"Phao Bhum" reveals that distributing 10,000 baht has increased the number of ATM withdrawals of BAAC by 18 times, confirming that it can truly stimulate the economy, not yet discussing cutting the digital wallet money, Phase 2, to 5,000 baht, waiting for the flood to subside, reiterating Virsual Bank's position that there is no limit on the amount. Mr. Paopum Rojanasakul, Deputy Minister of Finance, revealed the progress of the economic stimulus project in 2024. Today is the last day to transfer 10,000 baht to state welfare cardholders and disabled people. The overall situation is going smoothly, but there are still about 200,000 vulnerable groups who have not yet received the money into their accounts because these accounts have not been linked to PromptPay. It is recommended to link PromptPay at a bank branch or ATM before the government transfers two more times on October 22, November 22, and December 22, 2024. For some disabled people who missed out on the 10,000 baht, they must coordinate with the Mi nistry of Social Development and Human Security to update their accounts, which still has 3 months. It is believed that the handout of 10,000 baht this time will truly stimulate the economy, as can be seen from the significant increase in ATM withdrawals, especially the Bank for Agriculture and Agricultural Cooperatives (BAAC), which has seen an 18-fold increase in ATM withdrawals, showing that it can help vulnerable groups, while markets in communities are clearly more lively. As for the news that the economic stimulus measures in Phase 2 may be reduced to 5,000 baht, Mr. Pao Bhum emphasized that this matter has not been officially discussed in the meeting of the Economic Stimulus Committee. It is only a proposal in society. Please do not rush to conclusions. Wait for the meeting of the Economic Stimulus Committee, which will be held soon. In the meeting, there will be discussions about the overall economic situation, evaluation of the results of the first phase of stimulus measures, and consideration of t he type of stimulus in the next phase, when and how much is appropriate, including other economic stimulus measures as well. However, the big issue in this meeting is that all stakeholders, including the Bank of Thailand, the National Economic and Social Development Board, the Ministry of Finance, and the Ministry of Commerce, must have the same view of the economy before they can conclude what kind of stimulus the economy needs. It is admitted that they still have different views. However, the Governor of the Bank of Thailand will have a private meeting with Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, in the next 1-2 weeks to discuss the economic perspectives so that they are on the same page, including interest rates and inflation frameworks. Mr. Pao Bhumi also mentioned the establishment of a branchless commercial bank or Virsual Bank, which has 5 applicants, emphasizing the position that the Ministry of Finance does not agree with the limitation of the number. If all applican ts are qualified, it is ready to allow the establishment of a Virsual Bank, but it must wait for the BOT to consider the qualifications before sending them to the Ministry of Finance for approval of the establishment, which the BOT has 6 months to consider, but if possible, it would like to proceed sooner. Source: Thai News Agency
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