‘Bank of Thailand’ is preparing to discuss with ‘credit cards’ regarding the criteria for returning to a minimum payment of 5%.

Bangkok, The Bank of Thailand is preparing to discuss with the credit card business about the minimum payment criteria, returning to 5% after adjusting it to 8% from 2024. A conclusion is expected soon. Ms. Chanawadee Chaianan, Assistant Governor, Corporate Affairs Department, Bank of Thailand (BOT), revealed that the BOT is reviewing and discussing with credit card operators on adjusting the minimum payment criteria for credit cards. Previously, in the economic cabinet meeting on July 15, 2024, the Prime Minister expressed his concerns and asked the BOT to consider reducing the minimum repayment rate for credit cards back to 5% after it was raised to 8% from 2024, because people are currently in difficult situations. 'The BOT will talk to entrepreneurs as creditors, and we expect to know the results soon. We understand that this is urgent. If there are any changes, financial institutions must be given time to adjust their systems. We also need to see whether, if the adjustments allow debtors to pay or not , additional measures are needed. It is not just about adjusting the amount up or down, but also looking at the bigger picture,' said Ms. Chanawadee. Source: Thai News Agency