Bangkok: In a heated exchange at the 69th budget meeting, “Chadda” called for the distribution of “digital wallet” money to stimulate the economy. His frustration was evident as he questioned the “Bank of Thailand” about the high fees and interest rates imposed by banks, which he believes hinder the potential of the poor, regardless of their skills or job performance. Chadda argued that wealth is concentrated in the hands of capitalists, and distributing digital wallet funds is the only viable solution to invigorate the economy.

According to Thai News Agency, the meeting was part of the Special Committee’s review of the draft Budget Act for the fiscal year 2026, chaired by Mr. Chulaphan Amornvivat, Deputy Minister of Finance. Four key agencies and financial institutions were present, including the Ministry of Finance, the National Economic Development Council, the Bank of Thailand, and the Budget Bureau, to provide insights into the nation’s economic landscape.

At the onset, Mr. Chatcha Thaiset, an MP for Uthai Thani from the Bhumjaithai Party, passionately questioned the Bank of Thailand (BOT) about their role in addressing economic challenges. He likened the current situation to managing livestock, emphasizing that financial resources are not reaching grassroots levels, and farmers continue to struggle with low crop prices. He criticized the banks for imposing separate fees and questioned who is currently in control, suggesting that financial resources are predominantly channeled into construction rather than skill development and training.

Mr. Chatada expressed his concerns about the lack of opportunities for the lower class, noting that despite their capabilities, they are unable to elevate their social status due to systemic barriers. He highlighted Indonesia’s approach of providing salaries for research and advocated for similar measures in Thailand. He criticized the Bank of Thailand for overlooking the potential of social media and direct sales, which could empower the new generation.

Mr. Chatda warned of escalating problems if these issues are not addressed, emphasizing that economic contraction is multifaceted and requires investment in human capital. He noted that while the Pheu Thai Party campaigned on digital money, they faced opposition when attempting to implement such initiatives. He argued that political parties, once elected, should have the authority to execute their policies to benefit the lower class without hindrance from financial institutions.

Having served on the committee for eight years, Mr. Chatda expressed frustration with the stagnant figures and the inability to implement meaningful changes. He demanded clarity from the Bank of Thailand regarding their oversight of banks and their role in regulating fees and interest rates. He highlighted the burden of interest payments on government funds and the concentration of wealth within capital groups, urging the Bank of Thailand to provide transparent answers.