Finding ways to cut production cost of coins

BANGKOK, March 3 (TNA) -- The Finance Ministry’s Treasury Department is exploring ways to cut production cost of coins and may assign private firms to be responsible in exchange coins in Thailand, said Chakkrit Parapantakul, director-general of the department. Currently, the Government Savings Bank is responsible for exchanging and transporting coins, said Mr Chakkrit. But spending by coins has started to decline after the Thai government has the policy on payment transactions to be made through electronic payment systems and payment by coin has changed in the past decade, said Mr Chakkrit. Several business sectors including shopping malls, financial institutions and shops still needed payment in coin which is in circulation in the financial system amounting 54 billion baht annually, he said. The overall situation on the coin appears to be worsening as most Thais carry enough cash for spending while they keep coins at home. In order to make coins actively in circulation in the market, private firms which receive the concession may be hired to exchange them at shopping malls, certain tourism destinations and business areas. Mr Chakkrit said the Finance Ministry will be asked to amend the law which would allow people to exchange damaged coins at its face value. The damaged coins will later be repaired, aimed at saving production costs. (TNA)