Thai central bank extends $16 billion soft loans for smaller firms by six months

[rooster59]

Thai central bank extends $16 billion soft loans for smaller firms by six months

 

FILE PHOTO: A woman wearing a protective face mask walks on a street in Bangkok, Thailand, Sept. 30, 2020. REUTERS/Soe Zeya Tun/File Photo

 

BANGKOK (Reuters) - Thailand's central bank extended its 500 billion baht soft loan programme by six months to help small- and medium-sized enterprises (SMEs) cope with the impact of the coronavirus pandemic, according to a statement on its website.

 

The Bank of Thailand (BOT) also allowed listed SMEs to participate in the programme, which started in April as part of a larger 1.9 trillion baht coronavirus response package.

 

The BOT has approved about 119 billion baht of loans so far and has twice said it planned to extend the programme by six months.

 

Southeast Asia's second-largest economy suffered its deepest contraction in 22 years in the second quarter as the pandemic battered tourism and domestic activity.

 

The BOT predicts a record economic contraction of 7.8% this year.

 

(Reporting by Orathai Sriring; Editing by David Holmes)

 

-- © Copyright Reuters 2020-10-16

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

 

[Cake Monster]

Is this a different program, or the same program that will stick all the bad payers into " Special Mention Loans " therefore keeping down the NPL figures .

[Leaver]

When all the soft loans and special loans have stopped, and many businesses have still failed, and many individuals still default, then the true nature of the position of the Thai economy, and Thai banks, will be laid bare for all to see.