Dr. Rak Vorrakitpokatorn, President of Export-Import Bank of Thailand (EXIM Thailand), revealed that the existing baht volatility has pushed up costs and bitten into revenues of entrepreneurs in Thai export sector, SMEs in particular. EXIM Thailand has thus responded to the Ministry of Finance's policy to take immediate action to support Thai SME exporters with provision of full-fledged services, both financially and non-financially, to enhance their liquidity and safeguard against international trade risks through the following schemes:
- EXIM Happy Export Credit offering a special interest rate of 3.25% per annum in the first 2 years to fulfill entrepreneurs' working capital requirements for their export and export-related businesses.
- Happy Foreign Exchange Forward Contract for each entrepreneur to fix foreign exchange (FX) rates in advance with the Happy FX Rate - an additional 3-satang bonus and forward booking of a maximum of 9 main currencies, available free of charge for exporters nationwide that have credit lines with EXIM Thailand or other financial institutions.
"Foreign exchanges fluctuations are unpredictable, but they can be managed. EXIM Thailand has introduced an FX risk hedging tool for exporters, offering the special benefit of the "Happy FX Rate" along with a low-interest credit facility to boost SME exporters' liquidity. Additionally, EXIM Thailand provides both online and offline training on financial literacy, with a focus on FX risk management, which is crucial for maneuvering currency fluctuations. These initiatives aim to help Thai exporters manage international trade risks professionally," said Dr. Rak.
To address the knowledge gap among exporters, EXIM Thailand will organize a training program titled "Breaking through to Export Markets" on Friday October 25, 2024, 13.00-16.30 hours, at the Conference Room, Lobby Floor, EXIM Thailand's Head Office to update on directions and methods to mitigate international trade risks in a professional manner, export market and product trends, and tips for target market penetration and foreign buyers search by product type. The training attendees will also be eligible for a special offer from EXIM Thailand, i.e., export credit insurance policy under the EXIM for Small Biz scheme with a maximum coverage of 2 million baht to hedge against foreign buyers' non-payments. Furthermore, ongoing training on financial knowledge for exports is made available both at EXIM Thailand's Head Office and online all year round. Interested parties may contact the EXIM Contact Center at Tel. 0 2169 9999.
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