Major Thai banks gear up for New Year with billions in cash reserves
5 top banks have set aside over 154 billion baht in reserves for festive spending, while the central bank will also earmark 80 billion baht to meet higher demand for cash
Thailand’s five major commercial banks are setting aside more than 154 billion baht in cash reserves between them to accommodate consumer spending during the upcoming New Year festival. This is less than the 171 billion baht set aside for the 2024 countdown.
The banks – Bangkok Bank (BBL), Krung Thai Bank (KTB), Siam Commercial Bank (SCB), Kasikorn Bank (KBANK), and Bank of Ayudhya (BAY) – have each earmarked a set amount to ensure customers have sufficient access to cash during the long holiday weekend from December 28 to January 1.
Preparations made by each bank:
- Bangkok Bank: It has set aside 40 billion baht in cash reserves, exceeding its usual amount. Customers can access their cash via different electronic channels, including the mobile banking app, ATMs and QR-code payment services. Select micro-branches in department stores will also be open on New Year’s Eve.
- Krung Thai Bank: Has allocated 39.39 billion baht in cash reserves for both branches and ATMs nationwide. The bank is encouraging customers to use their Krungthai NEXT and Paotang mobile applications for secure transactions.
- Siam Commercial Bank: Established cash reserves of 29.4 billion baht to support the rise in spending due to government stimulus policies. The reserves are distributed across branches and ATMs, especially in rural areas.
- Kasikorn Bank: Allocated 35.9 billion baht in cash reserves for branches and ATMs nationwide, ensuring ATM withdrawals are available throughout the holiday period.
- Bank of Ayudhya: Prepared 9.95 billion baht in cash reserves for Krungsri ATMs and branches.
National Bank Reserves:
The Bank of Thailand (BOT) will provide an additional 80 billion baht in cash reserves to meet the anticipated surge in demand for banknotes during the New Year period.
While banks are prepared to meet cash withdrawal needs, there is a growing trend towards using electronic payment channels. The BOT is encouraging people to use these secure and convenient options during the festive season.
