BoT forecasts 31.4 bn THB circulated during Chinese New Year

BANGKOK, 28 January 2011 (NNT) – The Bank of Thailand (BoT) has predicted 31.4 billion THB in circulation during this Chinese New Year, an increase of 6.4 percent year-on-year.

The BoT expected the demand for banknotes among commercial banks during the upcoming Chinese New Year from the end of January to 3 February to reach 141.5 billion THB, which would be higher than the usual end-of-month figure. The occurrence is attributed to the banks’ needs to prepare sufficient funds to accommodate the large volume of withdrawals over the festivities.

Meanwhile, a 31.4 billion baht worth of money in circulation is projected by the BoT, up 6.4 percent from the same period last year. The central bank confirmed that banknotes of all denominations had been prepared for distribution with a total value of 407.6 billion THB, which should be adequate.