Banks increase banknotes during Songkran holidays

BANGKOK, April 5 (TNA) - The Bank of Thailand (BOT) and commercial banks have increased their reserves of the Thai baht to serve high demand for the currency during the upcoming long Songkran holiday period, officially set from April 12-15. BOT Spokeswoman Rung Mallikamas told journalists that the central bank has forecast public demand for the Thai baht during the 2014 Songkran or Traditional Thai New Year Festival, or the water splashing festival, should rise approximately by 3 per cent from the corresponding period of 2013. To meet the rising demand for the Thai currency, the spokeswoman revealed, the BOT has reserved about 470 billion baht, equivalent to demand for 3.7 months, since at the end of last month, while commercial banks have also lifted up their reserves of the Thai baht for public withdrawal across the country accordingly. Meanwhile, all parties in major tourist destinations in Thailand have prepared for welcoming international tourists during the traditional Thai New Year celebrations, with seaside Rayong Province in the Thai East and Hat Yai of Songkhla Province in the Thai South, for instance, launching their "big cleaning" event, among other activities, as part of their prepared plans to woo international visitors. Jointly organised by all local sectors, the Hat Yai Midnight Songkran Festival will be held from April 11-13, during which at least 50 million baht are expected to be spent by international visitors. (TNA)