Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Thailand 01 01 - Liquidity Support THB
Thailand 01A 01A - Short-term lending THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020).

No amount/estimate: A special facility was set up to provide liquidity for mutual funds through banks.

Thailand 01B 01B - Support policies for short-term lending THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

No amount/estimate: The Bank of Thailand (BOT) has provided temporary relaxation of repayment conditions for businesses.

Thailand 01C 01C - Forex operations THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

No amount/estimate: The BOT has provided some liquidity in the foreign exchange market thereby avoiding disorderly market conditions while also allowing the exchange rate to adjust as a shock absorber.

Thailand 02 02 - Credit creation THB 850,000,000,000 26,473,340,497
Thailand 02A 02A - Financial sector lending/funding THB 500,000,000,000 15,572,553,233 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

Soft loans by the BOT to financial institutions amounting to THB500 billion to be on-lent at 2% interest to small and medium-sized enterprises (SMEs) with outstanding (non-nonperforming) loans.

Thailand 02B 02B - Support policies for long-term lending THB
Thailand 02B1 02B1 - Interest rate adjustments THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). BOT. https://www.bot.or.th/English/PressandSpeeches/Press/2020/Pages/n2763.aspx (accessed 21 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-thailand-cenbank/thai-central-bank-cuts-interest-rates-for-credit-cards-personal-loans-idUSKBN23Q2B8?il=0 (accessed 20 June 2020).

No amount/estimate: (i) The policy rate was reduced by 50 basis points (bps) from 1.25% to 0.75% during the first quarter of 2020 and by another 25 bps on 20 May 2020 to a record low 0.5%; (ii) 19 June 2020, BOT introduced additional debt relief measures including 2-4 pps interest rate cuts for credit cards (from 18% to 16%) and personal loans (from 28% to 24-25%) effective 1 August 2020; lenders must urgently help borrowers with debt restructuring such as extending payment periods and reducing interest rates. BOT will raise credit lines for credit cards and personal loans for good debtors from August to December 2020.

Thailand 02B2 02B2 - Other policies to support long-term lending THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). Reuters. https://www.reuters.com/article/us-thailand-economy-cenbank/thai-central-bank-asks-lenders-to-strengthen-capital-to-cope-with-coronavirus-risk-idUSKBN23Q250?il=0 (accessed 20 June 2020). BOT. https://www.bot.or.th/Thai/PressandSpeeches/Press/2020/Pages/n5563.aspx (accessed 28 August 2020). BOT. https://www.bot.or.th/Thai/PressandSpeeches/Press/2020/Pages/n9163.aspx (accessed 7 January 2021).

No amount/estimate: (i) The contribution from financial institutions to the Financial Institutions Development Fund (FIDF) was reduced from 0.46% to 0.23% of the deposit base to provide space for a decrease in lending rates; (ii) Financial sector liquidity-related regulations were temporarily relaxed in order to support Measure 1B; (iii) 19 June 2020, BOT asked commercial banks to prepare capital management plans for the next 1-3 years and to not pay interim dividends in 2020 or buy back shares to preserve capital. (iv) 27 August 2020, The BOT announced measures to help adversely affected retail debtors, including "debt consolidation" to enable financial institutions to reduce interest rates and extend repayment periods where possible. (v) 28 December 2020, The BOT announced several regulatory relief measures: (a) adjusted the definition of "business group" which determines accesss to SME lending; (b) relaxed criteria for soft-loan applications and included companies with securities listed in the alternative stock market for SMEs; and (c) extended the application period for soft loans by 6 months. [update]

Thailand 02C 02C - Loan guarantees THB 350,000,000,000 10,900,787,263 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). MOF. https://www.mof.go.th/th/detail/1543205599/2020-09-15-16-46-48 (accessed 24 September 2020).

The government covers the first 6 months of interest and guarantees up to 60%–70% of the THB500 billion loan (see Measure 2A). On 15 September 2020, authorities announced that state-owned Small Industry Credit Guarantee Corporation (TCG) signed the Soft Loan Plus Loan Guarantee Program with 18 partner banks that will provide SMEs with soft loans payable after 3 years.

