Over 200,000 participants join in informal debt refinancing scheme

Bank for Agriculture and Agricultural Cooperatives (BAAC) President Luck Wajananawat stated that estimated 119,505 people had registered at the bank and the total amount of debt stood at 3.73 bilion THB. Up to 125,169 people participated in the program at the Government Savings Bank (GSB) from 1 to 11 December, 2009. The total amount of debt was 13.83 billion THB

A high turnout of registered debtors were reported in the capital city of Bangkok, followed by Nakhon Ratchasima and Khon Kaen. Mae Hong Son was deemed as the least number of registrars.

The informal debt refinancing project has recently been launched by the government to help people in debt with loan sharks and underground loans. Registration is available at the GSB and the BACC as well as other special registration venues from 1 to 31 December, 2009.