«Article Second Quarter 2005 Economic and Financial Statistics Bank of Thailand P13

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1 «Article Second Quarter 2005 Economic and Financial Statistics Bank of Thailand P13

2 «ß πº «Àπ ȵà ߪ» Õ π Ë à π Èπ Õπ π 2548 Èπ Õπ π 2548 ÿ Õ π Ë à π æ å Àπ ȵà ߪ» ß â ß Èß Èπ «22.6 æ π â π Õ å Õ. ß Õ ß â ß Èπ Õπ π«2547 π«π 2.1 æ π â π Õ å Õ. À Õ ß âõ 8.7 ß ÈßÀπ È È𠫪í Ë ÀâÀπ È ß â à 1) ÕπÀπ È Õß ÿ À à ª ªìπÀπ È à 𪻠Ëß ªìπ «À π«π 1.3 æ π â π Õ å Õ. 2) º ª Ë π ª ßÕ µ ª Ë π 0.2 æ π â π Õ å Õ. 3) πàπ È Èß Ë ªìπ ß πµ µà ߪ» ß π ÿ µ Ë â ß π π«π 0.3 æ π â π Õ å Õ. 4) ª ß â ßÀπ È π«π 0.1 æ π â π Õ å Õ. Àπ È Ë æ Ë Èπ Ÿâ àπ ß π â ª» µà Õπ ª à π â À Õ ß ÿπ πµà ߪ» πß«π È π«π 0.1 æ π â π Õ å Õ. π à«ßªï Àπ ȵà ߪ» Õ π Ë à π π«πâ ßµàÕ π ËÕß Õ ÿ ªï ( «âπ ªï 2547) æ π Ÿª ß π Ÿâ µ Àπ È ÿ ß πµà ߪ» ËÀπ È ÿ ß π π«πâ æ Ë Èπ π ËÕß ÿ À π àõàπ È ªìπ ÿ ß π Èπ 1. π «Àπ ȵà ߪ» à«π «âõ Ÿ ΩÉ À âõ Ÿ âõ π» π Ààߪ» π π «Àπ È µà ߪ» Õ π Ë à π ªìπ µ µ Èß µàªï 2543 ªìπµâπ àß «ßºŸâª Õ Ë Àπ ȵà ߪ» À Õ ÿ ª Ë π ß π Ë Ë «π ËÕß Ÿâ ß π µà ߪ» ÿ À ß πº «Àπ ȵà ߪ» π È ªìπ ß πº «âõ Ÿ Èπ Õπ π Õ µ ««Àπ ȵà ߪ» Õß ÿ Õ π Ë à π ß«Èπ Õπ π 2548 ªìπ «àß «Àâ ÿ Õ π Ë à π ÿ Ë Àπ ȵà ߪ» ß â ß Èπ Õπ π«2547 «ÿ Ë ÿ ª Ë π ß π 1 À Õ ÿ ºà π ß π ÕߺŸâ Ëπ ËÕ ŸàπÕ ª» Ë Ë «π ËÕß Ÿâ ß π µà ߪ» «π«π 2,761 â µõ ««2,280 ªìπ âõ 82.6 Õß π«π «Ë àßõõ Èß Èπ 3. µ «Õ ª âõ Ÿ âõ Ÿ Ë â «π ÿ µ ºà π «π µ «Õ ª à«âõ Ÿ ß π ÿ ª Ë π ß πµ µà ߪ» Ë â π æ å π Ÿª Õß DataSet ÿ à«à «π Èπ â µõ À Õ à ë âõ Ÿ «Ë â µõ π«π 2,280 â π Õ Àπ ȵà ߪ» ß â ß Èπ Õπ π 2548 Ë µõ π «Õ ß â ß Èπ Õπ π«2547 µ «Õ à«âõ Ÿ ÿ π â πàπ ȵà ߪ» ß π ÿ ª Ë π ß πµ µà ߪ» âõ Ÿ Ÿâ À Õ π ß π Ÿâºà π ß π ÕߺŸâ Ëπ ËÕ ŸàπÕ ª» Ë Èπ π à«ß µ Ë 1 ªï 2548 ªìπ ÿ À âõ Ÿ à Õ âõß π Á Õ ª ߺŸâµÕ 1/ µ Èß µà 1 π 2547 ªìπµâπ ª ª. â ª Ÿª «àß ß π µ. ªìπ àß ß π π Ÿª Õß ÿ âõ Ÿ (Dataset) ßÕ Á Õπ å P14 π Ààߪ» µ» ß π µ

3 Article Report on Private Non-Bank External Debt Survey as-end March 2005 The private non-bank external debt as-end March 2005 recorded an outstanding amount of US$22.6 billion, a substantial decline from as-end December 2004 by US$2.1 billion or 8.7 percent. Such decrease was evidenced upon both short-term and long-term debt components, and mainly due to (1) debt outstanding of major private company swapped to its local parent (state enterprise) by US$1.3 billion (2) exchange rate valuation changes by US$0.2 billion (3) net debt repayments (both Baht and foreign currency) from commercial bankûs report by US$0.3 billion (4) debt restructuring processes by US$0.1 billion. Meanwhile, new borrowings without corresponding foreign currency inflow (i.e. transfer for import payment or investment abroad) caused the external debt to rise by US$0.1 billion. During , private non-bank external debt constantly declined every year (except 2004), especially upon foreign loans and debt securities