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Former Thai PM Thaksin Shinawatra has called for the regulation of stablecoin trading, asserting it carries "no risk," and proposed legalizing online gambling to tap into an estimated 100 billion baht in annual tax revenue. He suggested Phuket as a pilot for crypto payments and emphasized the need for a regulatory framework to monitor gambling activities. Thaksin's influence persists in Thai politics, with his daughter currently serving as Prime Minister, as the government explores digital currency initiatives and gambling reforms.
Former Thai PM Thaksin Shinawatra advocates for the legalization of online gambling and the trade of stablecoins, citing potential tax revenues of over $4 billion from the gambling sector. He emphasizes the need for regulatory frameworks and suggests using a passport system for monitoring online gambling activities. Additionally, he proposes Phuket as a pilot site for crypto payments, highlighting the benefits of adopting stablecoins in Thailand's economy.
Thailand's central bank is set to implement a "robust" monetary policy to navigate the high uncertainties and unintended consequences in the global economy next year, as stated by Governor Sethaput Suthiwartnarueput. The bank's decisions will be based on outlook rather than solely on data, maintaining flexibility by limiting forward guidance.
Thai banks are facing a surge in non-performing loans, which reached 2.97% of outstanding loans by the end of September, the highest level in three years. This increase reflects ongoing struggles among corporate and individual borrowers to meet their debt obligations. Meanwhile, the Bank of Thailand is in discussions with the finance ministry to implement debt-relief measures.
Thailand's baht declined over 1% to 34.739 per dollar, marking its weakest point since August 19. Investor concerns about the erosion of the central bank's independence intensified after reports indicated that Kittiratt Na-Ranong, a former finance minister critical of the bank's policies, is set to become its new chairman.
Thailand is poised to appoint former Finance Minister Kittiratt Na-Ranong as the new chairman of the Bank of Thailand, reflecting the government's intention to assert more control over the central bank amid ongoing tensions regarding monetary policy and inflation targets. Kittiratt, known for his criticism of the bank's hawkish stance, was selected following a nearly five-hour meeting of the selection panel.
A group of former Thai central bank governors is advocating for the appointment of an apolitical chair for the Bank of Thailand. They express concerns that selecting candidates with strong political ties could lead to decisions favoring short-term interests of political parties, undermining the bank's independence. This call comes amid reports of government support for a former finance minister's candidacy.
Thailand will maintain its inflation target at 1% to 3% for the upcoming year, a decision reached after a meeting between Finance Minister Pichai Chunhavajira and Bank of Thailand Governor Sethaput Suthiwartnarueput. This outcome supports the central bank's stance against government pressure for a higher target, while emphasizing the need for measures to encourage price growth to 2% and bolster the economy.
The IMF declares the inflation battle largely won, noting a significant decline in global price increases without triggering a recession. While central banks, including the Federal Reserve and the European Central Bank, have begun to cut rates, they remain cautious, emphasizing readiness to adjust if inflation trends reverse. The IMF forecasts global inflation will drop to 3.5% by the end of next year, below pre-pandemic averages.
Thailand's central bank governor, Sethaput Suthiwartnarueput, indicated that further interest rate cuts are unlikely, emphasizing a high threshold for additional adjustments following last week's reduction. He cited slowing credit growth as a key reason for the recent rate cut, while defending the current inflation target amid government pressure for policy easing.
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