Thai Banks Cut Rate for Some Borrowers After Push From PM
- Commercial bank lowers retail loan cost by 25 basis points
- Rate cut follows PM Srettha’s meeting earlier this week
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Thailand’s biggest commercial banks agreed to temporarily lower borrowing costs for vulnerable groups and small businesses, following an appeal by Prime Minister Srettha Thavisin earlier this week.
The lenders will slash the minimum retail rate for loans by 25 basis points for six months, the Thai Bankers’ Association said in a statement Thursday. The MRR for loans ranges from 6.5% to 9% among Thai commercial banks.