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The Bank of Thailand expects the drought to trim about 0.1-0.5 percentage point off the growth of gross domestic product this year.

Mathee Supapongse, assistant governor, said yesterday that the central bank was monitoring the drought situation and if it still doesn’t rain this month or in early August, the blow to the economy could be worse than expected.

This year’s economic-growth forecast, excluding drought impacts, is 3 per cent.

“We have to wait for the end of this month. We expect rain around late this month or early August. If there’s no rain, we have to reassess the impacts,” he said.

The drought is not expected to affect the manufacturing sector much, according to the central bank’s survey of industrial estates, as water reserves are plentiful.

Ceiling on imports raised

The Customs Department has raised the ceiling on the value of products an individual can bring into the country tax-free from Bt10,000 to Bt20,000.

Somchai Sajjapong, director-general of the department, said yesterday that the new rule became effective last Friday.

Anyone found in possession of products costing more than Bt20,000 will be subject to taxation.

TPI Polene debentures to pay 4.1-5.2% interest

TPI Polene will make the cement maker’s second offering of five tranches of debentures worth Bt17 billion to retail and institutional investors from late this month to early next month.

The unsubordinated, name-registered, unsecured and non-convertible bonds will mature in a range from three to seven years and pay interest quarterly at 4.1-5.2 per cent, Prachai Leophairatana, chief executive officer of TPIPL, said yesterday.