Banks prepare for increased withdrawals over Songkran holiday
Anticipating a rush for ready money, Thai commercial banks are increasing their cash reserves ahead of the 5-day break over the Songkran Festival from April 12-16 to cater for increased withdrawals as people head off for the long holiday.
The Bank of Thailand (BOT) estimated that this year’s Songkran, the Thai traditional new year, will be busier than previous years thanks to an improved economy that is boosting purchasing power and the government’s tourism promotion campaigns.
Somboon Chitphentom, BOT’s senior director of banknote operation, said on Thursday that he expected commercial banks to exchange cash worth 30 to 35 billion baht from the central bank in the week before Songkran to strengthen their cash reserves.
Bangkok Bank said that it has prepared 40 billion baht of cash for customers to withdraw during the Songkran holidays from all the bank’s branches and more than 8,000 ATMs.
Kasikornbank said it has earmarked 30.75 billion baht as a cash reserve to be available during April 12-16. Of this sum, 22.8 billion baht will be for 10,952 ATMs nationwide and 7.95 billion baht will be for bank tellers at its 813 branches.
Siam Commercial Bank has earmarked 29.4-billion-baht worth of cash for customers during Songkran, with 21.7 billion baht to go into ATMs and 7.7 billion destined for the bank’s 722 branches.
Krungthai Bank’s cash reserve during Songkran holidays is reportedly as large as 25.99 billion baht, of which 23.19 billion baht is being earmarked for ATMs and 2.8 billion baht for its branches.
Bank of Ayudhya reported a cash reserve during Songkran of 9.62 billion baht, with 6.13 billion baht for ATMs and 3.49 billion baht for branches.
TMBThanachart Bank said it has accumulated a 13.5-billion-baht cash reserve for the Songkran holidays, with 9 billion baht for ATMs and 4.5 billion baht for branches.
