Emergency Decree on the Maintenance of Stability of the Financial System and Economic Security of the Country, B.E. 2563 (2020)

The grounds for the promulgation of this Emergency Decree are as follows. Whereas the coronavirus disease 2019 has abruptly and severely spread around the world including Thailand until the World Health Organization declares it a pandemic, this creates an impact on the economic system of every countries around the world, especially the debt instrument market which constitutes a critical mean of capital raising in the operation of business, investment, and saving of the people. No organisation could yet predict when this pandemic is going to end. As a result, economic activities of every sector around the world have abruptly and severely come to a halt. Entrepreneurs who raise capital in the debt instrument market are faced with a sudden liquidity shortage and are unable to redeem the debt instruments which have matured and which will soon mature, the value of which is around hundreds of billion bath. This situation is very likely to result in a significant increase in the cases where the issuers will default on the payments, which constitutes a systematic risk that has an impact on the stability of economic and financial systems of the country as well as the people overall. This situation constitutes an emergency of unavoidable and urgent necessity for the purpose of maintaining the economic security of the country. It is therefore necessary to enact this Emergency Decree.