Bank of Thailand says bounced checks jump not a worry yet

[webfact]

Central bank says bounced checks jump not a worry yet



BANGKOK: -- The Bank of Thailand (BoT) reported a total of 76,600 bounced checks in January, with the total value of over 12 billion baht.

But it said the rise in bounced check was not yet a worry.

BoT Spokesperson Rung Mallikamas on Thursday said many businesses are running short of liquidity but the problem has not reached critical stage.

She reported that the number of bounced checks in January rose to over 76,600 checks, up 15 percent year-on-year, while the bounced checks worth altogether 12.3 billion baht, about 20 percent higher than the same period last year. She urged the public not to worry as the number of bounced checks covers only 0.3 percent among the total checks in the whole banking system.

Meanwhile TMB Economic Research Center also reported that businesses most likely affected by political turmoil are those suffering cash flow and high interest burden namely tourism, furniture and real estate industries.

Garment businesses which have to rely on domestic sales should also be on a look out. Risk-prone industries could solve the problems by moving their businesses away from the protest sites, while seeking extension of payment term with the bank, it said

Source: http://englishnews.thaipbs.or.th/central-bank-says-bounced-checks-jump-worry-yet/


-- Thai PBS 2014-02-28

[Chao Lao Beach]

Not to worry

[NongKhaiKid]

Bounced cheques / Mai Pen Rai

[jalansanitwong]

12 BILLION baht not to worry ? mai pen rai ? when should the banks start worrying?

As for the garments industry keeping a look out for suspect cheques. What cheques ? Im in that industry and ive never seen a cheque book.

I would never accept a cheque from a Thai unless they came back later to pick up whatever he or she was buying.

Edited February 28, 2014 by jalansanitwong

[chainarong]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Bounced cheques / Mai Pen Rai

I have sent you that money I owe you NKK, err its a cheque , okay.

[NeverSure]

Rubber checks from the rubber growers bouncing?

[Tatsujin]

Are these payments to the rice farmers from the Govt?

[shirtless]

This is a true indication of what is happening in the economy, businesses are suffering as a result of the turmoil in Thailand..

[Why ask]

It's Okay, only 0.03% of all cheques in the system, and only 20% up on this time last year.

12.3 Billion is at an average cheque value of 160,000B for 76,600........ If that isn't a worry... then all is well. MPR

[noitom]

The check is in the mail.

[chiang mai]

I thought it was illegal here to write a cheque without sufficient funds?

[robblok]

20% higher as last year but not to worry.. one can assume that if checks bounce more often other payments are also liable to be later or not made. But it seems they never want to bring out bad news.

Of course if one in a 1000 of the checks bounces and now 1,2 out of a thousand there is still not much of a problem.

[JohnP1752]

12 billion baht in cheques bounce in one month, over 140 billion in one year. Or to put it another way 76,600 cheques bounced in one month or over 900,000 cheques bounce in a year on current statistics.

If you consider the population of Thailand, 65 million, that's quite high considering many people don't even use cheques.

Are you feeling lucky if someone pays you with a cheque?

[rucus7]

I am not clear on wether this checks are payroll or personal or a combination. I have only received one personal check in my years in Thailand. It was for the purchase of my car car by a private party. It didn't bounce. I thought the penalty for bad checks in Thailand was quite serious.

[zakk9]

Furniture industry?!?

[Lupatria]

"Central bank says bounced checks jump not a worry yet"

...wait until Yingluck signs one to pay the farmers.

Edited February 28, 2014 by Lupatria

[tubby johnson]

"12 Billion Baht of bounced checks in one month. A mere trifle, nothing to worry about. Trust me."

[SICHONSTEVE]

This is a true indication of what is happening in the economy, businesses are suffering as a result of the turmoil in Thailand..

Almost certainly so - yet another reason that Yingluck should have gone months ago. The country wouldn't been in this quagmire of a mess if her brother had let her go when she had clearly had enough of the pretence fantasy that she held of being Prime Minister of Thailand.

[NongKhaiKid]

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Bounced cheques / Mai Pen Rai

I have sent you that money I owe you NKK, err its a cheque , okay.

Sanks you 3 tame, hansum man

[chiang mai]

So, 12 Billion Baht in bounced cheques per month is high, compared to what amount in other countries? I don't know if 12 Bill. is high or low but I suspect very strongly that it's not huge by comparison.

[ShannonT]

I thought it was illegal here to write a cheque without sufficient funds?

Apparently it becomes legal if it bounces.