Two biggest banks cut lending rates
Bangkok Bank, Thailand's largest lender by assets, has its lending rates cut by 125-250 basis points after the central bank lowered its policy rate in April and following cuts by three other major banks.
The minimum lending rate (MLR) has been reduced by 125 basis points to 6.5 per cent, while the minimum retail rate (MRR) was cut by 250 basis points to 7.875 per cent, the bank announced on its website yesterday.
Bangkok Bank’s minimum overdraft rate (MOR) was cut by 125 basis points to 7.375 per cent, but its deposit rates were unchanged.
Krung Thai Bank, the second-largest lender by assets, said it had cut its key lending rates by 10 to 125 basis points, effective yesterday.
The MLR has been reduced by 10 basis points to 6.525 per cent, while the MRR was cut by 125 basis points to 7.875 per cent, the bank announced on its website.
Krung Thai Bank maintained its MOR at 7.375 per cent and kept deposit rates unchanged.
Excise revenue to rise
The Excise Department expects revenue collection to come in at Bt441 billion-Bt446 billion this fiscal year, some Bt20 billion-25 billion above target, given higher-than-expected receipts from oil and tobacco.
Revenue collection is expected at Bt490 billion for the 2016 fiscal year, which begins in October.
Director-general Somchai Poolsawasdi said this fiscal year’s tax revenue collection on oil was now expected at Bt121 billion, about Bt56 billion higher than its target following increased usage.
Tax collection on tobacco and beverages is expected at Bt63 billion and Bt17.4 billion, higher than the estimated Bt100 million and Bt200 million, respectively. Revenue collection on automobiles, electrical appliances, motorcycles, batteries, golf courses and night clubs is expected to be below estimated levels.