categories whereas Baht denominated debt increased steadily as the enterprises incurred more Baht currency debt. 1. Introduction Bank of Thailand, by External Debt Survey Team, Survey Division, Data Management Department has conducted a survey of private non-bank external debt on quarterly basis since Sampling units encompass selected enterprises, which registered external debt outstanding or foreign exchange transactions associated with external borrowings/lendings. This survey report presents survey result summary pertaining to end-march 2005 data. 2. Coverage At end-march 2005, there are 2,761 private non-bank enterprises eligible for the survey. The survey forms were distributed out to the companies that registered both external debt outstanding as-end December 2004 and foreign exchange transactions 1 associated with borrowings, repayments or nonresident Baht account. Of this, 2,280 enterprises completed and returned the forms, representing 82.6 percent response rate, accordingly. 3. Data Verification and Estimation Regardless of survey form responses, quarterly data received from the survey would be verified and estimated along with data from foreign exchange transactions from commercial banks via çdataseté forms. ë End-March 2005 external debt outstanding data is collected through Form 42 sent to a selected group of private non-bank enterprises. The amount of external debt outstanding as-end March 2005 obtained from the 2,280 respondents would then be subtracted by the as-end December 2004 figure. Then, the differences between the two will be compared with the corresponding actual ùinflow and outflowû records from Foreign Exchange Transaction Form (FX dataset) and Non-resident Baht account (NRB dataset) pertaining to each corresponding period. 1/ Since April 1, 2004, data previously reported in FT. forms by financial institutions was replaced by çdataseté via electronics data submission. Second Quarter 2005 Economic and Financial Statistics Bank of Thailand P15

4 «æ ËÕ Õ âõ Á ß µ «Õ âõ Ÿ àõπ Ë ª âõ Ÿ Àâ Ÿ µâõß ÿ ë âõ Ÿ Õß ÿ Õ π Ë à âµõ «π«π 481 ˵ µàõ à âõ π«π 224 Á ª âõ Ÿ Àπ ȵà ߪ» â Õ ß â ß ß«Èπ Õπ π«2547 π«à«âõ Ÿ ÿ π â π ß π Ÿâµà ߪ» ß π ÿ ª Ë π ß πµ µà ߪ» âõ Ÿ ŸâÀ Õ π ß π Ÿâºà π ß π ÕߺŸâ Ëπ ËÕ Ÿà πõ ª» Ë Èπ π à«ß µ Ë 1 ªï 2548 æ ËÕÀ Õ ß â ßÀπ ȵà ߪ» Èπ Õπ π 2548 ªìπ ÿ àπ π ë ÿ Ë ÿ π â /À Õ π ß π Ÿâ µà ߪ»µ ß π ÿ ª Ë π ß πµ µà ߪ» π à«ß µ Ë 1 ªï 2548 µà à ËÕÕ Ÿà π ÿà Ë àß «π«π 96 Áπ âõ Ÿ ÿ Ë Èπ π«ªìπ Õ ß â ßÀπ ȵà ߪ» Èπ Õπ π 2548 ë ÿ Ë µà π ß π Ÿâ π à«ß µ Ë 1 ªï 2548 µà à ËÕ π àß «Õ π«π 29 π ß π ŸâÕÕ ª ªìπ π«π 9.4 â π Õ å Õ. Á â ª ª æ Ë âõ Ÿ Inflow π π«π Ë à π â ª πß«««ππ È µâ µ π«à Ÿâ ß π π«π ß à «â Èπ π à«ß µ Ë 1 ªï 2548 π È ËÕ Õß ÿ ÿà π È Ÿ π «â æ ËÕ «πß«ª â«ß««àπ ȵà ߪ» ß â µ «À ËÕ ÿ Èß Ë â àß ß ÿπ à â àß ß ÿπ Ë π â π â ÿπ À àê Õ ß àõàπ È π ß à «π µ π È â Õ ÿ Ë π â π â ªìπ Ÿ à Ÿß π«π 41 âæ Ÿâ ß π µà ߪ» â«õπ ª à π â πµà ߪ» π«π 1 Ëß â π âõ Ÿ Ë â «â ªìπ Õ ß â ß π «ß«π È â«â«6. ÿªº «Èπ Õπ π 2548 ÿ Õ π Ë à π Ë Àπ ȵà ß ª» ( à «Àπ È π ËÕ â ) π«π 2,623 Àπ ȵà ß ª» Ë ««âõ Ÿ â «ª âõ Ÿ Àπ È ß â ßµ ß π ÿ ª Ë π ß πµ µà ߪ» ªìπ π«π 22.6 æ π â π Õ å Õ. Õ ÕßÀπ È ÿª â ßπ È 6.1 ª ÕßÀπ ȵà ߪ» Õ Àπ ȵà ߪ» ß â ß Èπ Õπ π 2548 π«π 22.6 æ π â π Õ å Õ. π ªìπÀπ Ȫ ß π Ÿâ ß πµ µà ß ª» 14.7 æ π â π Õ å Õ. ( à«π âõ 64.8) µ Àπ È ÿ ß πµ µà ߪ» (ª Õ â«frn, FRCD, Promissory Note, Bill of Exchange Bonds) 1.6 æ π â π Õ å Õ. Àπ È ß π Ÿâ µ Àπ È ÿ ß π Õ π«π 6.3 æ π â π Õ å Õ. (µ ß Ë 1) 4. «π πß π ««π «π µà àß «Á ««âõ Ÿ µ «Õ ª «º ß πº «Ë µ Èß µà «π Ë 4 π ß«π Ë 15 ÿπ π 2548 «Èß Èπ 46 «π 5. π«ßõ Ëπ π Á âõ Ÿ πõ Àπ Õ µ µ «ß æ ËÕ Àâ âõ µ µõ Ë Ÿß ÿ â«π «Àπ ȵà ߪ» Õ π Ë à π Àâ Õ ÿ ÿ Ë Àπ ȵà ߪ» â Ÿ å Ë ÿ Õ ªìπ π«ß Ë æ Ë «ËÕ Õ â Õß âõ Ÿ Õ ßÀπ Ëß ÿ À à Ë Ÿ π æ Ë â π «à«π À à â ß π ÿ ª Ë π ß π Õß π æ å µà Á âõ Ÿ ß à«π Ë ß π ß à «Õ ÿ à ß â à Ÿâ à π ß π â ª» µà Õπ ª à π â πµà ߪ» À Õ Ÿâ/ πºà π ß πω πµà ߪ» π «ÿ π µ ªï 2548 π È Àπ ȵà ߪ» Õ π Ë à π ( à «Àπ È π ËÕ â ) ß µ Ë 4 ªï 2547 ß âõ 8.7 Ë ß Ë âõ 1.2 µàõ µ π à«ßªï π ËÕß π µ π È ÕπÀπ È Õß ÿ Õ π À à ª Àâ à 𪻠Ëß ªìπ «À À P16 π Ààߪ» µ» ß π µ

5 In case any inconsistencies may arise, a crosschecking procedure would be conducted promptly to all related enterprises, mostly via direct telephone call. ë As for the 481 enterprises without response and 224 with no contacting address, a proxy for end-march 2005 figure could be approximated using end- December 2004 outstanding, adjusted by the corresponding new borrowings and subtracted actual repayment records during 2005 Q1, obtained from FX and NRB dataset, accordingly. ë As for 96 new enterprises previously not listed in the current survey database system but registered some new borrowings and/or repayments during 2005 Q1, the corresponding debt outstanding can be indirectly derived from FX dataset, accordingly. ë As for 29 enterprises not captured under survey database but recorded some repayments of US$9.4 million during 2005 Q1, in estimation of the survey data this period, the outflow amount would be added by the same inflow amount under the assumption that those inflow (borrowings) amount have also occurred during 2005 Q1. With this regard, the name of these enterprises would be instantly updated in our survey database and hence be ready for the following surveys, accordingly. 4. Timeframe of the Survey The whole survey process encompasses mailing the survey form, collecting, verifying and compiling data as well as producing standard survey reports, with the corresponding survey schedule from April 4th 2005 to June 15th 2005, hence covering 46 working days altogether. 