Bank of Thailand says no surge in withdrawals at SCB after boycott call

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Tharith Panpiemras, BOT’s senior director for banking supervision and risk assessment, said SCB management did not see any surge in withdrawals.

There was not a surge in withdrawals at Siam Commercial Bank despite calls on social media to boycott it, according to the Bank of Thailand.



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The central bank sought updates on transactions at SCB as anti-government demonstration leader Parit “Penguin” Chiwarak urged followers to boycott the bank and the call became viral on social media.

Tharith Panpiemras, BOT’s senior director for banking supervision and risk assessment, said SCB management did not see any surge in withdrawals and even if there was such a surge, it would not have an impact due to the present liquidity condition of the bank.

When money was withdrawn from a financial institution, it would go to another financial institution and remain in the system of commercial banks, Mr Tharith said.

Besides, BOT recently ordered financial institutions to conduct stress tests and there was not a concern about their liquidity, he said.



Thousands of anti-government protesters rallied in Bangkok on Sunday to present demands that included a call for reforms of the monarchy and urged people to withdraw deposits from SCB. (TNA)