January 11, 2024
BANGKOK – The future of the 500-billion digital wallet scheme is still hanging in the balance as the meeting between Prime Minister Srettha Thavisin and Bank of Thailand governor Sethaput Suthiwartnarueput ended without a decision.
Srettha met Sethaput at Government House on Wednesday morning in his capacity as finance minister.
Speaking to reporters after the meeting, Srettha said he and the BOT governor agreed that several details of the scheme need to be discussed at the next meeting of the national digital wallet committee.
He said he invited the central bank chief to discuss the scheme now that the Council of State has responded to the Finance Ministry’s question on whether the government could enact a bill to finance the scheme.
The council, which is the government’s legal advisory body, reportedly did not give a clear-cut answer. It only said the borrowing can be done only if the economic situation is in a dire enough state to warrant it.
It also advised the government to consult other economy-related agencies to come up with clear proof of such an emergency.
“So we agreed that there should be a discussion with the digital wallet committee, so the public knows what everyone thinks,” Srettha said.
He added that he did not ask Sethaput whether the economy was in a dire condition.
“We just discussed the general economic situation,” the premier said.
Srettha also said he did not know yet when the next meeting of the digital wallet panel would be held.
Last week, Srettha openly criticised the central bank in a Facebook post for raising the policy rate even though Thailand’s inflation was low. He said the central bank should not raise the rate in contrast to the inflation trend.
After the meeting on Wednesday, Srettha said the government could not interfere in the central bank’s decision on policy rate.
“I simply explained the economic situation to the governor. I did not give him any orders,” Srettha said. “I did give him reasons [for the digital wallet scheme] based on the general economic state and global economy. As for inflation, I told him about the current market situation and the economic situation of the people.”
Srettha said Sethaput had informed him that the central bank was speeding up efforts to help people deal with their debts in both the long and short term.
When asked what the central bank governor thought about the current inflation, Srettha said he would leave it to the BOT to announce it on its own.
The prime minister said he has also proposed a weekly coffee chat with the BOT governor.
“I told him to tell me when he is available. I’m willing to meet him at the BOT head office,” Srettha said.