5. Other Data Collection Methods In addition to targeting upon high response rate, expanding the existing survey database for more external debt item coverage is regarded as a measure to enhance data credibility. New enterprises that were recorded in our survey database are mostly from commercial banksû foreign exchange transactions report (FX, NRB dataset). Nevertheless, some data could not be captured under dataset; for instance, new borrowings without corresponding foreign currency inflow but transferred for payments of goods or borrowings/ repayments via FCD account abroad. In addition, the External Debt Survey Team has regularly checked with the enterprises who have been granted the BOIûs investment promotion privileges while also registering some capital goods imports. During this period, 41 enterprises were checked and there was only 1 enterprise that contracted such borrowing activities. The outstanding data received was also recorded in this survey period. 6. Survey Results Summary As-end March 2005, there are 2,623 non-bank enterprises registering the external debt outstanding amount US$22.6 billion (excluding trade credits). The data is collected through the survey with some adjustments by corresponding foreign exchange transactions (dataset) records. The details of the external debt outstanding can be summarized as follows: 6.1 Instrument Type As end-march 2005 private non-bank sectorûs external debt outstanding stood around US$22.6 billion. This comprises foreign currency denominated loans totaling US$14.7 billion (64.8 percent), debt instruments (including FRN, FRCD, P/N, B/E and Bonds) of US$1.6 billion while the remaining US$6.3 billion are in the form of Baht denominated loans and debt securities. (Table 1) During 2005 Q1, private non-bank external debt (excluding trade credits) substantially declined from 2004 Q4 by 8.7 percent, compared with merely 1.2 percent per quarter during Such decline was due mainly to external debt transfer of major private company to its local parent whose status is state enterprise. As for external debt recent trend development, during the last 5 years the outstanding data of foreign currency denominated loans and debt securities continued to decline (except in 2004 when the borrowings slightly rose from the preceding year), whereas Second Quarter 2005 Economic and Financial Statistics Bank of Thailand P17

6 π«πâ ÕßÀπ ȵà ߪ» π à«ß 5 ªï ß à «ª Ø«à Õ ß â ß ßµàÕ π ËÕß Õ ÿ ªï ß Èß ß π Ÿâ µ Àπ È ß πµ µà ߪ» ( «âπªï 2547 Ë ß π Ÿâ æ Ë Èπ ªï àõπàπâ Á πâõ ) ËÀπ È ß π â æ Ë Èπ µ Õ π ËÕß ÿ À π àõàπ È ªìπ ÿ ß π Èπ µà π µ ªï 2548 Ë π ÿ Àâ Õ ß â ßÀπ È ß π Ë ß µ Ë 4 ªï 2547 (µ ß Ë 2) 6.2 Õ ÿàπ È Ë À Õ ÿàπ ȵ (Original Maturity) ÕßÀπ È µà ߪ» Èπ Õπ π 2548 æ «à Àπ È ÿ ª «Õ ÿ Ë 7 ªï 10 Õπ 7 «π à«π À à ( π«π 6.9 æ π â π Õ å Õ. À Õ âõ 30.7) ªìπÀπ È Ë à ÿõ ÿ Õß ß ªìπÀπ È Ë Õ ÿ π 10 ªï Àπ ÈÕ ÿ3-4 ªï Àπ ÈÕ ÿ à π 1 ªï Àπ ÈÕ ÿ5-6 ªï µ (µ ß Ë 