BOT responds to more complaints about Coronation banknotes

[webfact]

BOT responds to more complaints about Coronation banknotes

By The Nation

 

BOT assistant governor Somboon Chitphentom

 

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.

 

Source: https://www.nationthailand.com/business/30399984

 

 

-- © Copyright The Nation Thailand 2020-12-22

 

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[RJRS1301]

The reverse of 100bht note really looks like something from a board game, one with an American western theme.

 

[klauskunkel]

3 hours ago, webfact said:

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.

12 billion baht additional currency, backed by what then? A condo in Pattaya?

[Oldie]

I miss the old 2 Baht coins that looked like 5 Baht coins. Was always a lot of fun to mark them so that they could be easily recognized. 

[soi3eddie]

3 hours ago, webfact said:

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.

 

In the same way that Thai banks and money changers refuse to accept GB Pound Sterling notes issued by Scotland or Northern Ireland (or English notes they don't like the look of).

 

As for the new Thai notes, aren't there already enough styles in circulation? Why doesn't the Bank of Thailand recall outdated notes to avoid confusion (as other countries do)? 

 

Edited December 22, 2020 by soi3eddie

[ChrisY1]

Too much criticism of these notes will soon bring on sect.112 charges..:)

[Venom]

3 hours ago, webfact said:

He said the notes were valid for all normal financial transactions, but foreign banks had the right to deny any notes for money exchange.

 

This. ????

[tonray]

34 minutes ago, soi3eddie said:

Why doesn't the Bank of Thailand recall outdated notes to avoid confusion (as other countries do)? 

They encourage you to place all old notes in brown envelopes and leave them with your nearest local police officer...

[Scott Tracy]

4 hours ago, tonray said:

Why doesn't the Bank of Thailand recall outdated notes to avoid confusion (as other countries do)? 

 

Can't. Got to keep all bank notes with certain peoples'  pictures in circulation...

[Bangkok Barry]

8 hours ago, webfact said:

foreign banks had the right to deny any notes for money exchange.

They sometimes do if they are Thai banknotes, because there is absolutely no indication in English which country the notes belong to. The banks therefore have no easy way of knowing which country issued the notes.

[tonray]

30 minutes ago, Scott Tracy said:

 

Can't. Got to keep all bank notes with certain peoples'  pictures in circulation...

Fix your quote please

[NanLaew]

9 hours ago, klauskunkel said:

12 hours ago, webfact said:

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.

12 billion baht additional currency, backed by what then? A condo in Pattaya?

 

Yes. In fact this one.

 

[NanLaew]

4 hours ago, Bangkok Barry said:

They sometimes do if they are Thai banknotes, because there is absolutely no indication in English which country the notes belong to. The banks therefore have no easy way of knowing which country issued the notes.

 

Good point. I recall many (many) years ago just after I started my international gypsy career, I wanted to change a mish-mash of foreign currencies that I had collected on my travels at my local bank branch. They said I could only do it at their main branch in Aberdeen. When I fronted up there, they had a look at the money and made an appointment for me to come back a few days later. When I did, they had received a big book of currencies, like a photo album, from their head office and they cross checked all my offerings. Took the best part of an hour for them to give me my 17-odd quid (after commissions).

 

These days there's a quite limited range of currencies and denominations accepted, even regionally. I was in Myanmar working and they wouldn't accept any Indonesian paper at their forex booths at the airport.