Digital wallet boost: Thai government to inject 600,000 million baht into economy

[snoop1130]

 

The government is set to inject 600,000 million baht into the economy through the well-documented digital wallet initiative. This programme will provide 10,000 baht to Thai citizens aged 16 and above, with an income not exceeding 70,000 baht and savings of no more than 500,000 baht. The initiative, set to run for six months, will be applicable within the citizen’s district as per their identity card.

 

The announcement came today, at 2pm from the Government House Puckdee Bodin Building by 61 year old Thai PM Srettha Thavisin, who is also the Minister of Finance. The Bangkok-born PM stated that this is not merely a dream but a reality in progress, with the best possible solution for boosting the economy identified.

 

The 600,000 million baht will be allocated with 500,000 million baht for 50 million households and 100,000 million baht for improving capabilities. However, the proposal must undergo legal processes and receive approval.

 

The government was informed by the Bank of Thailand, the National Economic and Social Development Council, and other agencies. The conditions for the digital wallet were revised to be more stringent. The government grants spending rights of 10,000 baht to Thais aged 16 and above with income less than 70,000 baht and deposits less than 500,000 baht.

 

If income exceeds 70,000 baht but deposits are 500,000 baht, they will not be eligible. Similarly, if income is below 70,000 baht but deposits exceed 500,000 baht, they will not be eligible. The initiative will run for six months and be extended to the district level.

 

By Nattapong Westwood

Caption: Photo: KhaoSod

 

Full story: The Thaiger 2023-11-10

 

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[proton]

Wont this just increase inflation? 

[Mike Lister]

Just now, proton said:

Wont this just increase inflation? 

Yes, and government debt.

[John Drake]

2 minutes ago, proton said:

Wont this just increase inflation? 

 

Welcome to Thailandzuela.

[KannikaP]

Isn't 600,000 million 600 Billion in real money? = 600,000,000,000

And so are they saying that there are 60 million people over the age of 16 eligible for this bribe?

[Mike Lister]

1 minute ago, KannikaP said:

Isn't 600,000 million 600 Billion in real money? = 600,000,000,000

And so are they saying that there are 60 million people over the age of 16 eligible for this bribe?

You farang, you no understand Thai math.

[KannikaP]

Just now, Mike Lister said:

You farang, you no understand Thai math.

And you no understand English MATHS.....short for mathematicS.  5555

[redwood1]

 However, the proposal must undergo legal processes and receive approval.

 

 However, the proposal must undergo legal processes and receive approval.

 

 However, the proposal must undergo legal processes and receive approval.

 

 However, the proposal must undergo legal processes and receive approval.

[Celsius]

24 minutes ago, KannikaP said:

Isn't 600,000 million 600 Billion in real money? = 600,000,000,000

And so are they saying that there are 60 million people over the age of 16 eligible for this bribe?

 

You are correct. I got confused by the low amount, but this is how Thais actually do numbers.

 

The article must have been google translated.

[hotchilli]

13 hours ago, Mike Lister said:

You farang, you no understand Thai math.

My missus is Thai.. she counts the zero's and still gets it wrong

[mancub]

So. if my  "housewife" other half doesn't qualify. does it mean she's got half a million stashed away that I'm not aware of ? 

[Presnock]

says it is good in the local area only - what about students?  if they are away from the district in school the majority of that

time?  Just wondering

[WorriedNoodle]

15 hours ago, proton said:

Wont this just increase inflation? 

Meanwhile:

[Cake Monster]

16 hours ago, proton said:

Wont this just increase inflation? 

Yrs !

And a certain large retailers profits

[Sydebolle]

It is not my money and I am not a beneficiary of it but maybe someone is calling the whole thing what it is. 

 

The THB 560 billion (that was the figure last time; now the jacked it up to THB 600 billion) is not "injected". The government takes that money from its tax income (so duly paid by all those obedient tax payers). In this particular case there is simply not enough tax money to be taken away and distributed in this populistic scheme, hence the government goes into debt and borrows the money from ............ a government-run bank.

Bets taken, that this bank, possibly the Government Housing Bank, will go belly-up and hence will have to be "rescued" by future tax payers and their payments. By then all those clowns with the funny hats and crazy ideas will have creamed off what can be creamed off and disappeared into thin air. 

The government owns NOTHING, it redistributes money by taking it on one side and handing it out on the other side. Sometimes the other side is called "themselves", but that again is a completely different story.