Thai central bank BOT to assess damages caused by political crisis

The Bank of Thailand (BOT) on Wednesday (May 26) will discuss with executives from Thai and foreign commercial banks to assess damages caused to them by the violent movement of the anti-government protestors, a BOT senior official said Tuesday.

Thailand's central bank BOT earlier asked several banks how they had been affected by the violent movement, BOT deputy governor for financial institutions stability Krik Vanikkul said, the Bangkok Post's website reported.

Preliminarily, it is found that the banking sector will be minimally affected by the political crisis, Krik said.

Outstanding loans of the commercial banks to large-sized businesses in the political-affected areas totaled 23 billion baht (705.962 million U.S. dollars), or only 0.3 percent of the commercial banking system's total lending, Sorasit Soontornkes, BOT assistant governor for group supervision, said.

Even if the loans turn sour, it would not have any impact on the banking system, Sorasit said.

The anti-government protestors had occupied the Rajprasong area, the main commercial area in central Bangkok, since early April before they ended their prolonged rally at 13:00 hours on May 19.

Source: Xinhua