As exports rise, Bank of Thailand ends Covid support measures Central bank will not extend 100% mortgage policy for property sector, corporate bond support

as exports rise, bank of thailand ends covid support measures  central bank will not extend 100% mortgage policy for property sector, corporate bond support

FILE PHOTO: Bank of Thailand Assistant Governor Chayawadee Chai-Anant (Bangkok Post photo)

Thailand recorded a current account surplus of $0.6 billion in September after a deficit of $3.5 billion the previous month, the central bank said on Monday as it announced the end of pandemic-era financial support measures.

Exports, a key driver of growth, rose 8.4% in September from a year ago, while imports were up 20.5% year-on-year. The trade surplus stood at $1.9 billion, it said in a statement.

Electronics and agriculture products were among the drivers of export growth, Assistant Governor Chayawadee Chai-Anant said in a virtual news conference.

Southeast Asia’s second-largest economy is expected to grow 3.3% this year and 3.8% next year, boosted by a pickup in tourism, the Bank of Thailand (BoT) said earlier this month.

The country welcomed 7 million arrivals between Jan 1 and Oct 26, the Tourism Authority of Thailand said.

The government expects 10.3 million tourists for 2022 and 21.5 million next year.

During the news conference, Ms Chaiwadee also said the BoT will not extend its loan-to-value measures for the property sector.

The central bank last year raised the ratio limit to 100% from a maximum 70-90% to try to spur activity in the real estate sector.

In a separate statement, the central bank said it will end applications for its corporate bond stabilisation fund this year.

The 400 billion baht fund was launched in 2020 to backstop the corporate debt market and reduce risk.

“The need for support from the fund has declined due to the improving Covid-19 situation,” the BoT said.