seems that Siam Commercial Bank president Kannikar Chalit-arporn didn't get the memo .....

Top private banker warns of severe impact from global economic crisis

BANGKOK, Oct 14 (TNA) The Thai economy is expected to feel the pinch of the global economic crisis late this year and experience a real impact from the turmoil next year, according to a top banker.

Siam Commercial Bank president Kannikar Chalit-arporn said the US financial meltdown will cause the world economy to slow down and definitely have an effect on the Thai economy.

Thailand is likely to be affected late this year and have a more severe impact from the global economic meltdown next year.

The repercussions would be clearer in 2010 as product sales in the business sector are set to decline and exports to grow at a slower pace because economies of key export destinations including the United States, Europe, and Japan will have slowed down.

Simultaneously, the local consumption would continue slowing, resulting in the debt repayment problem and an increase in non-performing loans.
So, she said the bank had closely monitored and suggested its customers to expand investment with caution.

It also told its customers to postpone loan applications and warned them of impacts from the global economic crisis, which would cause incalculable damage.

He said the bank had prepared enough cash for entrepreneurs, who are expected to seek onshore loans instead of offshore ones.

Regarding the domestic interest rate trend, she said the rate is likely to decline in tandem with global interest rates.

However, any interest change depends on Bank of Thailand decisions, she said. (TNA)