Category: News

Bank App. crashing not exceed 8.7 hours/year

          The Financial Consumer Protection Center (FCC) reported statistics of  Bank system failure in the 3rd quarter of 2022, it has shown that TTBThanachart (TTB) was failure 6 times, spending 46 hours Siam Commercial Bank (SCB) was failure 6 times, spending 6 hours UOB Bank (UOB) was failure 1 time, spending 2 hours Krungthai (KTB), Krungsri (BAY), CITI Bank (CITI), CIMB, and TISCO were failure 1 time, spending 1 hour           From these issues, the BOT arranged criteria to control mobile bank applications not crashing more than 8.7 hours/year to increase comfort and confidence, and reduce system stumble because people tend to pay via bank applications or Prompt pay more than before, as well as a cashless society. However, the BOT is preparing and considering punishment and guidelines while bank applications crash. After the BOT was announced, all banks must accept BOT’s condition.           For Service Level Agreement (SLA) stated the condition that the crashing time of bank application should not exceed 8.7 hours/year which is the time

Thai inflation is expected to be slow for the other 2 months

          The Thai official data reported on 07/11/2022 that the consumer price index rose 5.98% in October from a year earlier, contributing to the average inflation rate from January to October increasing 6.15% from a year earlier. Meanwhile, the Core CPI in October rose by 3.17% from a year earlier.           Poonpong Naiyanapakorn, deputy permanent secretary of commerce mentioned that Thai inflation in October rose by 5.98%, its deceleration continuously for 2 months, and Thai inflation in November and December was expected to slow down. Inflation was slowed down because the prices of goods and services have changed by the following; 187 categories, the prices surged such as fuel, gas, and electricity bills 79 categories, the prices dropped such as bananas, and televisions 164 categories, the prices unchanged such as trainers, train fare           However, Thai inflation still seems to risk of rising from the high energy cost, the weak baht, and rising domestic demand. Moreover, the Ministry of Commerce forecasted that Thai inflation in 2022 will be

Shortage of fuel caused some gas stations to be shut down in Vietnam

          On 2 November 2022, The official Vietnam News Agency reported that some gas stations in Vietnam’s two biggest cities and adjoining districts have temporarily closed related that distributors have been unable to stand their rising costs due to the set gasoline prices by the Vietnamese government, according to industry sources. While the smaller distributors have been intensively affected, discouraging them from supplying owing to the shrunken profit. In addition, gas stations are temporarily closing because of the lack of refineries in the southern part of Vietnam, where Ho Chi Minh City is located and which is about 45% of the country’s demand for oil and petrochemical products.           According to the government-set prices, The commanded prices for oil products resulted in losses as the distributors still had to pay high prices on the international market. Currently, the companies are unable to maintain sufficient stocks. Minister Dien on Friday blamed fluctuations in the foreign exchange rate and difficulties faced by some fuel importers accessing credit from banks for the situation. But he

Reached 4%, FED hikes more 0.75% interest rate

          On 2 November 2022, FED stepped up its fight against a 40-year high in US inflation by announcing a 0.75 percent point raising the interest rate. The moves aimed at inflation may soon slow down with the cost of living crisis suffering consumers. Powell was speaking after the Federal Open Market Committee voted unanimously to increase the federal funds rate to a target range of 3.75% to 4% as it’s the highest level since 2005.           The impact of raising interest rates takes time to be adjusted through to the wider economy. Meantime, the US real estate market appears to be slowing down but the employment rate remains powerful. However, When the Fed raises interest rates it becomes more expensive for banks to borrow money from one another. Banks pass on these higher rates to consumers by making it more expensive for them to get a mortgage, or a loan, pay off credit card debt, and more.           In addition, The Fed’s predictions show a possible hike

A concerning situation in the world’s second-largest economy

          On 26 October 2022, Bloomberg reported that the economy of China was in recession in October, as the decreasing sales number of automobiles and properties, even world trade and the confidence of small businesses was shrunk which means the activities in September didn’t enough China economy to be recovered.           After the government released Covid Zero measures that affect the economy, especially the confidence of small businesses shrunk for the first time this month since May, meanwhile the demand in China including residence as well as catering declined to the lowest level since February 2020 and May 2020 respectively. Hereafter, Reuters reported that Chinese state banks sold the US. dollars in both onshore and offshore markets to handle gently the weakening yuan. This action reflected that the US. dollars appreciated and the concern in the economy of China was slowing down           Nonetheless, the Chinese economic trend continuously recovered but was interrupted by the lockdown and covid-19 measures in China. The decrease in the property sector and

