Central bank prepares Bt25 bln banknotes for Songkran festival

BANGKOK, April 5 (TNA) - The Bank of Thailand (BoT) prepares to issue about 25 billion baht banknotes for heavy spending during the Thai New Year Songkran festival. Woraporn Tangsaghasaksri, BoT Assistant Governor, Banknote Management Group said high demand for banknotes is expected during the long holiday of Songkran festival in mid-April. Normally, the disbursement of banknotes by financial institutes will be done one week before the holiday begins. He said the BoT plans to issue about 25 billion baht of banknotes, the similar amount to that of last year. The central bank has stockpiled each type of banknotes to ensure it meets the high demand for spending by festival goers, he said. For example, the Bank of Ayudhya Public Compnay Limited reports that the bank prepares more than 21 billion baht in cash for withdrawal by its customers at its branches and ATMs from April 8-16. This amount of cash is up 9 per cent from the real spending by the bank’s customers during Songkran last year. (TNA)