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Friday, February 14, 2025

BOT and finance ministry to hold online debt solution expo to remedy household debt

With household debt remaining high, an additional aid measure for debtors has now been issued by the Bank of Thailand (BOT) and the Ministry of Finance. The measure takes the form of an online debt solution expo.

Ronadol Numnonda, the BOT’s deputy governor for financial institutions stability, said household debts increased over the past two and a half years. This was caused by the COVID-19 situation. There is now about 14.6 trillion baht worth of household debts within the financial institution system.

Mr. Ronadol indicated the central bank expects the household debt situation to de-escalate from now on, as the economic recovery gradually takes shape. People’s incomes are expected to rise with economic activities having returned to almost normal levels. Nonetheless, another aid measure for debtors – the debts solution expo – will be implemented to ensure continuous, precise, and timely assistance for people in debt. The “United Debt Solving: Debts Must Be Addressed for a New and Sustainable Start” expo will be split into 2 phases.

During the first phase, debt relief negotiations will be launched for debtors who have trouble repaying creditors. The online mediation sessions will take place from September 26 to November 30. 56 financial institutions have already confirmed their participation. Types of debt to be re-negotiated include credit card loans, personal loans, car loans, and nano finance loans. They also include debt owed to creditors such as asset management firms and all types of loans by specialized financial institutes.

In the second phase, the finance ministry, the BOT, and the Government Financial Institutions Association will undertake programs promoting financial knowledge and discipline. They will also improve people’s access to funding sources from state-owned financial institutes. This will be achieved through relevant expos in Bangkok and 4 regions of Thailand during November this year and January 2023. More information can be found on the central bank’s website at www.bot.or.th or by calling 1213.

kanyapat
Author: kanyapat

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