Thai banks set aside plenty of cash for Chinese New Year

Thai banks set aside plenty of cash for Chinese New Year
Thai baht banknotes (Baht).

Leading commercial banks announced yesterday that they would increase their cash reserves for ATMs and branch services for the coming Chinese New Year.

Bangkok Bank will reserve more than Bt35 billion (S$1 billion) cash at its 1,200-plus branches, including micro-branches, and its nationwide network of 9,000 automated teller machines to meet the higher demand expected during the Chinese New Year festival, which begins on February 19. The bank will also top up its ATMs with cash more frequently than usual.

A Bangkok Bank official said it had also prepared new banknotes for customers to use as cash gifts, as it is a Chinese custom to give money to young family members on the occasion of the Lunar New Year.

Kasikornbank has also earmarked Bt37.5 billion in cash for its branches and ATMs during the upcoming festival, up by Bt1.4 billion from the same period last year. About Bt17 billion will be for cash to be used at its branches, which is up by Bt677 million from last year. About Bt13 billion of that will be for its branches in Bangkok, and the rest for upcountry branches.

The bank has also reserved more than Bt20.5 billion in cash for its 9,853 ATMs throughout the Kingdom, up Bt715 million over last Chinese New Year. About Bt9.8 billion will be for its ATMs in Bangkok, and Bt7.2 billion for upcountry.

Meanwhile, Bank of Ayudhya has reserved about Bt20.3 billion in cash for its ATMs and branches, up by about 8.5 per cent or Bt1.59 billion from the same festive period last year.

About Bt15.9 billion will be for its Krungsri ATMs, and the remaining Bt4.43 billion for its branches. Bank of Ayudhya currently operates 617 branches and 5,162 ATMs throughout the Kingdom.

CIMB Thai Bank has also reserved about Bt4 billion in cash for its branches and ATMs throughout the Kingdom for this coming Chinese New Year.

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