The Bank of Thailand (BoT) is gearing up for the anticipated surge in demand for banknotes during the Songkran festival of 2024, setting aside a substantial cash reserve. The central bank expects commercial banks to withdraw between 30 and 35 billion baht from the BoT. This figure surpasses the typical withdrawal amount due to the extended holidays and government-backed tourism initiatives, which are expected to drive up cash withdrawals to satisfy public demand.
Bank of Ayudhya and Siam Commercial Bank have made their cash reserve plans public in anticipation of this festive season. Bank of Ayudhya has secured a cash reserve totaling 9.62 billion baht, while SCB has earmarked 29.4 billion baht for this purpose. Both institutions have distributed these reserves across their branches in Bangkok and other regions, ensuring they can meet customer and public demand throughout the Songkran festival.
Similarly, Kasikorn Bank and Krungthai Bank have shown their readiness to bolster cash reserves. Kasikorn Bank has set aside 30.75 billion baht, and Krungthai Bank has prepared 25.99 billion baht to support the festive spending spree. These figures highlight the thorough preparations undertaken by banks to guarantee convenient cash access for the public during this key period.
The proactive measures by various banks for Songkran in 2024 underscore their commitment to accommodating the heightened demand for banknotes during significant events. The strategic allocation of reserves underscores the banks’ dedication to meeting and serving the needs of their customers and the public as effectively as possible. (NNT)
