Government critics concerned International Reserve could be misused

[webfact]

 

By Natcha Patanasophon

 

As Omicron begins to produce fears that it could worsen an already battered financial crisis, Thailand’s government claims that it has enough financial reserves to push through any new economic turbulence.

 

According to the Thai government, Thailand had the twelfth most international reserves in the world in the month of October, with 8.17 trillion baht. But financial experts on Thursday said that a high number of international reserves is not enough to stimulate economic growth.

 

Pichai Naripthaphan, the Deputy Leader of Pheu Thai Party, told Thai Enquirer that Thailand encountered huge debt from the economic fallout of Covid-19. He said that it’s largely due to the government’s failure to manage its own reserves properly.

 

Full story: https://www.thaienquirer.com/35711/government-critics-concerned-financial-reserves-could-be-misused/

 

-- © Copyright Thai Enquirer 2021-12-10

 

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[ThailandRyan]

Stimulate the Governments personal pocket books is all.  Been seeing g plenty of new Bentleys driving around in Bangkok lately.

[klauskunkel]

4 hours ago, webfact said:

He said that it’s largely due to the government’s failure to manage its own reserves properly.

He is such a polite gentleman...

[Enzian]

But what I want to know is what all this will mean for the direction of the dollar/baht exchange rate. Given the funny business going on with the dollar simultaneously. this might take a crystal ball that has yet to be invented.

[Bangkok Barry]

Nice to know that they are using some of their trillions to support those who have lost their jobs and/or homes during the pandemic. I believe they've given out as much as several thousand baht to some folk during the entire period of the crisis.

[daveAustin]

Surprised there’s anything left in the trough. 

[mikebell]

'International Reserve COULD be misused'  = Has been and will be.

[Cake Monster]

1 hour ago, Bangkok Barry said:

Nice to know that they are using some of their trillions to support those who have lost their jobs and/or homes during the pandemic. I believe they've given out as much as several thousand baht to some folk during the entire period of the crisis.

That several Thousand Baht, was for entire Villages to share.

[Bangkok Barry]

3 minutes ago, Cake Monster said:

That several Thousand Baht, was for entire Villages to share.

My wife has some land, inherited from her father from the days when anyone could just lay claim to wherever they wanted, and so qualifies as a farmer. Last year she received 15,000 baht. This year they are paying 1,000 per rai because, well, times are hard for the government.

[John Drake]

Quote

“The country can benefit from the reserves,” he said. “It can be used to develop physical facilities, or improve digital innovations.”

Please, no, no, no. That remedy is certain to go to the one percent of the one percent already getting everything. Cash out a couple of trillion and give it out to people with no to lower income. At least a one time payment of 30-40,000 baht.  Nothing for government workers or anyone making over 25,000 baht per month.

Edited December 10, 2021 by John Drake

[Pouatchee]

Next time someone has a bleeding heart about how poor Thais are ... and Thailand -- I would like them to read this article. "twelfth most international reserves in the world"... hardly seems like a third world economy... as some have pointed out... maybe they should start taking care of their own... My wife has nothing to fall back on in relation to a pension fund if ever I am not to be around...

 

No pity from me and this has been for a long time. Reading this article has added fuel to the fire... now I am just that much more enraged at the dismal quality of life for some of the Thais...

Edited December 10, 2021 by Pouatchee

[unblocktheplanet]

Covid has the potential to cripple most govts with debt, including Thailand.

[tomazbodner]

3 hours ago, unblocktheplanet said:

Covid has the potential to cripple most govts with debt, including Thailand.

Which is why during COVID Thailand's foreign reserves have significantly increased...