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Thailand’s Finance Minister Defends Plan to Take Money from Dormant Bank Accounts

Money in long-dormant accounts is estimated at about 10 billion baht ($302 million)

BANGKOK – Thailand’s Finance Minister said on Thursday, a planned Thai law to allow the transfer of money from bank accounts left inactive for more than 10 years to the treasury “will be in the public interest”.

The move would help reduce the government’s borrowing costs in maintaining the treasury level, Apisak Tantivorawong told Reuters.

“Those accounts parked with the government will be useful for the public as they can be counted as treasury money,” he said.

“But I can confirm that it’s not seizing people’s money as reported,” he said, adding account owners or their heirs would be able to reclaim the money at any time.

Money in long-dormant accounts is estimated at about 10 billion baht ($302 million), ministry official Suwit Rojanavanich said earlier this week.

The ministry plans to seek cabinet approval for the law in December after seeking public opinion. ($1 = 33.11 baht)

By Kitiphong Thaichareon
Reuters

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Posted by on Nov 2 2017. Filed under Economy & Business, Regional News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
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