Headwinds Blow on Thai Lenders as Premier Battles Central Bank Chief Over Rates [BNN Bloomberg (Canada)]
KASIKORNBANK PCL UNSP/ADR (KPCPY)
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Source: BNN Bloomberg
Prime Minister Srettha Thavisin and his top aides are ramping up pressure on the Bank of Thailand to cut rates to help jump-start an economy the premier says is in a “crisis.” The central bank has signaled it's in no hurry to unwind a tightening cycle of eight straight quarter-point hikes to the highest level since 2013. The clash is hitting the equity prices of lenders such as Krung Thai Bank Pcl, Kasikornbank Pcl and Bangkok Bank Pcl, whose bottom lines are already being hit by rising non-performing loans. Politicians say banks are using the excuse of high rates to sting customers. Pichai Naripthaphan, an adviser to Srettha, this week urged the BOT to prevent lenders from raking in “record profits amid an economic slowdown,” echoing Deputy Finance Minister Julapun Amornvivat, who said bankers were profiting at the expense of “people who are shouldering high borrowing costs.” The central bank is reluctant to lower rates, citing the need for a buffer against potential global shoc
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