Thai Commercial Banks Prepare for Songkran Festival with Substantial Cash Reserves
In anticipation of increased demand for banknotes during the upcoming Songkran festival, commercial banks in Thailand have collectively reserved over 127 billion baht.
The Bank of Thailand's Payment Infrastructure and Services Group expects a demand for around 40 billion baht in banknotes, considering the holiday duration and government tourism stimulus measures.
Bangkok Bank has allocated 35 billion baht to be distributed through its over 7,700 branches and ATMs from April 12 to 16. This move aims to facilitate customers travelling across provinces or returning to their hometowns, with additional access to services through 163,000 banking agents and electronic banking services.
Siam Commercial Bank has set aside 29.2 billion baht for the same period, expecting an increase in travel and personal spending, with 10.35 billion baht allocated for Bangkok and 18.85 billion baht for other provinces.
As of March, the bank operates 680 branches and 9,779 ATMs. Kasikornbank has reserved 24.35 billion baht for Songkran between April 12 and 16, with allocations including 3.90 billion baht for Bangkok branches and 5 billion baht for branches in other provinces.
The bank operates 780 branches nationwide and has allocated funds for its over 9,900 ATMs. Krungthai Bank has allocated 18.24 billion baht from April 11 to 15, including 3.47 billion baht for branches and ATMs in Bangkok, and 14.77 billion baht for those in other provinces.
TMBThanachart Bank has reserved 11.50 billion baht for its nationwide branches and ATMs, with 7.5 billion baht allocated for ATMs and 4 billion baht for branches.
As of March, the bank operates 2,332 ATMs and 458 branches across the country.
Bank of Ayudhya has reserved 8.89 billion baht to support financial transactions during the Songkran festival from April 9 to 15, including 4.57 billion baht for ATMs and 4.32 billion baht for branches.
As of February, the bank has 5,344 ATMs and 528 branches nationwide.