3) π â πõ ÿàπ È π«µ Õ ÿ Ë À ÕÕ Ÿà (Remaining Maturity) ª Ø«à Õ ÿ Ë 3 ªï 10 Õπ 3 «π ªìπÀπ È Ë à ÿõ ÿ Ë ÿ âõ 30.7 Õß ß ªìπÀπ È Ë À ÕÕ ÿ π µë «à 1 ªï Àπ ÈÕ ÿ 4-5 ªï Àπ ÈÕ ÿ 1-2 ªï Àπ ÈÕ ÿ 2-3 ªï µ (µ ß Ë 4) Õ ÿàπ È Ë (Original Maturity) π à«ßªï à º πº«π π À µ π È ß µ Ë 4 ªï 2547 Á πâõ ÈßÀπ È ß π Ÿâ µ Àπ È ß πµ µà ߪ» ËÀπ È ß π Õ ÿ Ë æ Ë Èπ (µ ß Ë 2) 6.3 Õ µ Õ È Ë Õ µ Õ È Ë ÕßÀπ ȵà ߪ»µ º «Èπ Õπ π 2548 à âõ 3.30 Àπ ȵà ߪ» à«π À à ( âõ 44.6 ÕßÀπ ȵà ߪ») Õ È πõ µ ß Ë ÿ à«πàπ Ëß Ë Ÿâ ß π à πµà ߪ» à Õ È ( âõ 0.9 ÕßÀπ ȵà ߪ») Õ µ Õ È Ë Õß Àπ ȵà ߪ» ÿª âµ µ ß â π È ª Õ È πè Àπ ( âõ ) Õ µ Õ È ( âõ ) FIXED RATE LIBOR SIBOR BIBOR TIBOR Õ ËπÊ NON-INTEREST « º «æ «à Õ µ Õ È Ë ÕßÀπ ȵà ߪ» ËÕπ À«π» ß «Õ µ Õ È πµ ß π Ë Õß π µ ªï 2548 æ Ë Èπ µ Ë 4 ªï 2547 Á πâõ (µ ß Ë 6) P18 π Ààߪ» µ» ß π µ

7 Baht denominated loans continuously increased, which was the result from the enterprises that incurred more Baht currency debt. Meanwhile, in 2005 Q1 the enterprises began to make the repayments, the Baht debt outstanding has then declined from 2004 Q4 (Table 2) 6.2 Average Maturity As end-march 2005, the average maturity of total debt is 7 years 10 months 7 days (original maturity). Most of them (amounted of US$6.9 Billion or 30.7 percent) is the debt that has maturity of no age, followed by the maturity of more than 10 years, 3-4 years, less than 1 year and 5-6 years. (Table 3) Regarding remaining maturity basis, average maturity of total debt is 3 years 10 months 3 days. The largest amount of outstanding debts, 30.7 percent, registered as unclassified maturity, followed respectively by those with maturity of less than 1 year, 4-5 years, 1-2 years and 2-3 years. (Table 4) During debt original maturity had been rather stable. For 2005 Q1 it declined slightly as compared to that during 2004 Q4. As for average maturing pertaining to each type of debt components, it was found that foreign currency loans and debt securities declined while Baht currency loans and debt securities increased slightly. (Table 2) 6.3 Average Interest rates As end-march 2005, the average interest rate for the external debt stood at 3.30 percent per annum. Most of the external debt (44.6 percent) were contracted with fixed interest rate conditions while there are some affiliated companies that borrowed from their parents abroad with zero interests (accounted for 0.9 percent). The details of the average interest rates associated with external borrowings could be tabulated as follows: Interest Rate Type Weight (percent) Interest Rate (percent per annum) FIXED RATE LIBOR SIBOR BIBOR TIBOR OTHERS NON-INTEREST Total The survey result found that the average interest rate of external debt moved in consistent direction with those rate indices quoted under the worldûs major money markets. Regarding the current quarter, the average interest rate rose slightly from 2004 Q4. (Table 6) Second Quarter 2005 Economic and Financial Statistics Bank of Thailand P19

