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Update June 2016


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Update May 31, 2016

New 70 baht to commemorate 70th anniversary HM the King’s accession to the throne

The front of the banknote portrays His Majesty King Bhumibol Adulyadej in the uniform of the Supreme Commander of the Armed Forces.

The reverse of the banknote shows H.M. the King in full regalia holding the Sword of Victory, standing in front of the Phuttan Kanchanasinghat Throne.

Mr. Veerathai Santiprabhob, Governor of the Bank of Thailand (BOT), unveiled a 70 baht commemorative banknote to celebrate the Seventieth Anniversary Celebrations of His Majesty’s Accession to the Throne on June 9, 2016. The BOT will issue 20 million commemorative banknotes to celebrate this auspicious occasion.

Mr. Veerathai Santiprabhob, Governor of the Bank of Thailand (BOT), unveiled a 70 baht commemorative banknote to celebrate the 70th anniversary of the accession of H.M. the King to the throne.

The front of the banknote depicts the portrait of His Majesty King Bhumibol Adulyadej in the uniform of the Supreme Commander of the Armed Forces, the Royal House of Chakri gown with the Most Illustrious Order of the Royal House of Chakri, and the Knight Grand Cordon (Special Class) of the Most Illustrious Order of Chula Chom Klao breast chain.

The portrait of H.M. the King in full regalia holding the Sword of Victory, standing in front of the Phuttan Kanchanasinghat Throne inside the Paisan Taksin Hall is illustrated on the reverse of the banknote.

The size of this 70-Baht commemorative banknote is 89 x 162 mm with major security features as follows;

1. Raised Print: On both sides, H.M. the King’s portraits printed with the intaglio printing process can easily be felt by touch.

2. Glitter Ink: Thai numeral “๗๐” on both sides will sparkle dazzlingly upon tilting.

3. Color-shifting Ink: Arabic numeral “70” on the reverse side is changed from gold to green upon tilting.

4. Latent Image: Hidden numeral “70” inside the Garuda on the front side becomes visible when the note is viewed from a certain angle.
5. Fluorescent Ink: Radial pattern behind the portrait on both sides will glow yellow under ultraviolet light.

The commemorative banknote including a leaflet can be exchanged at 100 Baht each and available at commercial banks, the Government Savings Bank, the Bank of Agriculture and Agricultural Cooperatives, the Government Housing Bank, and the Islamic Bank of Thailand from 9 June 2016 onwards. Part of the proceeds will be presented to H.M. the King.


Northern Region’s Economic Conditions in the First Quarter of 2016

In the first quarter of 2016, economic activities in the northern region remained stable from previous quarter. Key driver factors came largely from government spending, tourism activities and cross-border exports. Private consumption expanded in certain areas and non-durable goods while overall spending was still under weighed by farm income slackness and drain of private confidence. Pull back sectors of the northern economy have been continued in private investment, particularly excess real estate, falling agricultural output and price as well as declining manufacturing production. This was partly dampened by weak external demand, intense price competition and severe impact from drought. On the stability front, headline inflation was less negative in line with gradual increase of domestic retail oil prices. Unemployment rate edged up slightly. Some labor migration from agricultural sector to construction, trade and services was also observed. Commercial bank’s credits moderated while deposits grew slightly.

Government disbursement maintained its role as a key driver of economy with a robust increase of 12.5 percent, mainly through project for improvement of living standards at the Tambol level measure as well as other investment projects such as road construction and maintenance projects, buildings construction on campus and hospital premises and local construction subsidiaries. However, disbursement for the irrigation system and the water management slowed down after acceleration in previous period.

Tourism sector continued to expand as anticipated from a remarkable number of air passengers, the value added tax (VAT) associated with hotels and restaurant businesses together with high hotel occupancy rate and average room price. More Chinese tourists travelled to the northern region, particularly during the Chinese New Year festival, by air and land, likewise the number of American and European tourists has gradually increased. In addition, more Thai tourists attend meetings and seminars in major tourist attraction provinces.

Private consumption index rose at 4.5 percent, attributed mainly to consumer goods, fuel and electricity, even lessened from declining auto and household spending after acceleration in previous quarter from government stimulus measures. Accordingly, households have appeared to be more cautious in spending from high household debts leading to poor consumer confidence. Likewise, the financial institutions also tightened credit approvals.

Export value dropped slightly by 0.2 percent, contributing primarily from declined exports of electronic components to Japan, Hong Kong and Singapore, while cross-border exports of consumer products to Myanmar and Lao PDR still performed well. Meanwhile, import value accelerated to 17.6 percent from imports of electricity from Lao PDR, albeit decreased imports of raw materials and intermediate goods for export-oriented manufacturingproduction.

Private investment index remained at low level by 3.9 percent decline, indicated by sluggish manufacturing production and real estate and construction activities although temporary government tax measures and property transfer fee reduction helped absorb some excess supply. This was reflected from continued declining in some key indicators including permission of construction areas in municipal zones, the number of registered commercial cars and sales of construction materials.

