Category Archives: WORLD ECONOMY

The Bank of Thailand has defended itself from Trump’s accusation of currency manipulation. The central bank’s governor, Veerathai Santiprabhob said in an announcement that there is no evidence implicating any of its officials of currency manipulation to illegally boost exports. Veerathai released the response after the US decided to carry out an investigation on Southeast Asian nations for potential trade abuse. According to sources, it’s a common act of central banks to get involved in foreign-exchange matters in times of need such as inflationary environment and geopolitical crises. In an interview with Haslinda Amin of Bloomberg Television, Veerathai dismissed Trump’s… Read More »

Forbes has officially announced the world’s richest people for the year 2017. And to nobody’s surprise, Bill Gates is still the wealthiest man alive followed by long-time rival on the top spot, Warren Buffett. The lineup for the world’s wealthiest includes familiar names such as Amazon’s Jeff Bezos and Zara’s Amancio Ortega which bagged the third and fourth spot respectively. Mexico’s Carlos Slim Helu is at number six thanks to his mobile telecom company. Brothers Charles and David Koch shared the eighth and ninth spot. Other tech giants such as Facebook’s Mark Zuckerberg got the number five spot while Oracle’s… Read More »

Thai and Burmese officials signed together a total of 16 bilateral business memoranda of understanding (MoUs) last February 2 in Burma. The event was attended by the Deputy Prime Minister of Thailand, Somkid Jatusripitak. The MoUs covered six business sectors including the finance sector, the agricultural sector, and the infrastructure development sector. According to the vice president of the Union of Myanmar Federation of chambers of Commerce and Industry (UMFCCI), U Ye Min Aung, the collaboration between the two countries is expected to foster better relations between their respective local businesses namely Burma government ministries, Thai companies, and the UMFCCI… Read More »

Blockchain or distributed ledger technology (DLT) is enjoying worldwide attention. Just last year, more countries and their respective central banks have gotten involved with DLT. Private firms were also in on the trend with many of them showing enthusiasm by building consortiums. The rise of blockchain technology was very successful this year. Government, finance, and health sectors benefitted greatly with DLT. This year, it’s Thailand’s turn to enter the blockchain industry. The Southeast Asian country is currently undergoing Thailand 4.0, an economic model that aims to use technology as a platform to become a high-income economy. As Thailand focuses on… Read More »

Kasikornbank (KBank), a leading banking group of Thailand, is forecasting a one-time only US Federal Reserve (Fed) rate hike for 2017. KBank, represented by their head of capital markets research, Kobsidthi Silpachai, is confident in their prediction as they said that inflationary pressure could go lower than anticipated. What’s more, KBank also sees that the market will be cautious especially because it is expected that the dollar will be strong enough to dampen competition between US companies. In a statement Mr Kobsidthi Silpachai confirmed the Thai banks forecast saying, “We expect only one rate hike from the Fed this year,… Read More »

The Thai junta has recently passed a cybercrime law that will give the government stricter access to the internet. The Computer Crimes Act was passed with an overwhelming 167 yes votes, five abstentions and no contentions. The act was approved last December 16, 2016. It is now only awaiting the signature of the new king Maha Vajiralongkorn before it officially becomes law. The cybercrime law is highly contested by critics. Despite this, the results were unanimous. The controversial move are commented by critics as invasive because it will supposedly give the junta the capacity to probe all citizens with the… Read More »

Thai banks are getting ready for the coming holidays with financial firms already funding cash reserves. Bangkok Bank is readying 60 billion baht in cash while Kasikornbank (KBank) and Siam Commercial Bank (SCB) are preparing 32 billion baht and 56 billion baht in cash respectively. This nationwide preparation is expected to withstand the anticipated massive numbers of withdrawals that usually happens during holidays. Bangkok Bank has already waived its inter-regional ATM withdrawal fees. 10,000 ATMs will be available to the public for the holiday season while 300 micro-branches in shopping malls will be open to serve people during mall hours.… Read More »

K-Research doubts that the Bank of Thailand will keep its rates as it is for at least two more years. According to Charl Kengchon, manager director of K-Research, was quoted saying that holding interest rates is the most likely move for the Bank of Thailand because the country is currently experiencing subdued inflation. This allows the benchmark rates to stay still in spite of the global economic changes, particularly the impending interest rate hike of the Federal Reserve this December. The steady interest rate will not hold back growth in Thailand though according to K-Research. Domestic consumption is set to… Read More »

Thailand’s economy is still on track for its projected economic outlook despite being surprised by the election of new US President Donald Trump. Markets across the globe were shaken by one of the most watched election in history. When Trump won over Clinton, the market was sent in a frenzy of volatility that left traders cautious and investors afraid. Over in Thailand, the market experienced the same. Trump’s win has caused fund to go out of the country. Despite extreme movements, a senior Finance Ministry official says that Thailand is only affected in the short-term. Furthermore, it won’t affect the… Read More »

In Thailand where economic and political problems are abound, the death of their revered leader, King Bhumibol Adulyadej, is another hit to their struggling country. However, this unfortunate incident will not delay an anticipated elections for the Thai. According to media, the general election in 2017 will not be postponed despite entering a year of mourning. Thailand has been under the rule of military junta since 2014 that displaced then leader Yingluck Shinawatra. He was replaced by then head of military and now prime minister Prayuth Chan-ocha. Since then, Thailand has been under strict jurisdiction. Now as the country looks… Read More »