Banks prepare cash reserves to meet New Year holiday demand
COMMERCIAL BANKS are expected to withdraw a net Bt150 million from the Bank of Thailand during the final week of the year, up 4 per cent from the same period in 2015, according to a BOT executive.
Woraporn Tangsaghasaksri, assistant governor for the Banknote Management Group at the central bank, said it had made sure there would be enough banknotes of different values to meet the demand during the run-up to the New Year festival.
Kasikornbank will reserve a total of Bt32 billion in cash for its automated teller machines and branches for the upcoming New Year holidays from December 31 to January 3.
Of the bank’s withdrawal reserve, Bt11 billion will be at KBank branches, about Bt4.4 billion in Bangkok and the remaining Bt6.6 billion in its provincial branches.
A total of Bt21 billion will be reserved for the more than 8,900 K-ATMs nationwide. Of that, Bt10 billion will be available in its ATMs in Bangkok and Bt11 billion in the provinces.
KBank’s cash reserve at branches is unchanged from the last New Year holiday, while that at its ATMs will edge up by 5-6 per cent because of expected higher demand.
Meanwhile, Bangkok Bank has prepared more than Bt60 billion in cash reserves and will waive inter-regional withdrawal fees at 10,000 ATMs nationwide during the New Year holiday.
The bank’s 300 micro branches in shopping malls will be open for business every day during the holiday. The bank will closely monitor and refill ATM cash reserves in major travel areas.
