BoT reserving banknotes for high demand during election

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BANGKOK, 30 May 2011 – The Bank of Thailand (BoT) has prepared a cash reserve for the upcoming election as it is projected that over 24 billion baht will be withdrawn to finance political campaigns and related activities. 

BoT Assistant Governor for Banknote Management Group Chittima Duriyaprapan stated that the BoT has been monitoring cash circulation in the system since the beginning of May, but there has been no irregularities found thus far, including demands for banknotes in all regions.

The assistant governor expected that money circulation before the upcoming election will be high because political parties are spending more on their election campaigns, billboards and leaflets.

The Bank of Thailand has estimated that commercial banks will disburse a total of 345 billion baht in banknotes from May to June, of which around 24 billion baht will be to cushion demands for the 3 July election.

The BoT hence has been reserving various types of banknotes to meet with the rising demand. As of 30 April 2011, the BoT prepared banknotes worth 441.800 billion baht for the purpose.