Farm income remained weak, decreasing by 11.1 percent, from severe drought. In the meantime, major crop output dampened further by 4.6 percent particularly sugarcane, off-season rice crop and maize. However, cassava and other livestock outputs increased. Major crop price dropped by 6.8 percent with respect to decreasing global demand in sugarcane, cassava and maize. Conversely, rice and livestock prices hiked slightly.

Manufacturing production continued to fall by 6.7 percent, particularly in export oriented manufacturing of electronic components, partly affected from economic slowdown of key trading partners together with the loss of European Union’s GSP privileges. Meanwhile, agricultural production dropped further, mainly from milled rice and sugar, and vegetable and fruit processing as an adverse effect of drought, whereas beverages, ceramics and furniture productions grew admirably.

General economic condition in the northern region remained sound. Headline inflation rate declined at slower pace by 0.77 percent. Unemployment rate picked up from previous quarter to 1.0 percent as employment in agricultural sector declined and some migrated to construction, trade and service sectors. Pronounced permanent layoff has not yet been observed and some entrepreneurs applied the Section 75 of the Labor Protection Act.

At the end of first quarter 2016, commercial banks’ credits outstanding amounted to 585,704 million baht, rising by 4.5 percent from previous quarter, attributed to partial debt repayment of businesses. Commercial banks’ credits outstanding, totaled to 638,579 million baht, rose broadly by 4.0 percent, primarily from business sector and government agencies deposits. Loan to deposits ratio, therefore, edged downed from previous quarter to 91.7 percent.


Update May 20, 2016

Chiang Rai Governor meets with leaders from Yunnan in China

Investment and sister city relationships under discussion

Chiang Rai Governor Boonsong Tachamanesatit welcomed H.E. Mr. Zhang Bairu, Exclusive Vice Chairman, Standing Committee of People’s Congress of Yunnan Province, China to the province to discuss economic and cultural cooperation on May 17, 2016.

Nopniwat Krailerg
The Chiang Rai Governor met with Chinese government officials on May 17, 2016 to promote the new special economic zone set up in the North and discuss coordination between Chiang Rai and Yunnan for investment possibilities.

Officials from Chiang Rai and Yunnan met to discuss cultural exchanges, rice export and the set-up of the new Special Economic Zone in Chiang Rai.

Chiang Rai Governor Boonsong Tachamanesatit welcomed H.E. Mr. Zhang Bairu, Exclusive Vice Chairman, Standing Committee of People’s Congress of Yunnan Province, China and his party where they discussed setting up a sister city relationship.

The Chiang Rai Governor invited Chinese investors to invest in the Chiang Rai Special Economic Zone where investors will get tariff preference for investment. He also offered the direct export of Thai organic jasmine rice via Chiang Rai Trading House to the south of China. The Governor hopes to promote the export of Thai organic jasmine rice and tourism management He also extended an invitation for students from Yunnan to visit Chiang Rai this coming August and for further student exchange.

Zhang Bairu thanked the Governor for the warm welcome and agreed to develop cooperation and support the economic and cultural relationship between both provinces. This visit was to invite the Chiang Rai Governor and Executives to join EXPO event and he added that he was willing to support the development of cooperation and that he will present all topics to Chinese government.


Update May 14, 2016

Bangkok Airways quarterly profits up nearly 45 percent year on year

Mr. Puttipong Prasarttong-Osoth, President of Bangkok Airways PCL reported on the airlines first quarter results for 2016.

Bangkok Airways Public Company Limited announced its operating results for the first quarter of 2016 which has amounted to a total revenue of 7,775.7 million baht, increasing from the same quarter last year by 15.5 percent and has reported a net profit at 1,574.6 million baht, up by 44.9 percent from the first quarter of the previous year.

Mr. Puttipong Prasarttong-Osoth, President of Bangkok Airways PCL commented that, "In the first quarter, total revenue of the company was 7,775.7 million baht, increased by 15.5 percent from the same quarter of year 2015. Net profit was reported at the amount of 1,574.6 million baht, an increase of 487.9 million baht or 44.9 percent from the same period last year. The improving performance was mostly contributed to growth in number of passengers and better average fares together with declining fuel costs."

Mr. Puttipong continues, "The number of passengers of Bangkok Airways rose by 10.5 percent for this quarter; the number of passengers from point-of-sale in Asia (excluding Thailand) was growing 18.2 percent which was largely supported by increasing number of passengers from point-of-sale in Singapore, Vietnam, Hong Kong, Myanmar and Taiwan. The average passenger load factor was increased from 71.9 percent the same quarter last year to 74.4 percent. Passenger yield per RPK was 5.44 baht, increased from previous year by 4.5 percent.

Recently, Bangkok Airways PCL has received brand-new aircrafts; 2 of ATR72-600 and 1 of Airbus A319. Therefore, Bangkok Airways' fleet currently consists of 33 aircrafts; 13 ATR72-500s and ATR72-600s and 20 Airbus A319s and A320s. In additions, there will be 2-3 new aircrafts delivered to the company later this year.


HEADLINES [click on headline to view story]

New 70 baht to commemorate 70th anniversary HM the King’s accession to the throne

Northern Region’s Economic Conditions in the First Quarter of 2016


Chiang Rai Governor meets with leaders from Yunnan in China

Bangkok Airways quarterly profits up nearly 45 percent year on year

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