BoT reports more careful spending as debt worries worsen

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BANGKOK, 8 July 2013 The Bank of Thailand (BoT) has indicated that Thai people are now more careful with their spending, deeming it a positive sign and a normal phenomenon in the economy. 

BoT Deputy Governor Krirk Vanikkul said people were more careful with their spending as they were concerned over rising debt. The central bank executive admitted that the Thai economy was slowing down but noted that the reduced spending was a sign that people were able to adjust themselves to the situation.

According to Mr Krirk, commercial banks were also lending less since they were aware of the economic condition at present. However, he said the banks’ loan targets were adjustable to the changing situation and it might not affect their business.