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Wednesday, March 22, 2023

Arkhom says SVB’s failure unlikely to affect country

Arkhom: SVB collapse unlikely to affect Thailand.

The Finance Ministry is closely monitoring the collapse of Silicon Valley Bank (SVB) to see if it has any impact on Thailand, says Finance Minister Arkhom Termpittayapaisith.

He added that he was also waiting for information from the Bank of Thailand on the matter.

Due to concern that the collapse could spread contagion worldwide, Mr Arkhom said Thailand did not have any transactions with SVB or the now-closed Signature Bank in the US, and that Thailand’s Government Pension Fund does not invest in these two banks. Therefore, he believes the issue will not affect Thailand.

He said the central bank has reassured the public that the country’s financial system remains strong and…

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