BOT:Thai economy remains stable

BANGKOK, November 14 (TNA) - The Bank of Thailand (BOT) says that the national economy remains stable with strong domestic financial system. BOT Spokesman Jirathep Seniwong Na Ayutthaya told journalists of the positive prospect on Friday, pointing out that non performing loans (NPLs) of local financial institutes in the third quarter of this year were considered steady at 2.34 per cent, only up slightly from 2.15 per cent at the end of 2013. The spokesman said household debts, despite standing at 83.5 per cent of the country's gross domestic product (GDP) at the end of the second quarter this year, they were not considered a major factor to affect the national economy, but they should serve as a warning for the government not to stimulate the national economy through more borrowing. According to the spokesman, there are signs that Thailand's household debts have been declining since the end of 2013 and it should continue to fall along with the national economic recovery in 2015. The spokesman stated that the BOT’s Monetary Policy Committee (MPC), which will hold its next meeting on December 17, 2014, has had no plan to introduce more relaxing financial policies. The central bank's statement was in response to US-based Standard and Poor’s international credit rating agency's recent report, indicating that Thailand’s economic growth may not be at its full potential and may affect local financial institutes. The BOT stressed that, based on the updated information, public should not be worried. (TNA)