8 6.4 Àπ ȵà ߪ» π µ ÿ ß π Àπ ȵà ߪ» ß â ß Èπ Õπ π 2548 π«π 22.6 æ π â π Õ å Õ. ªìπÀπ È π Ÿª ÿ ß π Õ å Õ. Ë ÿ π«π 11.4 æ π â π Õ å Õ. Õß ß ªìπ ÿ ß π π«π 6.3 æ π â π Õ å Õ. ÿ π ˪ÿÉπ 3.2 æ π â π Õ å Õ. ÿ ß π Ÿ 0.9 æ π â π Õ å Õ. Ë À Õ ªìπ ÿ ß πõ ËπÊ Õ 0.8 æ π â π Õ å Õ. ªìπ à«π âõ 50.4, 28, 14.1, ÕßÀπ ȵà ߪ» «µ (Graph 6 µ ß Ë 7) ËÕæ π â π ÿ ß π ÕßÀπ ȵà ߪ» π µ 1 ªï 2548 æ «à π«πàπ È µà ÿ à«π À à ª Ë π ª ß ª π» ß «Àπ ȵà ߪ» «Ëß µ π ÈÀπ È Õ ÿ ÿ π«π ßµàÕ π ËÕß µ àõπê Àπ È ÿ Õ å Õ. Ÿ π«π ß «à ß ÕßÀπ È «à«πàπ È ß π π ß æ ß Á πâõ ËÀπ È ß π Ëß π«πâ æ Ë Èπ µ Õ π à«ßªï â π«π ß µ Ë 4 ªï 2547 âõ 3 (µ ß Ë 8) 6.5 Àπ ȵà ߪ» π µ ª» π â 𪻠â Àπ È æ «à Àπ ȵà ߪ» ß â ß Èπ Õπ π 2548 π«π 22.6 æ π â π Õ å Õ. ªìπÀπ È ª» À Õ Ë ÿ π«π 5.8 æ π â π Õ å Õ. ªìπ à«π âõ 25.8 Õß ß â à ˪ÿÉπ ß ª å ŒàÕß ß Õ π À Õ µ (Graph 7) à«π Ë À Õ ªìπÀπ È ª»Õ ËπÊ π«π 4.4 æ π â π Õ å Õ. ªìπ à«π âõ 19.5 π µ π È Àπ È ª»À Ê ß Õ ÿ ª» Èß À Õ À Õ ( Èß 2 ª»π È π«πâ ªìπÀπ È æ Ë Èπµ Õ µ Èß µàªï 2543 ªìπµâπ ) ˪ÿÉπ ß ª å ËŒàÕß ß ªìπ æ ß À àß «ËÀπ È ß ß æ Ë Èπ π µ π È æ Ë Èπ µ Ë 4 ªï 2547 âõ 9 (µ ß Ë 9) P20 π Ààߪ» µ» ß π µ

9 6.4 External Debt Classified by Currency External debt outstanding as end-march 2005 stood around US$22.6 billion. Most of it was denominated in US Dollar (US$11.4 billion), followed by Thai Baht (US$6.3 billion), Japanese Yen (US$3.2 billion), Euro (US$.0.9 billion) and other currencies (US$0.8 billion). They accounted for 50.4, 28, 14.1, 4 and 3.5 percent of total external debt, respectively. (Graph 6 and Table 7) When considering external debt currency composition in this quarter, it was found that the debt in each currency mostly changed in consistent with movements of the total external debt. During 2005 Q1 the external debt in most currencies continued to decline from previous quarters. Those portions denominated in USD, EUR declined sharply than the total external debt while JPY portion decreased slightly. Baht debt, which had risen steadily during , declined approximately 3 percent during 2005 Q1, as compared to 2004 Q4 (Table 8) 6.5 External Debt Classified by Country (Location) of Creditors As for external debt outstanding breakdown by country of creditors, external debt outstanding as end-march 2005, which stood around US$22.6 billion, mostly composed of the debt that borrowed from United State (US) by US$5.8 billion (accounted for 25.8 percent) followed by Japan, Singapore, Hong Kong, Germany and United Kingdom (UK), (Graph 7). The remaining portion is the debt that borrowed from other countries amounted of US$4.4 billion, which accounted for 19.5 percent, accordingly. External debt outstanding pertaining to US and UK creditors had revealed steady upward trend since Nevertheless, during 2005 Q1 it was found that external debt outstanding from these 2 countries as well as Japan and Singapore declined substantially, while those debt portions pertaining to HK has continued to rise, with 9.0 percent increase during the current quarter as opposed to the previous quarter. (Table 9) Second Quarter 2005 Economic and Financial Statistics Bank of Thailand P21