Thailand 03 03 - Direct long-term lending THB 450,000,000,000 14,015,297,910
Thailand 03A 03A - Long-term lending THB 450,000,000,000 14,015,297,910 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 8 May 2020). Ministry of Industry. http://www.industry.go.th/industry/index.php/th/about/2017-04-20-15-23-14/item/41473-smes-2. (accessed 15 October 2020).

(i) The Corporate Bond Stabilization Fund (BSF) was established to provide bridge financing of up to THB400 billion to high-quality firms with bonds maturing during 2020–2021, at higher-than-market ‘penalty’ rates (includes both public and private participants). (ii) 30 April 2020, The State Enterprise Policy Committee meeting approved in principle the proposal to rehabilitate Thai airways international, the national carrier, with a loan worth THB50 billion. (iii) No amount/estimate: 10 October 2020, The Ministry of Industry unveiled new credit lines with a maximum term of 5 years for both new and existing SME borrowers of the SME Development Fund.

Thailand 03B 03B - Forbearance THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

No amount/estimate: Loan payment holiday of 6 months for SMEs and suspension of principal.

Thailand 04 04 - Equity support THB
Thailand 05 05 - Health and income support THB 1,400,000,000,000 43,603,149,053
Thailand 05A 05A - Health support THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

See (i) in Measure 5C

Thailand 05B 05B - Income support THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 13 May 2020). Philippine Daily Inquirer. https://business.inquirer.net/298945/thailand-oks-whopping-90-reduction-in-land-building-tax-for-2020 (accessed 2 June 2020). Bangkok Post. https://www.bangkokpost.com/business/1935776/cabinet-approves-b22bn-domestic-tourism-stimulus (accessed 16 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-thailand-spending/thailand-plans-956-million-projects-to-boost-rural-incomes-farm-sector-idUSKBN2600XN?il=0 (accessed 9 September 2020). TIS. http://www.industry.go.th/industry/index.php/th/about/2017-04-20-15-23-14/item/41474-2020-10-07-02-51-11 (accessed 15 October 2020).

See (ii) to (iv) in Measure 5C

Thailand 05B1 05B1 - Tax and contribution deferrals and policy changes THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 13 May 2020).

See also tax deferrals in a(iii) in Measure 5C.

Thailand 05B2 05B2 - Tax and contribution rates reduction THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 13 May 2020). Philippine Daily Inquirer. https://business.inquirer.net/298945/thailand-oks-whopping-90-reduction-in-land-building-tax-for-2020 (accessed 2 June 2020).

(iii) May 5, The government approved a 20% discount on water bills to private consumers until the end of June. (iv) No amount/estimate: June 2, The Cabinet approved a 90% reduction in land and building taxes for the year and a 2-month postponement in the deadline for filing personal income tax returns. See also (iii) in Measure 5C.

Thailand 05B3 05B3 - Subsidies to individuals and households THB TIS. http://www.industry.go.th/industry/index.php/th/about/2017-04-20-15-23-14/item/41474-2020-10-07-02-51-11 (accessed 15 October 2020).

No amount/estimate: 7 October 2020, The Thai Industrial Standards Institute (TIS) announced the waiver of the TIS license fee and ISO certification fee to assist entrepreneurs affected by the the economic slowdown from COVID-19. See also (iii) in Measure 5C.

Thailand 05B4 05B4 - Subsidies to businesses THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 13 May 2020). Bangkok Post. https://www.bangkokpost.com/business/1935776/cabinet-approves-b22bn-domestic-tourism-stimulus (accessed 16 June 2020).

(i) The government covers the first 6 months of interest and guarantees up to 60%–70% of the THB500 billion loan as part of the THB350 billion that the government will cover (See Measure 2: Loan guarantees); (ii) Reduction of interest on the debts to SFIs; (v) 16 June 2020, THB22.4 billion domestic tourism package approved by the Cabinet including subsidies for tourism service providers, domestic tourists and health officials for July to October 2020. See also (ii) to (iv) in Measure 5C.

Thailand 05B5 05B5 - Indirect income support THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 13 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-thailand-spending/thailand-plans-956-million-projects-to-boost-rural-incomes-farm-sector-idUSKBN2600XN?il=0 (accessed 9 September 2020).

9 September 2020, Authorities are developing new projects worth THB30 billion to support its farm sector and create rural jobs. See also (ii) to (iv) in Measure 5C.

