Thai SME Bank warns of negative impact of Russian economic crisis

[webfact]

SME Bank warns of negative impact of Russian economic crisis
By Digital Content



BANGKOK, Jan 1 -- The economic crisis of Russia is directly impacting tourism in Pattaya and Phuket, according to Salinee Wangtal, chairwoman of the Small and Medium Enterprise Development Bank of Thailand (SME Bank).

Ms Salinee said that Phuket was affected most seriously in the second half of last year, with incomes of local tour operators dropping by half due to the absence of Russian tourists.

She said the SME Bank rescued them by extending their repayment periods but the bank still required its debtors to continue paying interest in a timely manner. She also advised tour operators to cut their fees to woo clients for the sake of their survival in Russia's critical time.

Vorapol Socatiyanurak, secretary-general of the Securities and Exchange Commission, said that Russia, as a large crude oil producer, is facing big problems as oil prices and worldwide purchasing power are falling and more alternative energy is being developed.

He said Russia's attempts to stabilize the value of its ruble currency were costly and concerned parties should monitor the export of Russian oil. However, the impact of Russian economic problems on Thailand should be limited. (MCOT online news)


-- TNA 2015-01-01

[FangFerang]

The Americans attacked the Russians where it hurts, and effectively. Pattaya, especially, will suffer.

Do NOT mess with the Americans or the Chinese. You will lose every time.

Great Britain is biding her time...and has solid cards to play here. No other country has Great in their name, because no other country has earned that appellation.

The American and Chinese hegominies are solid. Great Britain is a rock all would do well not to pound their foreheads upon.

Edited January 1, 2015 by FangFerang

[theguyfromanotherforum]

Great Serbia

[trainman34014]

Have to laugh at the advice given to tourist operators to 'cut their fees'. This is not the Thai way; when times are bad all prices go into orbit to recoup losses.

[Thai at Heart]

The Americans attacked the Russians where it hurts, and effectively. Pattaya, especially, will suffer.

Do NOT mess with the Americans or the Chinese. You will lose every time.

Great Britain is biding her time...and has solid cards to play here. No other country has Great in their name, because no other country has earned that appellation.

The American and Chinese hegominies are solid. Great Britain is a rock all would do well not to pound their foreheads upon.

Great Britain, is that the island in the North Sea with a monster somewhere in a lake ?

That is still the worlds 5th largest economy in the world in absolute terms. 68 mn people making as much as hundreds of millions elsewhere in the world.

[nong38]

I think its almost time for Jerusalem, followed by Land of Hope and Glory and anyone for Hearts of Oak? The world owes the Brits a lot, it cost them their Empire, the free world should never forget that.

On topic. why has it taken so long for this surprise announcement about the lack of Roubles to emerge? It was pretty obvious 6 months ago that something "was afoot" as Sherlock Holmes would have said. I am happy about the result, I got a bit fed up being given a menu in Russian all the time, maps in Russian, adverts in Russian. Crimea is a much better place for them, cold, wet and cheap, they dont like to haggle you know. Anyone seen any cheap condo's going lately?

[worgeordie]

This will all be denied by TAT tomorrow, who will say the financial crisis

in Russia is having no effect, and they expect millions more Russian

tourists this year.

regards Worgeordie

[bangkokfrog]

Could this announcement simply be the start of a media campaign to put the blame for (yet another) year of falling tourist numbers and lower than expected economic growth on something other than the powers that be?

[yellowboat]

The government kicked out as many Russians as it could 6 months ago. Now the economy is hurting. That is what happens when you have a military government. They control and purge rather than manage.

Sadly, small and medium businesses are not a consideration of the elitist leaning Junta.

[SoFarAndNear]

Sorry but I won't miss most russian tourism. It is not that I don't like russians in general but I don't like this cattle tourism (chinese included)....

[craigt3365]

Please stay on topic. Many off topic posts have been removed from view.

[Seastallion]

Bank warns of negative impact of Russian financial crisis.

The 100 tons of Thai pork to be paid in roubles....did the officials that signed that agreement get some advice from the bank too?

[craigt3365]

The Americans attacked the Russians where it hurts, and effectively. Pattaya, especially, will suffer.

Do NOT mess with the Americans or the Chinese. You will lose every time.

Great Britain is biding her time...and has solid cards to play here. No other country has Great in their name, because no other country has earned that appellation.

The American and Chinese hegominies are solid. Great Britain is a rock all would do well not to pound their foreheads upon.