10 7. ª Ë π ª ßÀπ ȵà ߪ» π µ Ë 1 ªï 2548 âõ Ÿ Àπ ȵà ߪ» Õß Õ π Ë à π Èπ Õπ π 2548 Ë «Á âõ Ÿ â π«π 22.6 æ π â π Õ å Õ. ß Àπ È ß â ß Èπ Õπ π«2547 π«π 2.1 æ π â π Õ å Õ. ª Ë π ª ß ÕßÀπ ȵà ß ª» π à«ß µ Ë 1 ªï 2548 π Õ â ßπ È Àπà«: æ π â π Õ å Õ. Àπ ȵà ߪ» ß «-2.1 π ªìπ πàπ È ÿ µ ß π ÿ ª Ë π ß π (.µ ) -0.3 Àπ È Ë ª Ë π ª ß Õ µ ª Ë π -0.2 Àπ È Ë æ Ë Èπ ß π Ÿâ Ë àπ ß π â +0.1 Àπ È Ë ß ª ß â ßÀπ È -0.1 Õ Ëπ Ê * -1.6 * π «ß«π È ÿ Õ π Ë ÕπÀπ ȵà ߪ» ª ªìπÀπ È Õß à ÿ π Èπ ªìπÀπ È ß π à π Ëß à π ªìπ «À ÀâÀπ ȵà ߪ» ß π«π 1.3 æ π â π Õ å Õ. à«π ËπÕ Àπ Õ π È Àπ È ß π ËÕß À Àπ È à π â π ß π Ÿâ â«ß π 𪻠πºà π FCD πµà ߪ» ªìπµâπ πß«π È ª æ Ë Inflow Àâ Õ âõß âõ Ÿ Õß ÿ Ë Outflow µà à â π âõ Ÿ Inflow πõ µ π«π 9.4 â π Õ å Õ. ÿπ π 2548 «Àπ ȵà ߪ» à«π «âõ Ÿ ΩÉ À âõ Ÿ âõ π» P22 π Ààߪ» µ» ß π µ

11 7. Changes of External Debt in 2005 Q1 As-end March 2005, private non-bank external debt outstanding data obtained from the survey database amounted to US$22.6 billion, representing US$2.1 billion decrease from end-december 2004 outstanding, accordingly. As for all external debt changes during 2005 Q1, the details could be summarized as follows: US$ Billion Total external debt decrease -2.1 of which : ë Net borrowings as shown in Foreign Exchange Transaction Form (Previous: F.T and F.T.40) -0.3 ë Exchange rate valuation changes -0.2 ë Debt increase, from new borrowings without actual corresponding foreign currency inflow +0.1 ë Debt decrease, from debt restructuring -0.1 ë Debt decrease, from other reasons* -1.6 *During the current survey period, there is a local subsidiary company that swapped its external debt outstanding to its local parent company in exchange for Baht loans from its parent. Due to the status of the parent creditor company which is a state enterprise, private non-bank external debt then declined by US$1.3 billion. The other reasons for the debt decrease are payment in-kind by exports revenue, debt repayment (locally) via Thai Baht, overseas FCD account transfer including inflow adjustments (pertaining to those companies, which registered some outflow transactions during the current period without corresponding inflows during preceding periods, amounting US$9.4 million.) June 2005 External Debt Survey Team Survey Division Data Management Department Information Technology Group Second Quarter 2005 Economic and Financial Statistics Bank of Thailand P23

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