Kasikorn Research Center expects FCD outstanding balances to fall 2.4% this year as the baht weakens and depositors rush to convert back into baht

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Summary · why it matters

Kasikorn Research Center reported that outstanding balances in foreign currency deposit accounts, or FCDs, have already fallen by about 2.4% this year as of the end of July 2026, in contrast to the previous four years when they rose continuously by double digits. In 2022 they rose 18%, in 2023 they rose 38%, in 2024 they rose 20%, and in 2025 they rose 32%. Dr. Kanchana Chokpaisarnsilp, research executive at Kasikorn Research Center Co., Ltd., said the cause is that the baht has weakened this year, unlike previous years when the baht strengthened, making this a good moment to convert back into baht for a larger amount of money. The decline in outstanding balances covers both US dollar and Japanese yen holdings. Meanwhile, the US central bank's latest interest rate hike has widened the gap with Thai interest rates further, though Thai rates remain unchanged at 1%. Separately, Patrick Pulia, Head of Financial Markets at Siam Commercial Bank, said the bank has an e-FCD account in the SCB EASY application offering interest of up to 5% for US dollar deposits of at least 25,000 dollars but not more than 100,000 dollars, with deposits required between August 1 and December 31, 2026.

Impact on assets 2

Digital Finance & Tokenization▲ · 1 stocks
SCB X Public Company Limited
SCB
▲ PositiveCapitalrelevance

SCB's e-FCD account offers up to 5% interest to attract US dollar deposits, a product/funding push amid falling FCD balances.

Others▼ · 1 stocks

Off-coverage companies 1

Kasikorn Research Center Co., Ltd.Private± Mixed
relevance

Kasikorn Research Center is the source of the FCD balance forecast, but the news carries no direct financial impact on it.

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