The Government Savings Bank has announced the introduction of a program of credits, to address the problem of debts owed by Thai people who have borrowed from informal lenders.

 

Under the program, informal debtors can borrow up to 50,000 baht from the GSB, repayable within five years, or 60 instalments, at a fixed interest rate of 0.75 percent to settle their informal debts.

 

The borrowers must, however, meet certain requirements, such as having a job, being between 20 and 65 years of age, including the five-year maximum repayment period.

 

Full story: Thai PBS 2023-11-29

 

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The borrowers must also have someone to guarantee their borrowings from the bank or assets to place as collateral.

 

If they had this, they probably wouldn't have gone to loan sharks in the first place.

Groaan..  Have to go to GSB to close all my accounts..

15 hours ago, snoop1130 said:

The Government Savings Bank has announced the introduction of a program of credits, to address the problem of debts owed by Thai people who have borrowed from informal lenders

More debt?

PT the Political Party that keeps on giving

21 minutes ago, hotchilli said:

More debt?

An interesting question. The bank is owned by the government and managed by the MoF but functions under BoT banking laws. Their balance sheet is subject to BoT scrutiny and rules but their debt doesn't form part of the government budget. It seems this may be off balance sheet debt that isn't including in the

total, at least I can't see it in the 2022 budget.

 

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