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BOT responds to more complaints about Coronation banknotes (nationthailand.com)

BOT responds to more complaints about Coronation banknotes

EconDec 22. 2020BOT assistant governor Somboon Chitphentom 

By The Nation

The Bank of Thailand (BOT) was forced to defend its Coronation banknotes again on Monday after more public complaints about the bills commemorating the crowning of King Rama X in 2019.

It was the second time the central bank has had to issue a statement about the special Bt100 and Bt1,000 notes, after last week assuring they were secure from counterfeiters thanks to sophisticated technology and designs.

BOT assistant governor Somboon Chitphentom on Monday dismissed claims the commemorative notes were issued in a quantitative easing measure to increase liquidity for the Covid-hit market.

He explained the currency issuance had been calculated to meet demand and supply in the market.

He also denied rumours that the notes were not backed by central bank reserves – assets such as gold and hard foreign currencies. The central bank had adequate assets to back up the issuance, he said. The value of the commemorative bills totals Bt12 billion, or just 0.6 per cent of the total Bt2 trillion worth of banknotes in circulation, he added.

He also responded to queries of whether the commemorative banknotes could be exchanged for foreign currencies. He said the notes were valid for all normal financial transactions, but foreign banks had the right to deny any notes for money exchange.

On the issue of ATM deposit machines not accepting the commemorative bills, he said the machines would have to be reprogrammed to do so. But people could exchange commemorative banknotes for normal bills at any commercial or state-owned bank.

The central bank placed the commemorative banknotes in ATMs to give people easy access in case they want to collect them, he added. A total of 10 million Bt1,000 and 20 million Bt100 commemorative banknotes went into circulation on December 12. They have been dogged by criticism they are hard to tell apart and prone to counterfeiting.

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SET plummets almost 5.5% after Covid surge (nationthailand.com)

SET plummets almost 5.5% after Covid surge

EconDec 21. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,401.78 on Monday, down 80.6 points or 5.44 per cent. Total transactions amounted to Bt129.43 billion with an index high of 1,453.88 and a low of 1,401.58.

The index fell sharply after Thailand registered 576 new Covid-19 cases on Sunday, its largest single-day spike since the outbreak began.

The 10 stocks with the highest trade value today were KBANK, BANPU, PTT, STGT, CPALL, AOT, ADVANC, IVL, CPF and PTTGC.

As of 4.30pm, the price of oil dropped by US$1.95 or 3.97 per cent to $47.15 per barrel, while gold rose by $11.30 or 0.60 per cent, to $1,900.20 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 26,714.42, down 48.97 points or 0.18 per cent.

China’s Shang Hai SE Composite Index closed at 3,420.57, up 25.67 points or 0.76 per cent, while Shenzhen SE Component Index closed at 14,134.85, up 280.73 points or 2.03 per cent.

Hong Kong’s Hang Seng Index closed at 26,306.68, down 191.92 points or 0.72 per cent.

South Korea’s KOSPI Index closed at 2,778.65, up 6.47 points or 0.23 per cent.

Taiwan’s TAIEX Index closed at 14,384.96, up 135.00 points or 0.95 per cent.

Singapore’s Straits Times Index closed at 2,844.30, down 4.68 points or 0.16 per cent.

Vietnam’s Ho Chi Minh Stock Index closed at 1,081.08, up 13.62 points or 1.28 per cent.

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Trade counsellors posted abroad told to boost trust in Thai seafood (nationthailand.com)

Trade counsellors posted abroad told to boost trust in Thai seafood

EconDec 21. 2020

By The Nation

The Department of International Trade Promotion (DITP) has asked Thailand’s commercial counsellors posted overseas to hasten work on ensuring confidence of Thai seafood importers about food safety.

Somdet Susomboon, DITP director-general, said importers need to be made to understand that Thai food is exported in strict compliance with international standards and rules to curb the transmission of Covid-19.

Commerce Minister Jurin Laksanavisit has asked his ministry to coordinate with related state agencies to monitor the outbreak in Samut Sakhon, where the Central Shrimp Market has emerged as the source of infections.

