thai government against interfering with the Bank of Thailand's policy interest rate, warning of severe economic repercussions and potential government instability.
He cited international examples, including Turkey's 80% inflation spike after government-mandated interest rate cuts and the UK's economic turmoil and PM Liz Truss's resignation following tax cuts against central bank advice.
Dr. Somkiat urged Prime Minister Srettha Thavisin to prevent his aides from criticizing the central bank, emphasizing the distinct roles and responsibilities of both institutions.
Regarding the controversial "digital wallet" scheme, he dismissed claims of a significant economic multiplying effect, noting similar past programs yielded minimal impact (up to 0.5%).
He stressed the importance of fiscal discipline, cautioning that cash benefits could increase public borrowing and downgrade credit ratings for Thailand and its private sector.

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.