Cooperatives celebrate national savings day, set to raise 50bn baht in savings

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Cooperatives celebrate national savings day, set to raise 50bn baht in savings

 

   

BANGKOK (NNT) - The Cooperative Movement has nominated 31st October of every year as National Savings Day, to encourage members of cooperatives to save more money. This year, the movement aims to raise another 50 billion baht in gross savings. The Minister of Finance has stressed the government is willing to support cooperatives’ operations to promote savings in local communities.

 

 

The Minister of Finance, Uttama Savanayana has presided over the opening ceremony of a national savings day event organized by the Cooperative Movement, where he remarked that the Thai Cooperative Movement has continuously raised the level of average savings per member, to about 200,000 baht each. There are currently some 12 million cooperative members who hold accounts in about 8,000 cooperatives, with a gross savings amount of 2.3 trillion baht.

 

He said savings products offered by cooperatives still have room for growth, which will help encourage Thai people to save more money and reap the benefit of savings. The Ministry of Finance and the Bank of Thailand are willing to support the cooperative’s operations to provide savings products and encourage savings in local communities, as well as providing easier access to technologies to help strengthen local communities, the rationale being that a large savings amount can be seen as another type of capital for national development.

 

The Federation of Savings and Credit Cooperatives of Thailand Limited’s (FSCT) President Pol Lt Gen Viroj Satayasanaakul, said today the FSCT has been working with the Cooperative League of Thailand and national cooperative associations to hold campaigns promoting savings among cooperative members, raising public awareness of the benefits of saving money, and setting a goal for the cooperative sector to reach a gross amount of 50 billion baht in savings in the future.

 

-- © Copyright NNT 2019-11-01

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