Thailand 05B6 05B6 - No breakdown (income support) THB Bangkok Post. https://www.bangkokpost.com/business/1935776/cabinet-approves-b22bn-domestic-tourism-stimulus (accessed 16 June 2020).

16 June 2020, THB22.4 billion domestic tourism package approved by the Cabinet including subsidies for tourism service providers, domestic tourists and health officials for July to October 2020.

Thailand 05C 05C - No breakdown (health and income support) THB 1,400,000,000,000 43,603,149,053 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 13 May 2020). Philippine Daily Inquirer. https://business.inquirer.net/298945/thailand-oks-whopping-90-reduction-in-land-building-tax-for-2020 (accessed 2 June 2020). Bangkok Post. https://www.bangkokpost.com/business/1935776/cabinet-approves-b22bn-domestic-tourism-stimulus (accessed 16 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-thailand-spending/thailand-plans-956-million-projects-to-boost-rural-incomes-farm-sector-idUSKBN2600XN?il=0 (accessed 9 September 2020). TIS. http://www.industry.go.th/industry/index.php/th/about/2017-04-20-15-23-14/item/41474-2020-10-07-02-51-11 (accessed 15 October 2020).

In response to COVID-19, the Cabinet has approved a fiscal package with phases I, II, and III amounting to at least 10% of GDP or THB1.9 trillion including (i) health-related spending; (ii) assistance for workers (includes 3 million workers outside the social security system), farmers, and entrepreneurs affected by COVID-19; (iii) support for individuals and businesses through soft loans from Specialized Financial Institution (SFI) and Social Security Office (See THB500 billion in Measure 2A), and tax relief; and (iv) lower water and electricity bills, and lower employees’ and employers’ social security contribution.

Thailand 06 06 - Budget reallocation THB
Thailand 07 07 - Central bank financing government THB 100,000,000,000 3,114,510,647
Thailand 07A 07A - Direct lending and reserve drawdown THB
Thailand 07B 07B - Secondary purchase: government securities THB 100,000,000,000 3,114,510,647 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

The BOT purchased government bonds in excess of THB100 billion in March 2020 to ensure the normal functioning of the government bond market.

Thailand 08 08 - International Assistance Received THB 48,471,820,175 1,509,660,000
Thailand 08A 08A - Swaps THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

No amount/estimate: 31 March 2020, An additional currency swap (THB–JPY) between the BOT and Bank of Japan was signed.

Thailand 08B 08B - International loans/grants THB 48,471,820,175 1,509,660,000
Thailand 08B1 08B1 - Asian Development Bank THB 48,263,119,653 1,503,160,000 ADB. Table A1.4 Asia Pacific Disaster Response Fund and Technical Assistance, Table A1.5: Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases (all accessed as of 5 February 2021).

(i) 8 April 2020, USD500,000 grant under TA: Regional Support to Address the Outbreak of COVID-19; (ii) 24 April 2020, USD750,000 grant under TA: Policy Advice for COVID-19 Economic Recovery in Southeast Asia. (iii) 26 June 2020, USD1.5 billion COVID-19 Active Response and Expenditure Support Program loan. (iv) 6 October 2020, USD20,000 grant under ADB's TA on Capacity Development for the Supply Chain Finance Program (Phase 2) (Subproject 3). (v) 5 November 2020, USD90,000 grant under the TA on Creating Investable Cities in Post-COVID-19 Asia-Pacific: Enhancing Competitiveness and Resilience through Quality Infrastructure; (vi) 30 January 2021, USD1.80 million Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases. [update]

Thailand 08B2 08B2 - Other THB 208,700,523 6,500,000 USAID. https://www.usaid.gov/news-information/coronavirus/fact-sheets/update-united-states-continues-lead-global-response-covid-19 (accessed 25 May 2020).

USD6.5 million in grants for health and humanitarian assistance from the United States Agency for International Development (USAID) for health and humanitarian assistance in 2020.

Thailand 09 09 - International Assistance Provided THB
Thailand 09A 09A - Swaps THB
Thailand 09B 09B - International loans/grants THB
Thailand 10 10 - No breakdown THB
Thailand 11 11 - Other Economic Measures THB BOT. https://www.bot.or.th/Thai/PressandSpeeches/Press/2020/Pages/n6063.aspx (accessed 17 September 2020).

