Chinese New Year spending to hit Bt47.7bn

business January 23, 2014 00:00

By The Nation

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The University of Thai Chamber of Commerce forecasts total spending of Bt47.7 billion during the Chinese New Year.



 
The sum represents a 5.9 per cent increase from the previous year. 
Political instability is affecting the spending, the university said. While expenses for items necessary for the ancestor worshipping are unchanged, the Chinese descendants plan to spend less on "Ang Pao" or the New Year gift money as well as travelling. 
The survey showed that 38.5 per cent of the respondents plan to stay at home if political protests continue and overlap the celebration period. 
Bangkok Bank has stocked up Bt35 billion of cash, to accommodate withdrawals during the Chinese New Year.

  The bank has over 1,100 micro branches at shopping malls and over 8,500 ATMs nationwide.

 The bank also reserves new banknotes.

While Bank of Ayudhya prepares Bt20.6 billion for the period, Kasikornbank announced the reserve of Bt36.1 billion.