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Published on January 14, 2008

Total spending via credit cards recorded Bt74.6 billion in November, up 12.16 per cent from the same period last year. The increase was slower than the 15.11-per-cent growth in October.

Both domestic and external spending as well as cash advances slowed down. Outstanding loans also grew slowly, while newly opened credit cards remained at the same level.

However, the BOT's economic indicator showed that this month private consumption had improved.

The private-consumption index in November expanded by 3.7 per cent on year compared with a 2.7-per-cent hike in October.

According to the central bank, domestic spending via credit cards recorded Bt54.28 billion in November, a 13.25-per-cent increase from the corresponding month. The growth was lower than October's16.4 per cent.

Card spending abroad jumped 20 per cent to Bt2.6 billion in November, compared with 26.9 per cent in the previous month.

Cash withdrawal recorded Bt1.3 billion, up 8 per cent from November. It was up 9.4 per cent in October.

Newly opened credit-card accounts rose by 10 per cent, to nearly 10.6 per cent in October. Outstanding loans marked Bt175.4 billion in November, up 5.19 per cent, compared with the 6.58-per-cent hike in October.

Credit-card loans expanded by 39 per cent in 2002, causing the central bank grave concern that household debt would rise. As a result it introduced measures to cool credit-card business.

Krirk Vanikkul, the central bank's assistant governor, said earlier that the bank had introduced the measures because of concerns about the acceleration of credit-card loans and household debt.

The BOT does not currently see in the acceleration of loan growth any sign which might dampen economic stability.

Krirk said the bank's three financial bills would strengthen economic stability because they authorised it to tackle problems without directly impacting the macro-economy.

Anoma Srisukkasem 

The Nation