It wasn't just America that imposed sanctions:

http://en.wikipedia.org/wiki/International_sanctions_during_the_2014_pro-Russian_unrest_in_Ukraine

The 2014 pro-Russian unrest in Ukraine prompted a number of governments to apply sanctions against individuals and businesses from Russia and Ukraine. Sanctions were approved by the United States, the European Union (EU) and other countries and international organisations. Russia has responded with sanctions against a number of countries, including a total ban on food imports from the EU, United States, Norway, Canada and Australia.

P.S. The UK is part of the EU.

[hupaknomore]

I should gree with another member in how egoistic and ludicrous does this Thai chairwoman sound:

- "She said the SME Bank rescued them by extending their repayment periods but the bank still required its debtors to continue paying interest in a timely manner" - How is that supposed to be considered as "Rescued". I assumed that SME Bank had rescued itself from losses;

- " She also advised tour operators to cut their fees to woo clients for the sake of their survival in Russia's critical time" - Really? How sweet is that. Why would she advise foreign operators to lose money and not the thai hotels,retailers .. etc?

Is it just me or every time i hear a female representative from thai government giving a comment, it sounds like a comedy show. Or, could it be another Yingluck?

How about applying the following changes,in order to get any tourists back (not only Russians:

1) Have a one solid exchange rate for $100,$50,$20... bills , not cheating;

2) Have the same fee for Thais and foreigners to attend any National Parks, Museums,.. etc;

3) Allow foreigners to own some properties (land ,house.. etc) legally:

4) Have more flexible retirement laws ;

5) Allow foreigners to own businesses legally, on it's own ;

6) Your choice ...

[Delcavom]

I should gree with another member in how egoistic and ludicrous does this Thai chairwoman sound:

- "She said the SME Bank rescued them by extending their repayment periods but the bank still required its debtors to continue paying interest in a timely manner" - How is that supposed to be considered as "Rescued". I assumed that SME Bank had rescued itself from losses;

- " She also advised tour operators to cut their fees to woo clients for the sake of their survival in Russia's critical time" - Really? How sweet is that. Why would she advise foreign operators to lose money and not the thai hotels,retailers .. etc?

Is it just me or every time i hear a female representative from thai government giving a comment, it sounds like a comedy show. Or, could it be another Yingluck?

How about applying the following changes,in order to get any tourists back (not only Russians:

1) Have a one solid exchange rate for $100,$50,$20... bills , not cheating;

2) Have the same fee for Thais and foreigners to attend any National Parks, Museums,.. etc;

3) Allow foreigners to own some properties (land ,house.. etc) legally:

4) Have more flexible retirement laws ;

5) Allow foreigners to own businesses legally, on it's own ;

6) Your choice ...

I dont really see how 6) is an option. Tee hee hee.

Also are you not afraid of that it would mean for foreigners to have this much control here? If they make it really easy for all of these things, Thailand would be taken over financially would it not?

[yasorab]

Again a case of Thailand not having foresight and putting all their eggs in one basket. When will this country wake up to the fact that problems DO exist before they are Thai problems and prepair for the un expected ?

[me313]

I feel very confident that the Russian Oligarchs are happily enjoying a prosperous New Year, and await a continuation of their prosperity for the year to come, now solidified with the weakening of the Russian middle classes, who now can't afford (for the most part) to vacation in Thailand this year.

[empireboy]

The Americans attacked the Russians where it hurts, and effectively. Pattaya, especially, will suffer.

Do NOT mess with the Americans or the Chinese. You will lose every time.

Great Britain is biding her time...and has solid cards to play here. No other country has Great in their name, because no other country has earned that appellation.

The American and Chinese hegominies are solid. Great Britain is a rock all would do well not to pound their foreheads upon.

Nicely said... Thailand should focus it's promotion into making the country a safe and desirable place that Brits, Europeans, Americans and other well intigrated civilised countries would love to holiday in... the Russian bully is just getting what he deserves right now and the noticeable absence of his citizens in Thailand suits some people

[hupaknomore]

I don't know,if you are Thai or an outsider. Judging by your reply you sound like a true Thai.

Of course, there should be limitation applied to any changes.

As of now, any foreigner living in Thailand is more like an outcast.

Thailand is not a democratic society. It's a Monarchy + Bureaucracy.

[MZurf]

The government kicked out as many Russians as it could 6 months ago.

And exactly how did they do this?

[Ulic]

As far as I am concerned the headline states the obvious with the decline in the value of the Rouble.

I think it will be years if ever that the average Russian citizen will be travelling to Thailand or even out of

Russia with visa and cost issues. Of course for the wealthy oligarchs there will be no issues but for

the general Russian population there will be a lot of belt tightening and sacrifice. As usual those who make

the decisions are not affected by sanctions, those who have nothing to do with the decisions a government

makes pay the consequences.

