CHIANG MAI, 3 May 2012 – The Chiang Mai Pawnshop Office has prepared a 120 million-baht cash reserve for locals who will be depositing their belongings in exchange for money during the start of the new school year.
A Chiang Mai Pawnshop official has expressed confidence that there will be sufficient cash reserve for those planning to pawn their belongings at the state-operated pawnshops as the new school year starts. A cash reserve of 120 million baht has been allocated by the Chiang Mai Municipality to the province’s three state pawnshops. Each office will be granted a cash reserve of 40 million baht; however, if the amount is insufficient, the Chiang Mai Municipality is ready to consider granting them an extra 10 million baht each.
At present, there is already a 10% increase in the number of pawnshop clients. Most personal effects being pawned include gold, watches and miscellaneous products. The state pawnshop office has currently set the limit of no more than 500,000 baht for each individual.
At the same time, the public are encouraged to pawn their belongings at a state-operated pawnshop as they risk facing high interest rates and property loss if dealing with non-traditional pawnbrokers.