The Bank of Thailand (BoT) has sent an urgent letter to the government advising it to downsize the “digital wallet” scheme by only providing the 10,000 baht benefit to about 15 million so-called “financially fragile” people, instead of the 50 million people as currently planned.
This would enable the plan to be implemented immediately and would only cost 150 billion baht, according to the BoT.
The government has, however, shrugged off the central bank’s last-minute call, saying that there is nothing new in its recommendations.
The central bank reasoned that these “fragile” people, who include low-income earners and holders of the state welfare cards, tend to spend more on consumption and buy more locally-produced products than other groups and the 10,000 baht would help ease their financial burden and stimulate the economy more efficiently.
It also recommends that the…
