Bank of Thailand extends debt repayment and interest reduction measures

BANGKOK (NNT) – The Bank of Thailand has extended its debt repayment and interest reduction measures until June next year, to help debtors and alleviate their financial burden.

The Assistant Governor of the BOT’s Financial Institutions Supervision Group, Thanyanit Niyomkarn, said the committee overseeing the Debt Clinic project had evaluated the debt repayment and interest reduction measures from April to September this year.

The result was satisfactory, with 94 percent of its debtors having been able to meet their payment obligations. Only six percent of debtors have received a temporary suspension of debt repayments.

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According to the committee’s forecast, the country’s economic outlook remains highly uncertain. As a result, the measures will be extended for nine more months, or until June 2021. Furthermore, the debt-relief measures will not affect their financial records.

As of September this year, the Debt Clinic project has helped some 8,300 card debtors. On average, each debtor has three cards, carrying a debt of about 240,000 baht each.

At the moment, there are more than 900 debtors who are waiting to sign an agreement, and another 1,200 debtors whose financial information is being examined by financial institutions. Over 10,000 people are expected to participate in the Debt Clinic project by the end of this year.