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As holiday spending during the one week long Songkran festival is expected to rise, the Bank of Thailand (BoT) said it will put in circulation about 25 billion baht banknotes to cope with the heavy spending by the people during the festival.
The central bank’s assistant governor Woraporn Tangsaghasaksri in charge of Banknote Management Group, said high demand for banknotes is expected during the long holiday Songkran festival in mid April.
Therefore the central bank will put about 25 billion baht of banknotes in circulation, the similar amount to that of last year, he said.
The central bank has stockpiled each type of banknotes to ensure it meets the high demand for spending by festival goers, he said.
Normally, he disbursement of banknotes by financial institutes will be done one week before the holiday begins.
Therefore the central bank will prepare the banknotes for commercial banks to service the people.
Meanwhile the Bank of Ayudhya said it has prepared more than 21 billion baht in cash for withdrawal by its customers at its branches and ATMs from April 8-16.
This amount of cash is 9% higher from the real spending by the customers during Songkran last year.