Isan people's cash savings increase

People in Isan have increased their savings, with a total of 608.4 billion baht held in deposit accounts in 20 provinces in the Northeast as at the end of June, up about 2.2% on the same period in 2013, according to the Bank of Thailand.

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Thanetchai Angwarawong, the central bank’s director for the Northeast, said the increase showed that people in Isan were trying harder to  save money.

However, there were was also 794 billion baht of outstanding debt, a warning sign that financial institutions should be cautious in extending loans as households had limited capacity to repay debt.

He said the economic situation in the region had signaled a picking up after a long term slow down as the result of the budget allocation for large-scale projects and the payment of overdue money to farmers who pledged their grain with the previous Yingluck Shinawatra government. The payment to farmers had added liquidity to the Isan economy.

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