Thailand’s export of frozen, canned and processed seafood (excluding shrimp) stood at Bt115.91 billion in the first 10 months of the year. The export of frozen and processed shrimp, not including canned shrimp, was worth Bt27.35 billion.

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Thai, Indonesian central banks expand rupiah-baht settlement framework (nationthailand.com)

Thai, Indonesian central banks expand rupiah-baht settlement framework

EconDec 21. 2020

By The Nation

The Bank of Thailand and Bank Indonesia on Monday announced the expansion of the rupiah-baht settlement framework.

The framework was first launched on December 11, 2017 under a memorandum of understanding signed by the two central banks on December 23. The expansion is a part of continuous efforts to promote wider use of local currencies to facilitate and enhance trade and direct investment between Indonesia and Thailand, the banks said.

The framework was expanded to include direct investment as an eligible underlying transaction in addition to trade, and to further relax relevant foreign exchange rules and regulations, for example, through more flexible documentation requirements, they said.

In this connection, Bank Indonesia and the BOT have appointed additional qualified commercial banks in both countries to support the operationalisation of the expanded rupiah-baht settlement framework. In general, the appointed banks are resilient and healthy, experienced in facilitating trade or capable of providing various financial services, and have strong business relationships with banks in the counterparty country, they said.

The appointed banks are:

Additional appointed banks in Thailand:

– CIMB Thai Bank Pcl

– TMB Bank Pcl

– Standard Chartered Bank (Thai) Pcl

– The Hongkong and Shanghai Banking Corporation Limited Bangkok Branch

– Sumitomo Mitsui Banking Corporation Bangkok branch

– Mizuho Bank Limited Bangkok branch

Existing appointed banks:

– Bangkok Bank Pcl

– Bank of Ayudhya Pcl 

– Kasikornbank Pcl 

– Krungthai Bank Pcl 

– Siam Commercial Bank Pcl

Additional appointed banks in Indonesia

– PT Bank BTPN, Tbk

– PT Bank CIMB Niaga, Tbk

– PT Bank Danamon Indonesia, Tbk

– PT Bank Maybank Indonesia, Tbk

– PT Bank Mizuho Indonesia

– PT Bank Permata, Tbk

– PT Bank HSBC Indonesia

– MUFG Bank, Ltd, Jakarta branch 

• Existing appointed banks

– PT Bank Rakyat Indonesia (Persero), Tbk 

– PT Bank Mandiri (Persero), Tbk 

– PT Bank Central Asia, Tbk 

– PT Bank Negara Indonesia (Persero), Tbk

The expanded baht-rupiah settlement framework will be effective from December 21.

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SET tumbles as market reacts to surge in Covid-19 cases (nationthailand.com)

SET tumbles as market reacts to surge in Covid-19 cases

EconDec 21. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index fell by 45.49 points, or 3.07 per cent, to 1,436.89 in the morning session on Monday.

The index fell sharply due to the surge in Covid-19 cases in Thailand, by 576 on Sunday, the highest single-day spike since the outbreak.

The top 10 stocks with the highest trade value in the morning session were KBANK, STGT, PTT, CPALL, AOT, CPF, BANPU, DELTA, BAM and IVL.

An analyst at Kasikorn Securities expected the SET this week to move between 1,465 and 1,500, advising investors to follow the Monetary Policy Committee meeting, Thai exports in November, the Covid-19 situation, the US-China conflict and Brexit negotiations.

The SET Index closed at 1,482.38 on Friday, down 1.51 points or 0.1 per cent. Total transactions amounted to Bt117.09 billion with an index high of 1,489.78 and a low of 1,475.01.

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Gold makes spectacular gains (nationthailand.com)

Gold makes spectacular gains

EconDec 21. 2020

By The Nation

The price of gold surged by Bt300 per baht weight in morning trade on Monday after rising by Bt50 per baht weight at close on Saturday, the Gold Traders Association reported.

As of 9.26am, the buying price of a gold bar was Bt26,800 per baht weight and selling price Bt26,900 while gold ornaments were priced at Bt26,317.76 and Bt27,400, respectively.

