Relieving the financial burden of vulnerable Thais to be discussed
The Thai Bankers' Association (TBA) will hold a meeting with its member banks today to discuss measures to help alleviate the financial burden of customers in vulnerable groups, the association’s chairman Payong Srivanich said on Tuesday.
He said the meeting was organised in response to Prime Minister Srettha Thavisin’s concern over the debt situation of people in vulnerable groups, such as low-income earners, and his request that financial institutes help lighten their financial burden.
TBA executives met with the premier, who also holds the finance portfolio, on Tuesday to discuss the current economic climate and challenges, including rising household debts and cost of living.
Payong added that the meeting with the PM also explored policies for a comprehensive recovery of the Thai economy across all sectors.
He said the meeting with TBA members on Wednesday evening will also cover how to integrate responsible lending principles set forth by the Bank of Thailand into the banks’ services tailored for people in vulnerable groups.
According to a report by the Institute of International Finance, Thailand’s household debt as of the fourth quarter of 2023 stood at 91.6% of the country’s gross domestic product (GDP), or nearly equal to the entire economy. This was the highest household debt ratio among Southeast Asian countries.
