Covid-19 wipes out 95 per cent of currency exchange business
Currency exchange businesses have been severely affected by the Covid-19 crisis, with transactions down almost 95 per cent in value from last year.
Superrich Currency Exchange (1965) president Piya Tantivachayanon said the money exchange business had been impacted severely after airports were closed in March.
Presently, total money exchanged was around Bt20 million per day, or Bt440 million per month, he said. For the whole year, total exchange would be Bt5.28 billion, down 95 per cent compared to last year's Bt108 billion.
However, Piya said it was hard to estimate the outlook for the year as he had not faced this kind of a situation before. Most of SuperRich exchange this day has been from border trade.
After the Covid-19 situation is resolved, SuperRich’s structure would be changed to digital platform, he said. The company aimed to offer new, financial services and products, such as exchange of digital currencies.
The company has cut executives’ salaries by 5 per cent from March until the virus situation ends. Also, it has closed four branches, leaving only four branches open. The shut branches are being prepared to serve its new business in the future.
Sawasdee Shop’s chief executive officer, Aswin Phlaphongphanich, said the exchange business of his corporation, DeeMoney, had lost 95 per cent of total exchange due to the Covid-19 situation.
One exchange branch in Nana area of Bangkok has been closed for two weeks, but others have opened as usual, he added.
In the future, he said the currency exchange business would be changed to digital form and provide cashless services to customers.