60bn yen loans to be repaid in 2013

The Finance Ministry sets to repay altogether 60 billion yen-denominated loans in advance or approximately Bt20 billion in this fiscal year, to take advantage of the baht appreciation against Japanese yen.

Chularat Sutheethorn, the director-general of the Public Debt Management Office, said that the repayment ahead of schedule has won Japan International Cooperation Agency (JICA)'s consent and waiver of premature-repayment fee.

"We are taking advantage of baht appreciation in reducing public debts," she said.

Some foreign loans are however cannot be repaid in advance, as that will involve a penalty fee. In this case, the office will swap them into baht loans to reduce foreign exchange risks.

Foreign loans account for 7 per cent of public debts, which stood at Bt5 trillion as of January or 44 per cent of gross domestic product. Of total, 64 per cent is denominated in Japanese yen and the rest in other currencies.

Of total public debts, state enterprises' borrowing totalled Bt3 trillion.

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