Top Thai Banks to Cut Interest Rate After PM Calls for Relief [BNN Bloomberg (Canada)]
BANGKOK BANK UNSP/ADR (BKKLY)
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Source: BNN Bloomberg
The lenders will slash minimum retail rate for loans by 25 basis points for six months, the Thai Bankers' Association said in a statement Thursday. The minimum retail rate for loans ranges from 6.5% to 9% among Thai commercial banks. The decision to lower borrowing cost came days after Srettha met chief executives of Bangkok Bank Pcl, Siam Commercial Bank Pcl, Kasikornbank Pcl and Krung Thai Bank Pcl. Srettha turned to the top lenders after the central bank held its benchmark rate steady at a third straight meeting on April 10, ignoring calls by the premier to slash borrowing costs from a decade high 2.5%. The prime minister and Bank of Thailand Governor Sethaput Suthiwartnarueput have clashed over the policy approach to revive Southeast Asia's second-largest economy, which has grown at a slower pace than regional peers. The central bank said Wednesday holding rates provided it policy options to deal with unexpected global and domestic challenges. The reduction in loan rates
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