Thailand plans to regulate the fast-growing business of hire purchase and leasing of cars and motorcycles to maintain financial stability and protect consumers, its central bank said on Monday.
The business has grown 5.5% on average between 2017 and 2021, with outstanding transactions at the end of last year amounting to 1.8 trillion baht ($50.78 billion), or 12.3% of total household debt, the bank said in a statement
About a third of the transactions were conducted by non-financial firms which do not yet have clear regulations and there have been rising public complaints about the sector, the Bank of Thailand (BOT) said without elaborating.
Public opinions on the matter will be sought from Aug. 15 to 31, to help with the drafting of regulations, the BOT said.
($1 = 35.45 baht) (Reporting by Orathai Sriring and Satawasin Staporncharnchai Editing by John Geddie)