BANGKOK, 7 April 2015, Thailand’s top seven banks are preparing a combined 180.9 billion baht in banknotes for the Songkran holidays from April 11 – 16, an increase of 6.95 billion baht from the same period last year.
The move ignores slow consumer spending triggered by the sluggish economy and rising living expenses.
Krungthai Bank is preparing the most cash for the holiday, reportedly reserving 49.27 billion baht in banknotes. The figure is an increase of 7.81 percent year-on-year.
On the other hand, Bangkok Bank is preparing 45 billion baht in banknotes. Its customers can withdraw cash from its 9,000 ATMs nationwide.
Siam Commercial Bank has chosen to maintain the same cash reserves as it did during last year’s Songkran holiday and is setting aside 35 billion baht in banknotes. The bank stated that half of the amount is for customers in Bangkok, and the other half for provincial areas.
Meanwhile, Kasikorn Bank is preparing 27.5 billion baht in banknotes this year, an increase of 1.9 billion baht from 2014.
Thai Military Bank and Bank of Ayudhya are preparing 12.5 billion baht and 9.7 billion baht of banknotes, respectively. CIMB Bank, the smallest financial institute of the seven banks, is only preparing two billion baht for the upcoming holidays.
