Banks prepare more cash as Songkran spending expected to rise

The Bank of Thailand says it will increase cash reserve by approximately 36 billion baht in expectation of growing spending by the public during the long Songkran festival next week.

The increased cash reserve represents a 3% increase over last year.

Most of the cash reserve will supplement the more than 9,500 ATM machines all over the country, as well as the more than 300 micro branches located in shopping centers nationwide.

At the same time commercial banks also are preparing enough reserves for customers to withdraw from ATMs.

Bank of Ayudhya reported that it has prepared a cash reserve of its own, amounting to 9.6 billion baht while CIMB Bank Thailand also has set aside a cash reserve of 500 million baht to meet growing demand for cash during the festival.

Source: Thai Public Broadcasting Service (Thai PBS)

Post Author: tmadmin