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New Banknotes in Short Supply Ahead of Chinese New Year
Picture courtesy: TAT newsroom In the build-up to Chinese New Year, a rush for freshly printed banknotes has led to a notable shortage across Thailand. Despite the rise of digital payments, cash remains king for this cultural celebration. Chinese New Year festivities, starting soon, bring a custom of gifting ang pao – red envelopes filled with money, symbolising good fortune. Many Thai-Chinese families hold to tradition by seeking new banknotes for these gifts, believing them to bring prosperity. This year, however, many are finding it difficult to get their hands on new notes. Sukunya Boonchuaylur, a business owner, expressed her frustration. “I’ve been to several banks, but there are just no new notes available,” she remarked. Frustratingly, this bottleneck at the banks is a replay of last year’s struggles. Budsakorn Teerapunyachai, from the Bank of Thailand, assured the public that they’ve allocated new banknotes to meet the festive demand, with 40 billion baht, or approximately 1.1 billion pounds, in banknotes ready for distribution, up from the 29 billion baht set aside last year. Yet, despite these preparations, the shortage persists as distribution to consumers appears to be uneven. The demand for these pristine banknotes has outstripped the supply available at local branches, causing irritation among those adhering to traditional gifting practices. Interestingly, some, like 16-year-old student Wongrawee Suwanmongkol, show a flexible approach. He notes that while he received cash from his grandparents, his sister chose to send him money via a banking app, and he’s happy with either method. This shift towards digital is supported by government statistics showing a steady increase in digital transactions, which have grown by 26.2% annually. Meanwhile, cash withdrawals have decreased by an annual 3.3%, as found in 2023 surveys. Even as digital payments rise, the allure of ang pao remains strong. The Bank of Thailand is keen to ensure the notes circulated remain in good condition, advising against folding or marking them to help maintain their quality over time. This measure also aids in cost-effective cash management, a priority for the central bank. The central bank maintains that this balance between digital and cash transactions is part of its ongoing strategy, particularly as platforms like PromptPay facilitate digital payment growth. With PromptPay accounting for 71.2 million daily transactions, the digital landscape in Thailand is transforming rapidly. However, as the festival approaches, the immediate concern for many remains the simple yet profound act of gifting ang pao in the form they cherish most, reported Bangkok Post. -- 2025-01-27 -
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HELP! What exactly is needed to take my Thai daughter out of Thailand and to the USA?
From my experience the airline demanded the letter of authority first up before we could even check in so you must have the required paperwork or you won't get very far. -
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Rayong: Motorcyclist Trapped Under Fortuner Dies Despite Rescue Efforts
Tragic event on a shopping trip... exercise great care on the roads... -
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20 baht fare will never work
The baht bus fare in Hua Hin recently rose from 10 to 15 baht. -
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