11 September 2020, The BOT released new supervisory guidelines for financial service providers to enhance fair customer service and protect borowers affected by COVID-19.

Thailand 12 12 - Non-Economic Measures THB
Thailand 12A 12A - Measures affecting travel and transport (local and international) THB OECD. http://www.oecd.org/coronavirus/en/ (accessed 22 May 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020). The Straits Times. https://www.straitstimes.com/asia/se-asia/thailand-to-lift-nationwide-curfew-on-june-15?cx_testId=20&cx_testVariant=cx_1&cx_artPos=1#cxrecs_s (accessed 12 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-thailand-flights/thailand-to-lift-ban-on-international-flights-in-july-regulator-idUSKBN2402D8 (accessed 30 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-thailand-idUSKBN27D0VM (accessed 11 November 2020). Reuters. https://www.reuters.com/article/health-coronavirus-thailand-tourism/thailand-relaxes-travel-curbs-for-tourists-from-over-50-countries-idUSKBN28R13H?il=0 (accessed 17 December 2020).

(i) 23 March 2020, Countries considered as risk zones and travellers from those countries need to undertake quarantine for 14 days. Travellers from these countries must submit health certificates that show no COVID-19 infection in advance of their trips. Thailand also halted issuance of visa on arrival for some other countries. (ii) 28 April 2020, The government extended the period of the state of emergency including the night curfew between 22:00 to 4:00hr,as well as the temporary ban on all international flights to Thailand, until 31 May 2020. As of 28 October 2020, the state of emergency has been extended until end-November. (iii) 1 May 2020, several airlines resumed domestic operations in major airports, except Phuket International airport, conditional on strict hygiene and preventive guidelines. (iv) 16 May 2020, the Civil Aviation Authority of Thailand extended the temporary ban on international passenger flights until June 30 with limited exceptions. On 30 June 2020, Authorities announced the lifting of the ban on international flights on July 1 after the government earlier approved limited foreign travel to the country including business travellers and foreigners with spouses, work permits or residency in the country. On 17 December 2020, Thailand eased travel restrictions for 56 countries with waived visas subject to requirements such as COVID-19 tests and mandatory quarantine. [update]

Thailand 12B 12B - Measures affecting business and workplace THB OECD. http://www.oecd.org/coronavirus/en/ (accessed 22 May 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-thailand-flights/thailand-to-lift-ban-on-international-flights-in-july-regulator-idUSKBN2402D8 (accessed 30 June 2020).

(i) In Bangkok and its vicinity, leisure and sport facilities, such as boxing arenas, pubs, among others, have suspend their businesses for 14 days until the end of March. In addition, the Bangkok Metropolitan Government announced on 21 March 2020 that most of nonessential commercial services, including shopping malls, restaurants and sport facilities, among others, would be closed from 22 March to 12 April 2020. (ii) The first out of four stages for relaxation of Covid-19 containment measures started on 3 May 2020, by opening low-risk businesses including markets, small eateries, small retail outlets, exercise facilities, and hairdressers; implementation of subsequent stages will depend on the evolution of Covid-19 infection. (iii) 17 May 2020, the second phase of lockdown relaxation took effect with more businesses allowed to resume activities.

Thailand 12C 12C - Others THB OECD. http://www.oecd.org/coronavirus/en/ (accessed 22 May 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020). BOT. https://www.bot.or.th/English/PressandSpeeches/Press/2020/Pages/n2463.aspx (accessed 22 May 2020). The Straits Times. https://www.straitstimes.com/asia/se-asia/thailand-to-lift-nationwide-curfew-on-june-15?cx_testId=20&cx_testVariant=cx_1&cx_artPos=1#cxrecs_s (accessed 12 June 2020).

(i) All schools have been closed since 18 March 2020 until further notice. (i) 11 May 2020, The BOT revised its bond issuance program for 2020: (a) Expanded ranges of maximum and minimum issue size per auction to 10,000 – 60,000 million baht for all maturities of BOT bills; and (b) may consider adjusting the auction frequency of the 3- and 6-month BOT bills, and the fixed-coupon bonds, to accommodate the issuance schedule of Treasury Bills and government bonds of comparable maturities. (iii) 12 June 2020, Authorities announced the lifting of the nationwide curfew on 15 June as part of its phase four easing of lockdown measures.