BOT calls on financial institutions to assist customers hit by virus outbreak

BOT calls on financial institutions to assist customers hit by virus outbreak

By THE NATION

The Bank of Thailand (BOT) has urged financial institutions to provide assistance to clients who are affected by the new coronavirus outbreak, the central bank’s deputy governor of financial institutions stability, Ronadol Numnonda, said on Thursday (January 30).

“Financial institutions under the Bank of Thailand as well as operators of credit cards, personal loans and business loans or nano finance should help their debtors who experience lack of circulation capital and liquidity as a result of the new coronavirus, which has impacted several industries,” he said.

The BOT has proposed the following measures:

➤ Providing additional loan for circulation capital as well as reducing interest and/or fees to make sure that debtors can keep their businesses operational.

➤ Relaxing repayment conditions and restructuring debt. Credit-card operators should consider lowering minimum monthly payment to less than 10 per cent of outstanding balance.

➤ Relaxing the maximum limit of personal loans for emergency cases.

These measures should be implemented until December 31, 2020, the deputy governor added.

Source: https://www.nationthailand.com/news/30381287