Monday, August 26, 2019

HOUSEHOLD DEBT  UNSETTLES BOT 

Apr 30. 2019
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By The Nation

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Household debt grew 7 per cent last year from the end of 2017, covering 78.2 per cent of the country's gross domestic products (GDP), according to the latest research report by Bank of Thailand( BOT).

The report found a total of 68.7 million loan accounts under 20.9 million borrowers at the end of last year from 95 financial institutions, with some borrowers having more than one account. 

The report also showed Thailand ranked third among the top three countries with the highest household debt in Asia-Pacific, led by South Korea and Australia.

Meanwhile, existing borrowers have been increasing the amounts of new loans, from an average of 30 per cent of their yearly income to 45 per cent , while new borrowers are getting younger. 

With the level of non-performing loans also rising, the BOT is concerned about a sudden surge in household debt. 

The BOT will introduce monetary policy to control the situation in the market, both on the demand and supply sides, said Sra Chuenchoksan, BOT’s assistant director/ monetary policy department, yesterday, 

 

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