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Thai Central Bank Modifies Expressway Debt Relief Program
Beginning January 1, 2020, the Bank of Thailand (BOT) enhanced its expressway debt relief scheme to provide comprehensive support for business borrowers. This comes in response to the extensive and prolonged economic impact of the COVID-19 pandemic.
The BOT has consistently implemented debt resolution initiatives to ease the burden on citizens.
Debtors owing 250 million baht or more
(3) encountering difficulties in individual debt restructuring negotiations – processes that are often protracted or incomplete
Can enroll in simultaneous debt restructuring with multiple lenders. This program ran from January 1, 2022, to December 31, 2023.
2️. Other business receivables (excluding those in item 1) facing debt restructuring challenges can submit their predicament through the debt resolution expressway. Assistance with debt resolution strategies and further guidance is available through the “Debt Doctor Project for the People,” also commencing January 1, 2022.
Currently, 75 service providers or creditors participate in the debt settlement expressway network, all under the Bank of Thailand’s oversight. Since its launch, 254,187 accounts receivable, or 76% of eligible accounts, have been processed. A majority of these pertain to retail borrowers (Data as of November 30, 2021).
Appreciation for the Facebook details. Bank of Thailand – The Bank of Thailand
