Commercial banks in Thailand have introduced a two-month debt moratorium for all customers in 29 provinces that are currently in a partial lockdown state, the Thai Bankers’ Association President announced yesterday, August 2nd.
Association Chairman Payong Srivanich addressed that in order to reduce the Covid-19 spread, all banks need to be closed or rescheduled under the government order, especially in 29 provinces from the maximum strict and controlled areas.
The two-month debt moratorium, therefore, is designed to help customers and entrepreneurs who are affected and suffering from the partial lockdown. The urgent assistance will cover 29 provinces in the dark-red zone areas.
Customers can contact the creditor banks for assistance requests via Call Center, Line Official Accounts, Facebook, and Banking Mobile Applications, from today until August 15th.
However, Payong said that the debt moratorium is just a postponement. Debtors who still have the potential to repay the debt should continue to do so in order not to unnecessarily increase the debt burden in the future.
“Thai Bankers’ Association and all commercial bank members are ready to provide assistance to customers and business operators who are affected by the Covid-19 situation as much as possible. Each bank also has other measures to financially assist their customers and to provide liquidity for entrepreneurs as well,” he concluded.
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