SME Bank warns of negative impacts of Russian economic crisis

BANGKOK, Jan 1 (TNA) – The economic crisis of Russia had direct impacts on tourism in Pattaya and Phuket due to a drop in the number of Russian tourists, said Salinee Wangtal, chairwoman of Small and Medium Enterprise Development Bank (SME Bank). She said that Phuket was seriously affected especially in the second half of last year and the incomes of local tour operators dropped by half due to the disappearance of Russian tourists. SME Bank came to their rescue by extending their repayment periods. She also advised tour operators to cut their fees to woo local clients for the sake of their survival in the critical time of Russia. Meanwhile, Vorapol Socatiyanurak, secretary-general of the Securities and Exchange Commission, said that Russia which was a large crude oil producer was facing big problems as the oil price and worldwide purchasing power were falling and more alternative energy was developed. He said Russia's attempts to stabilize the value of its ruble currency were costly and concerned parties should monitor the export of Russian oil. He commented that the impacts of Russian economic problems on Thailand should be limited. (TNA)