Bank of Thailand requests softer credit rules

Bank of Thailand requests softer credit rules

The Bank of Thailand has asked banks and non-bank financial institutions under its supervision to temporarily lower the minimum amount due on credit cards to below 10% of the outstanding balance and loosen the ceiling for personal loan credit lines in case of emergency for new coronavirus-hit debtors.

The relaxation, which is aimed at alleviating impacts from the deadly virus among battered borrowers, will run through the end of this year, said Ronadol Numnonda, deputy governor for financial institutions stability.

The central bank has also requested these lenders to consider offering additional working capital, either cutting or waiving interest rates or fees, easing debt repayment requirements and restructuring debt secured by business operators affected by the new SARS-like virus epidemic, he said.

Two large banks — Kasikornbank (KBank) and Siam Commercial Bank (SCB) — on Wednesday launched relief measures for their debtors affected by the virus outbreak. 

KBank is offering a grace period of up to 12 months for principal repayment and new loan extension, to aid tourism-related small and medium-sized enterprises affected by the virus spread, while SCB provides a six-month grace period on principal repayment to coronavirus-hit hoteliers and tour operators.

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