Thailand: $17b cash for Songkran splash
The Bank of Thailand said it has prepared a record 500 billion baht ($17 billion) in cash reserves in anticipation of this year’s Songkran festival spending. Sonkran is the Thai new year festival that is going to happen from April 13 to 16 and involves a lot of water splashing.
According to Nopporn Pramotnee, deputy governor of the central bank, the cash is equivalent to 3 months’ of the country’s cash reserves and will serve the people’s demand for cash during the festival. He added that he thinks the amount would be ‘sufficient.’
Of the projected revenue, the majority will go to entertainment (parties), followed by shopping, travel costs and accommodation, making merit in temples, as well as other entertainment activities. A considerable amount will also be spent on water splashing equipment and groceries.
Meanwhile, Bangkok Bank has also prepared 45 billion baht for its 7,500 ATMs nationwide. It added that over 300 branches of Bangkok Bank located in supermarkets and popular tourist destinations would remain open during the long vacation. All other branches will be reopened on April 17, right after the holidays.
The Kasikorn Research Center said it estimates that Bangkok residents will spend at least 31,5 billion ($1.08 billion) during the five-day Songkran holiday.
The center said that Bangkokians will spend 10.5 per cent more this year than in 2012, an estimation based on interviews with Bangkok residents.
The Bank of Thailand said it has prepared a record 500 billion baht ($17 billion) in cash reserves in anticipation of this year's Songkran festival spending. Sonkran is the Thai new year festival that is going to happen from April 13 to 16 and involves a lot of water splashing. According to Nopporn Pramotnee, deputy governor of the central bank, the cash is equivalent to 3 months' of the country's cash reserves and will serve the people's demand for cash during the festival. He added that he thinks the amount would be 'sufficient.' Of the projected revenue, the majority will...
The Bank of Thailand said it has prepared a record 500 billion baht ($17 billion) in cash reserves in anticipation of this year’s Songkran festival spending. Sonkran is the Thai new year festival that is going to happen from April 13 to 16 and involves a lot of water splashing.
According to Nopporn Pramotnee, deputy governor of the central bank, the cash is equivalent to 3 months’ of the country’s cash reserves and will serve the people’s demand for cash during the festival. He added that he thinks the amount would be ‘sufficient.’
Of the projected revenue, the majority will go to entertainment (parties), followed by shopping, travel costs and accommodation, making merit in temples, as well as other entertainment activities. A considerable amount will also be spent on water splashing equipment and groceries.
Meanwhile, Bangkok Bank has also prepared 45 billion baht for its 7,500 ATMs nationwide. It added that over 300 branches of Bangkok Bank located in supermarkets and popular tourist destinations would remain open during the long vacation. All other branches will be reopened on April 17, right after the holidays.
The Kasikorn Research Center said it estimates that Bangkok residents will spend at least 31,5 billion ($1.08 billion) during the five-day Songkran holiday.
The center said that Bangkokians will spend 10.5 per cent more this year than in 2012, an estimation based on interviews with Bangkok residents.
