Thailand unscathed by Western banking turmoil
Most economists from the public and private sectors expect the ongoing US and European banking crisis to have a limited effect on the Thai banking sector thanks to the solid fundamentals of local banks and the strong supervision of the Bank of Thailand.
Finance Minister Arkhom Termpittayapaisith last Wednesday insisted Thai financial institutions will not be affected by the banking debacle in the US and Europe as local organisations have little exposure to such banks.
Suwannee Jatsadasak, assistant governor of the Bank of Thailand, said in a statement on March 20 the US banking fallout would have a limited impact on Thailand's financial stability because local commercial banks have no direct exposure to the troubled US banks.
According to Ms Suwannee, the total exposure of local banks to startups and fintech firms globally represents a marginal level of less than 1% of Thai banks' capital.
No local banks are investing in digital assets, while their subsidiaries invest in digital assets worth around 200 million baht, according to the central bank.
No local banks are investing in digital assets, while their subsidiaries invest in digital assets worth around 200 million baht, according to the central bank.
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