This Songkran in 2026 seems quieter than usual because soaring oil prices have raised living costs for many. Coupled with a slowing economy that has caused Thai incomes to grow more slowly or stagnate, many now view Thailand as entering a crisis even more severe than during the COVID-19 pandemic. This may be the main reason why the Bank of Thailand (BoT) has issued its latest announcement.
On 8 Apr 2026 GMT+7, the Bank of Thailand issued a directive urging financial institutions to expedite assistance to borrowers affected by economic conditions and energy prices. This follows prolonged conflicts in the Middle East, which have heightened liquidity needs among the public and business operators, especially small and medium-sized enterprises (SMEs).
The BoT oversees various businesses, including financial institutions and specialized financial entities, and thus requests private sector cooperation to aid borrowers with both existing and new loans by offering more flexible repayment terms and improving access to additional liquidity.
1. Existing Loans Financial institutions, specialized financial entities, and businesses regulated by the BoT are asked to implement pre-emptive support measures as soon as signs of repayment difficulties arise. This aims to reduce borrowers' installment burdens in line with the current situation, for example, by allowing interest-only payments, lowering installments, reducing interest rates, or applying principal payments before interest. These measures cover all types of loans, including hire-purchase and leasing of cars and motorcycles, title loans, and regulated personal loans. Institutions are also to engage with borrowers and guarantors (if any) to clarify the conditions and outcomes of participating in these measures.
2. New Loans Financial institutions, specialized financial entities, and BoT-regulated businesses should consider assisting borrowers by providing new funds to enhance liquidity and business capability, including investments in energy efficiency. Financial institutions may utilize the SMEs Credit Boost program, a risk mitigation mechanism for lending to business customers. Additionally, financial institutions and specialized entities can consider granting extra loans to SMEs with collateral under the "SMEs Secure+" framework, which temporarily relaxes debt serviceability assessments by allowing collateral value to be considered alongside the borrower's cash flow.
The central bank will closely monitor the situation and comprehensively assess the economic and financial system impacts to implement appropriate policies and measures.
Going forward, it remains to be seen how extensively Thai banks and the private sector will implement borrower assistance measures and how much time borrowers will have to adjust during this uncertain period.
For those with multiple loan types, even if income hasn't declined yet, increased expenses mean it's time to assess your financial health and determine your capacity.
Start by recording your income, expenses, and all debts with creditors (including total balances, installments, and interest rates). If after calculations you can still manage monthly payments, you can feel somewhat reassured. But also prepare a plan for potential income loss—do you have enough savings to cover necessary expenses and debts, and for how many months? Ideally, at least 3 to 6 months to allow some breathing room.
If your self-assessment shows you "can't manage," prioritize which debts to negotiate with banks or credit card companies. Prepare your income and expense data and discuss with your bank what monthly payments you can afford or explore restructuring options, such as lowering high-interest debts.
Today, Thairath Money offers a simple checklist to help you evaluate if you can truly manage your current debts.
[ ] Have been paying only minimum amounts for many months
[ ] Have borrowed from other sources to repay existing debts
[ ] Total monthly installments exceed 40% of your income
[ ] Experienced sudden job loss or urgent events causing income reduction
[ ] Have savings covering less than 3 to 6 months of expenses
If you frequently face these issues, it may be time to plan how to prevent your debts from growing larger. Addressing debt problems early could save you more money on interest payments and keep more money in your pocket.
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