Digital wallet project to go ahead despite Central Bank Governor’s objection

By Thai Newsroom Reporters

THE MUCH-HERALDED 10,000-BAHT digital wallet project will certainly be implemented according to plan though Bank of Thailand Governor Sethaput Suthiwartnarueput has today (Apr. 24) made a contrarian remark on it, said a senior government official.

Paopoom Rojanasakul, secretary-general to Prime Minister Srettha Thavisin in the latter’s concurrent capacity as finance minister, confirmed the Pheu Thai-initiated populist handout campaign will definitely be carried out as planned despite Sethaput’s written remark delivered to the cabinet that it should only be implemented with some 15 million state welfare card holders and other economically “fragile” people and not with as many as 50 million Thai nationals aged 16 years and over.

Sethaput reportedly insisted that the 10,000-baht digital wallet project pledged during last year’s electoral campaigns of the ruling Pheu Thai should not need as much as 500 billion baht in funding as earlier calculated by the Pheu Thai-led government to benefit a targeted 50 million Thais throughout the country.

According to the central bank’s governor, a large portion of the 500 billion baht total in sought-after funding for the digital wallet project might probably not be used by many recipients in accordance with the Pheu Thai campaign’s primary purposes of promoting domestic consumption and stimulating local economy nationwide. Sethaput apparently implied that the well-to-do and middle-income recipients might probably manage to shop for imported goods at premium stores under the digital wallet project.

According to the central bank’s governor, most of the 15 million state welfare card holders and other “fragile” groups of people are believed to buy made-in-Thailand products rather than the well-to-do or middle-income earners who are as well eligible to the populist handout campaign, scheduled to be effective from the upcoming October until March.

Nonetheless, Paopoom confirmed that the digital wallet project will be carried out as planned regardless of any contrarian views expressed by the central bank’s governor and others.

Prime Minister Srettha Thavisin today held an informal meeting with Deputy Finance Minister Julapun Amornvivat, Undersecretary for Finance Lavaron Sangsanit and Paopoom in the wake of Sethaput’s written note on the digital wallet project at Government House.

The undersecretary for finance has earlier confirmed that the 500 billion baht total funding for the handout campaign will be contributed with 175 billion baht and 152.7 billion baht in government budget for current fiscal year and next fiscal year respectively, plus 172.3 billion baht in “borrowed” money from the Bank for Agriculture & Agricultural Cooperatives.

However, only some 17 million farmers and no other recipients will benefit from the BAAC-contributed portion of the project’s funding, Lavaron said.

Each Thai national aged 16 years or over may buy a maximum of 10,000 baht merchandise at stores, restaurants and food shops via their digital wallet in the boundaries of their home district within a six-month period, beginning in October.

Entertainment-related, beauty and luxury services, fuels, car wash, spa and massage services, alcoholic beverages and cigarettes are not allowed under the digital wallet project.

CAPTION:

Bank of Thailand Governor Sethaput Suthiwartnarueput, right, and Prime Minister Srettha Thavisin, left. Top photo: Thai Post, Front Page photo: MNG Online

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