COVID Results in Biggest Deposits in 12 Years

[snoop1130]

COVID Results in Biggest Deposits in 12 Years

 

 

BANGKOK, Aug 24 (TNA) — Deposits in the first half of this year came from about 80 million people and amounted to 14.67 million baht, rising by 8% which was the fastest pace in 12 years, according to the Deposit Protection Agency.

 

Announcing the figures, DPA president Songpol Chevapanyaroj said people were saving for their future due to the impacts of the coronavirus disease 2019 and investors were moving their money to banks from capital and money markets where yields were declining.

 

According to him, as of June this year there were 80.82 million depositors with financial institutions protected by DPA. The figure rose by 1.38% or about 1.1 million.

 

Full Story: https://tna.mcot.net/english-news-516138

 

-- © Copyright TNA 2020-08-24

 

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[BritManToo]

Sounds unlikely.

[scubascuba3]

Doesn't make sense, fake news?

[DrTuner]

Selling gold?

[connda]

80 million people (greater than the population of Thailand) deposited the US dollar equivalent of approximately $450,000 dollars in Thai banks.

Big Whoop! Everyone tossed a satang into their accounts or else their account accrued a  satang in interest. 

Utter tosh!

[Forza2002]

I wonder how many $ multi-millionaires have been generated thanks to Covid with the creation of telephone number budgets.. oink, oink...

Edited August 24, 2020 by Forza2002

[Susco]

48 minutes ago, snoop1130 said:

Deposits in the first half of this year came from about 80 million people and amounted to 14.67 million baht,

And it get even better

 

Of all depositors, 98% were small ones, each of whom saved up to 1 million baht.

 

So now every living creature, and that must includes dogs going by the total number, has 1 million Baht in his account.

 

Does anyone ever proof read those articles?

[yeahbutif]

Proberly from all the falang going from an o visa to a non o ... deposit 800.000 bhat

[CHAZ1]

7 minutes ago, yeahbutif said:

Proberly from all the falang going from an o visa to a non o ... deposit 800.000 bhat

What makes you think going to a non O(a visa) requires a deposit?  Whatever, you are mistaken

[sammieuk1]

Is he including dead friends in the 80.82 million depositors ????

[connda]

From my calculations it only takes 225 foreign expat retirees on the 65000 THB a month income scheme deposited into a Thai bank to generate 14.67 million THB in deposits in one month. 

So the 80 million Thai are depositing a fraction of a satang and 225 foreign expats retirees are responsible for the rest?  Holy Cow Batman!!! Where are all the Thai bankers singing the praises to foreign expats who are responsible to stashing millions and million in Thai banks every month, especially when 80 million Thais only managed to deposit 14.67 million THB in half a year???  

As someone say, they need to run these articles by a proofreader who understands basic math before publishing tosh like this.  But - good for a laugh.  ????

[Brunolem]

There is obviously a typo... 

 

Million baht should be replaced with billions. 

 

As for the deposits they were made more than once by the same persons, hence the 80 millions. 

 

For example, one person made 3 deposits of 50,000 baht each time. 

 

All this to say that (some) people are saving/hoarding cash instead of spending. 

 

[Dumbastheycome]

3 hours ago, BritManToo said:

Sounds unlikely.

Why ?

Diarrhea is a well recognized  symptom of  C-19 infection !

Not  exclusive to.

 

 

[Dumbastheycome]

ohhhhh! Sorry ! Just connected  to  context  ! ????????

[Laughing Gravy]

5 hours ago, Susco said:

And it get even better

 

 

 

 

So now every living creature, and that must includes dogs going by the total number, has 1 million Baht in his account.

 

Does anyone ever proof read those articles?

Thai mathematics once again. You pluck figures out of thin air and convince yourself they are real.

[lamyai3]

8 hours ago, yeahbutif said:

Proberly from all the falang going from an o visa to a non o ... deposit 800.000 bhat

No such thing as an o visa. If anyone refers to their visa as an o, they're just abbreviating non o.

[RichardColeman]

Actually this is possible, as all Thais sell all theirs homes and possessions to survive covid and put the money in the bank. I'd be more surprised of it was all still there in 6 months

[BritManToo]

11 hours ago, connda said:

From my calculations it only takes 225 foreign expat retirees on the 65000 THB a month income scheme deposited into a Thai bank to generate 14.67 million THB in deposits in one month. 

Or 20 expats moving in 800k for their retirement extension.

[khunjeff]

14 hours ago, Brunolem said:

There is obviously a typo... 

 

Million baht should be replaced with billions. 

 

As for the deposits they were made more than once by the same persons, hence the 80 millions. 

 

For example, one person made 3 deposits of 50,000 baht each time. 

 

All this to say that (some) people are saving/hoarding cash instead of spending. 

 

The original Thai version of the story gives the figure for total deposits as 14.67 million MILLION baht, or a million times higher than what is listed in the English version. With that figure, the deposit per person becomes strangely high (175k baht) rather than strangely low, so I have no idea what the truth is.

 

The figure of 80 million depositors is confusing because of the way it was presented in the article. Although the story first indicates that 80 million people made deposits, it later says that that is the number of depositors under the protection of the DPA. My guess is that 80 million is actually the number of protected accounts, with many people holding multiple accounts (Thais seem to love having lots of different bank accounts). But that's just a guess.

[StayinThailand2much]

19 hours ago, snoop1130 said:

Deposits in the first half of this year came from about 80 million people and amounted to 14.67 million baht, rising by 8% which was the fastest pace in 12 years, according to the Deposit Protection Agency.

 

Wow! That's a whopping 18 satang per customer! Unless it is 14.67 billion baht, by which it would be a staggering 181.51 baht.

Edited August 25, 2020 by StayinThailand2much

[chilli42]

14 million Baht?  For the entire country?  In 6 months?  That is not even the price of one HiSo car.  It’s a meaningless number.  It will be drawn down soon enough just so people have food and a place to sleep.

[Brunolem]

1 hour ago, khunjeff said:

The original Thai version of the story gives the figure for total deposits as 14.67 million MILLION baht, or a million times higher than what is listed in the English version. With that figure, the deposit per person becomes strangely high (175k baht) rather than strangely low, so I have no idea what the truth is.

 

The figure of 80 million depositors is confusing because of the way it was presented in the article. Although the story first indicates that 80 million people made deposits, it later says that that is the number of depositors under the protection of the DPA. My guess is that 80 million is actually the number of protected accounts, with many people holding multiple accounts (Thais seem to love having lots of different bank accounts). But that's just a guess.

Most probably all this financial action was concentrated in few hands... unless they have taken into account the 5,000 baht x 3 that were given to millions of Thais to help them go through the covid shutdown. 

 

In this case, things would quickly add up. 

 

Say there were 15 million beneficiaries and you get already 45 million deposits... more than half the total. 

 

But these were not savings at all. 

 

As for the total amount, difficult to know but the sure thing is that it is in billions, not millions. 

 

 

[3NUMBAS]

someones selling a lot of coconuts somewhere