The Bank of Thailand (BoT) is reserving Bt470 billion in cash for the upcoming Songkran holidays while expecting money in circulation during that period will increase 3 per cent.
BoT spokesperson Roong Mallikamas said banknotes will be in higher demand during the Thai New Year. The amount of money reserved at Bt470 billion will be equal the demand for 3.7 months.
She said commercial banks also reserved money during the holidays for public spending.
TMB Bank, formerly the Thai Military Bank, has reserved Bt12 billion, Siam Commercial Bank Bt35 billion, Kasikornbank (formerly the Thai Farmers’ Bank) Bt25.6 billion, and CIMB Thai Bank Bt2.3 billion.