The dollar has sold almost $89 billion over the first 9 months in Asia

          As the U.S. Federal Reserve (Fed) aggressively raises interest rates, the dollar concentration intensifies, and the value of currencies around the world continues to decline. Between January and September 2022, nine emerging countries which are Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and including Japan used about $89 billion in foreign exchange reserves which is the highest expenditure since 2008.           Only in September, Asia governments spent about $50 billion in foreign-exchange reserves aimed to defend currencies from appreciating the USD. The Chinese government spent almost $30 billion and Japan’s spending reached $50 billion.           According to Bloomberg, Foreign exchange reserves are worldwide decreasing. This year, the stockpile of global reserves fell by more than $1 trillion, or 8.9%, to less than $12 trillion, which is the greatest decrease since Bloomberg began collecting data in 2003. Published 26/10/2022 By Ashley Jones

2023 global economic growth dropping down

          On 11 October 2022, the International Monetary Fund (IMF) reported that the world economy would be in a recession and the global GDP forecast decreasing from 2.9% to 2.7%. The key factors affecting the global GDP are Russia invaded Ukraine, COVID-19, soaring costs, and high-interest rates to reduce the inflation rate.           Meanwhile, the IMF has cut forecasts for the 2 biggest economies, the US and China. The US economic growth will reduce by 1.6% that below the expectation, the cause is FED has hiked the interest rate aggressively to control the inflation rate in the US, furthermore, FED will continuously increase the interest rate.           China’s economic growth this year is 3.2% that lower than initially forecast, and the following year will increase by 4.2%, as strict Covid curbs and a crisis in the property sector tend to slow down driving China’s economic growth slower than expected. For all that, the IMF was concerned with the developed country’s economic deceleration, currency depreciation in developing countries, and

Vietnam, the new tiger in Asia

          According to the report from the General Statistics Office, Vietnam’s Gross domestic product rose 13.67% in the three months ending September from a year earlier. Vietnam currently spends 6 % of its GDP on infrastructure while other countries in the region spend an average of 2.3%, making Vietnam the leading country in ASEAN for infrastructure investment. Moreover, Infrastructure is a critical driver behind Vietnam’s economic growth and FDI.           Foreign investors, especially in high-tech manufacturing, have shifted their production to or expanded investment in the country, which would continue to drive Vietnam’s economic growth for years to come. Vietnam, with its cheap labor, geographic proximity to China, and stable political environment, is a key beneficiary.           Meanwhile, Foreign direct investment (FDI) continued to flow into Vietnam’s industrial property market, accounting for 19 percent of total FDI or US$3.5 billion during the first nine months of the year, doubling the figure recorded during the same period last year. Published 12/10/2022 By Ashley Jones

The BOT announced that still following up on the THB situation

          From the report on 28 September 2022, the monetary committee voted to raise the interest rate by 0.25%, increasing from 0.75% to 1.00%. The factor driving to increase in interest rate in Thailand is the FED announcement to raise the interest rate by 0.75%, reaching 3.25%, this cause-effect USD to be appreciated and other currencies to depreciate.           Nonetheless, BOT governor, Sethaput Suthiwartnarueput, told reporters that the Bank of Thailand has been following up on the situation of the Thai Baht, and promptly acted on excessive moves, meanwhile they didn’t apply the policy to regulate the exchange rate and Thailand has learned from the economic crisis in 1997.           Moreover, this year’s Thai economy will continue to recover from consumers and tourists, for the export will be affected by the economy’s world recession. The bank of Thailand forecasts economic growth in 2022 to be 3.3%, and in 2023 to grow at 3.8%, which means the economy of Thailand will be recovered slowly more than expected. Meanwhile, the

Without stopping, FED raises 0.75% interest rates

          On 21 September 2022, the federal funds rate brings it to a range of 3% to 3.25%, the highest it’s been since 2008 announced by the FED during a news conference following a meeting of the Federal Open Market Committee (FOMC). It was the 5th increase in the interest rate this year. In this resolution in order to reduce US inflation since 1980, the employment rate tends to be increased which increasing the interest rate might also increase the recession as well.           The central bank signaled more raises to come, predicting rates would reach 4.4% by the end of the year and not start coming down until 2024. In addition, The Central bank around the world would raise interest rates sharply as they too attempt to attack the cost of living crisis.         This hike made the Baht weaken. On the same day, the Baht was recorded to depreciate in 16 years which is 37.34 THB/USD. Thailand’s finance minister says his country is in no hurry to