Banks stock up on cash for New Year revellers
THE Bank of Thailand (BOT) forecasts demand for banknotes will rise 4.5 per cent to about Bt130 billion over the festive week for New Year celebrations.
The BOT's assistant governor for its banknote management group, Somboon Chitphentom, urged commercial banks to ensure they had a sufficient supply of cash to meet demand.
Bangkok Bank reports that for the New Year holiday between December 29 and January 1, the bank has reserved Bt 40 billion in cash at its 10,000 ATMs nationwide along with digital and online services such as Bualuang Phone 1333, Bualuang iBanking, Bualuang mBanking and QR Code payments.
Customers can also use the bank’s services at more than 300 micro branches in shopping malls and communities nationwide that will be open for business as usual during the period. The bank will resume normal operations on January 2.
The bank said it will closely monitor and refill ATM cash reserves as needed in major travel areas. As such, customers can be confident that they will be able to withdraw their money during the holiday.
Siam Commercial Bank has reserved Bt54 billion for the holiday period, with Bt44 billion for its ATMs, and the rest for its branches. The bank has 12,214 cash machines across the country and 1,034 branches.
Kasikornbank has set aside Bt37.7 billion for the peak days between December 29 and January 1. Of this amount, some Bt11.7 billion is for its branches, with the rest for its 9,320 ATMs.
Bank of Ayudhya has reserved Bt15.6 billion for use between December 28 and January 1, with Bt8.37 billion for its cash machines and Bt7.23 billion for its branches. The bank has 6,634 ATMs and 6,634 branches.
CIMB Thai has set aside Bt310 million for the period.
The Thai Chamber of Commerce University forecasts that spending for the New Year festival will reach Bt13 billion. This will boost the country's economic growth by up to 0.3 per cent.
Kasikorn Research Centre estimates that Thais will spend Bt30.8 billion during the festival, up 4.1 per cent from the same period of last year.
Up to Bt9.4 billion will go on food and beverages, Bt8.8 billion for travel, Bt8.4 billion for gift purchases, and Bt2.1 billion given to family members. Some Bt1.6 billion will spent on making merit, with the remaining Bt500 million going on activities such as movies, and for donations.
The research centre estimates the spending will average out at Bt5,600 per person, up 3.7 per cent from the Bt5,400 spent last year.
