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Large Thai business feeling the effects of US-China trade war, rise of the baht

Large Thai business feeling the effects of US-China trade war, rise of the baht

So what do Thailand’s big banks say?

The ongoing US-China trade war and the appreciation of the Thai baht against other currencies is now starting to impact larger corporates in Thailand.

Wasin Saiyawan, senior executive vice president and chief of wholesale banking at Siam Commercial Bank says, that although large businesses are resilient to any impact and their ability to repay debt remained sound compared with small and medium-sized enterprises, the prolonged trade war is starting to impact their revenue and sales.

“Also, the depreciation of the Chinese yuan against the baht had reduced exports to China for some corporates. This had led to a year-on-year decline in income for these corporates. So the bank has to take care of clients to ensure their ability to repay debts is not affected.”

Wasin doesn’t expect growth in lending to large clients. Currently outstanding loans to large corporates stands at 900 billion baht.

“Bad debts or non-performing loans account for 1% of total loans and the bank would try to prevent it rising over 2%.”

 

via@thethaigernews

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