New Banknotes in Short Supply Ahead of Chinese New Year

[webfact]

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

 

 

[JoePai]

Tip of the day : take an old note and iron it  

[JimHuaHin]

Happens every Chinese new year.

 

Most of the rest of the world refers to Lunar New Year, but as Thailand is a Chinese colony ....

[StayinThailand2much]

1 hour ago, JoePai said:

Tip of the day : take an old note and iron it  

 

Extra tip; careful doing this if the note is 'plastic'... 😙 

[hotchilli]

4 hours ago, JimHuaHin said:

Happens every Chinese new year.

 

Most of the rest of the world refers to Lunar New Year, but as Thailand is a Chinese colony ....

Thailand must remain tactful.

[KhunBENQ]

Stupid tradition.

At least it fits the prejudice about Chinese.

Money money money ..

Do you put banknote bundles under the Christmas tree 😄

[Callmeishmael]

So the 'Ang Pao' phone ap isn't catching on?  😉

[farangkinok]

13 minutes ago, hotchilli said:

Most of the rest of the world refers to Lunar New Year, but as Thailand is a Chinese colony ....

Thailand must remain tactful.

In Israel, they don't say Lunar New Year. They say, "Rosh Hashanah." Rosh Hashanah (the Jewish New Year) is a lunar new year because it is based on the Hebrew calendar, which is a lunar calendar. 

[Tailwagsdog]

This story is so horrifying it keeps me up at night. A used banknote must be like a used condom, over inflated, can only be used once then it's soiled, generally only used by old dicks (not used to modern payment methods) and comes in various sizes & colours.

Please give them new ones, so I can stop fretting over this big drama ....

[KannikaP]

1 hour ago, farangkinok said:

In Israel, they don't say Lunar New Year. They say, "Rosh Hashanah." Rosh Hashanah (the Jewish New Year) is a lunar new year because it is based on the Hebrew calendar, which is a lunar calendar. 

That makes good sense, 13 x 4 week years. 1st always on a Sunday for example. Good old Jewish folk.

[scorecard]

3 hours ago, KhunBENQ said:

Stupid tradition.

At least it fits the prejudice about Chinese.

Money money money ..

Do you put banknote bundles under the Christmas tree 😄

NO, I wrap the note(s) in christmas paper first.

[bamnutsak]

Huge run at the supermarket for fresh fruit, especially oranges.