At close on Saturday, the buying price of a gold bar was Bt26,500 per baht weight and selling price Bt26,600 while gold ornaments were Bt26,029.72 and Bt27,100, respectively. The price jumped by Bt350 per baht weight last week.

Spot gold price moved to US$1,898 (Bt56,966) per ounce in the morning, while Comex (Commodity Exchange) gold price to be delivered in February next year dropped by $1.5 to $1,888.9 per ounce on Friday due to the dollar’s appreciation and mass sell-offs of the precious metal after the price hit the highest level in six weeks on Thursday.

Hong Kong gold price rose by HK$90 to $17,460 (Bt67,578) per tael, the Chinese Gold and Silver Exchange Society reported.

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Brexit to have no impact on Thailand, but senior official urges FTA talks with UK (nationthailand.com)

Brexit to have no impact on Thailand, but senior official urges FTA talks with UK

EconDec 21. 2020

By The Nation

The Fiscal Policy Office (FPO) believes Brexit is unlikely to have much impact on the Thai economy, as the value of trade, investment and tourism between the two countries is not high.

Pisit Puapan, FPO director of Macroeconomic Policy Bureau, said that last year the UK was ranked the 20th major export destination for Thai goods and services, accounting for only 1.6 per cent of Thailand’s total export. UK was the 12th largest investor in Thailand last year.

However, he added that Thailand should rush to hold trade talks with UK to foster trade ties after Brexit and seek ways to provide more convenience to traders between the two countries.

Thailand should also hold talks for a free trade agreement with the UK, he added.

The Federation of Thai Industries chairman, Suphant Mongkolsuthree, backed Pisit’s suggestion to initiate FTA talks with the UK and resume free-trade talks with the European Union (EU).

The Department of Trade Negotiations recently released a complete study on the pros and cons of Thailand resuming free-trade talks with the EU for Commerce Minister Jurin Laksanawisit to consider.

The Institute of Future Studies for Development has completed the study, which shows that if Thailand and 27 EU members, excluding UK, cancel all import tariffs, then in the long run Thailand’s gross domestic product will be boosted by 1.28 per cent and be worth Bt205 billion per year.

Related story: Pros and cons on Thailand pursuing FTA with EU published on DTN website

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Thai rice exports to hit lowest level in two decades (nationthailand.com)

Thai rice exports to hit lowest level in two decades

EconDec 21. 2020

By The Nation

President of the association, Charoen Laothamatas, said it would be the first time that Thai exports would be lower than that of Vietnam, which is expected to export a total of 6 million tonnes.

Thai rice export has faced many obstacles, including higher price when compared to competitors.

The situation has been aggravated by the strengtening baht, he added.

Honorary president Chookiat Ophaswongse added that the value of the estimated 5.7 million tonnes of rice export this year would be Bt115 billion, down 12 per cent year on year.

Another reason for the low export is the shortage of containers for transporting rice, he added.

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Egat in talks with PTTEP subsidiary for joint venture on drones (nationthailand.com)

Egat in talks with PTTEP subsidiary for joint venture on drones

EconDec 21. 2020Egat governor Boonyanit Wongrukmit 

By The Nation

The Electricity Generating Authority of Thailand (Egat) is in talks with AI and Robotics Ventures Co Ltd (ARV), a subsidiary of PTT Exploration and Production Pcl (PTTEP), to jointly explore a business opportunity in the future, Egat governor Boonyanit Wongrukmit said.

He added that one possible collaboration could be in the use of drones to inspect the conditions of Egat’s vast power transmission lines, which will help it reduce the cost of inspection.

He said that while Egat has demand to use such drone technology, ARV has the knowledge and technology, which will enhance Egat’s efficiency in the transmission line inspection. Both organisations can also team up to provide this service to other state-run electricity authorities.

ARV provides cutting-edge artificial intelligence and robotics solutions for businesses across industries. The application of ARV services and developing technologies ranges across air, sea and land.

In July this year, ARV formed a partnership with Thai Advance Innovation Co Ltd (Thai AI), a subsidiary of Thaicom Plc, on the development of drone technology with focus on agriculture drone to enable advanced smart farming solutions.