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In preparation for Songkran, the Bank of Thailand announces it has increased cash reserves to Bt470 billion (US$ 14.5 billion) to meet banknote demand.

Songkran is a festival celebrating the traditional Thai New Year which is held in April.

The Bank of Thailand anticipates that the demand for banknotes will increase during the festival. Dr Roong Mallikamas, a spokesperson for the BOT, said that the Central Bank expected the demand to increase by 3% compared with last year’s festival. This is equal to a nominal demand of three to seven months.

“The demand for banknotes is higher than normal during the Songkran period and the Bank of Thailand has reserved various kinds of notes to meet this need,” Roong said. “This year the central bank expects commercial banks to disburse a marginally greater number of notes this Songkran than last year.”

Source: Pattaya Mail