[wilcopops]

The Americans attacked the Russians where it hurts, and effectively. Pattaya, especially, will suffer.

Do NOT mess with the Americans or the Chinese. You will lose every time.

Great Britain is biding her time...and has solid cards to play here. No other country has Great in their name, because no other country has earned that appellation.

The American and Chinese hegominies are solid. Great Britain is a rock all would do well not to pound their foreheads upon.

Why not start with a paragraph of total inaccuracies?......fantasies even? Edited January 2, 2015 by wilcopops

[wilcopops]

Bad economies are dangerous for the rest of us...quite sport from the long-term economic impacts they tend to result in more authoritarian regimes and a shift to the right in politics as they attempt to blame others for their own failings.Many of Thailand's tour operators, ever in pursuit of the quickest buck, have put all their eggs in one bvasket and will suffer as a result.

It ius the visitors from countries less prone to boom and bust that prove the best long term investment.

BTW, it seems that some commentators on island economies might need a little better perspective..... Japan has the 3rd largest and UK the 6th. 3 of the top 6 are in the EU.

[26vinny]

BAHTLAND /thailand crying again, oh russia crimea sanctions, shit happens, only now has the penny dropped financially, the whole world seen it coming, except BAHTLAND true THAINESS, untill the money stops coming in never mind, now lets patronise stupid falang, straight from a comic book called BAHT HEROES.

[gandalf12]

I think its almost time for Jerusalem, followed by Land of Hope and Glory and anyone for Hearts of Oak? The world owes the Brits a lot, it cost them their Empire, the free world should never forget that.

On topic. why has it taken so long for this surprise announcement about the lack of Roubles to emerge? It was pretty obvious 6 months ago that something "was afoot" as Sherlock Holmes would have said. I am happy about the result, I got a bit fed up being given a menu in Russian all the time, maps in Russian, adverts in Russian. Crimea is a much better place for them, cold, wet and cheap, they dont like to haggle you know. Anyone seen any cheap condo's going lately?

Thailand also, but it is forgotten, owe a lot to England. It was for a number of years a protecting power for Thailand. When you consider the size of the United Kingdom compared to the world then look at how much of the world was under its control you have to give it some respect.

[rotorbreeze]

Sorry but I won't miss most russian tourism. It is not that I don't like russians in general but I don't like this cattle tourism (chinese included)....

Cattle tourism is GREAT...cattle can be controlled...buses which I do not like..thou imagine if they were all in CARS? or worse motorcycles. Have all your marbles in one basket...you can easy put them aside...

For the Russian's being less is a nice change..no more pushing at check outs..a time a Russian with groceries was Q-ing on the exit side, just so he would not have to wait in long line...typical this culture has been brought up as my friend told me...a gesture of impoliteness was taught to hide a possible link with the Aristocrats centuries ago and custom continued to today!

Edited January 2, 2015 by metisdead
Oversize bold font reset to normal. Please stop using oversize font when posting.

[elgordo38]

The Americans attacked the Russians where it hurts, and effectively. Pattaya, especially, will suffer.

Do NOT mess with the Americans or the Chinese. You will lose every time.

Great Britain is biding her time...and has solid cards to play here. No other country has Great in their name, because no other country has earned that appellation.

The American and Chinese hegominies are solid. Great Britain is a rock all would do well not to pound their foreheads upon.

Impressive post I just wish I could understand it. hegominies?

[Timebandit]

The Americans attacked the Russians where it hurts, and effectively. Pattaya, especially, will suffer.

Do NOT mess with the Americans or the Chinese. You will lose every time.

Great Britain is biding her time...and has solid cards to play here. No other country has Great in their name, because no other country has earned that appellation.

The American and Chinese hegominies are solid. Great Britain is a rock all would do well not to pound their foreheads upon.

[wabothai]

Madame is warning !! For what? Some Russian touroperators have problems?

Who are you warning and what are the figures substantiating that warning, you sound like the generals.

[Timebandit]

For "fangferang"

Your unwavering patriotism suggests to me you are in the wrong country. Vladimir and Xi still have a handful of cards. They just want to sell off as many T-bills and dollars as they can before rendering them worthless. They can do this by uttering six words. As you said " don't mess with the Chinese". I have had no problem with the equally welcomed Russian tourists and certainly wish them a happy and prosperous New Year. I suggest you try to avoid listening to main media drivel.

Edited January 2, 2015 by Timebandit