FRIDAY, March 29, 2024
nationthailand

Bangkok Bank cuts lending rates in response to BOT move

Bangkok Bank cuts lending rates in response to BOT move

Bangkok Bank will lower its minimum overdraft rate (MOR) to 5.875 per cent, minimum loan rate (MLR) to 5.25 per cent and minimum retail rate (MRR) to 5.75 per cent to ease the burden on customers amid the Covid-19 situation, effective from Thursday (May 21).

Suvarn Thansathit, executive director at Bangkok Bank Plc, said that the adjustment of interest rates is to complement the government’s policy to help both entrepreneurs and the general public during economic recession as a result of the shutdown order to curb the spread of Covid-19.
“We are committed to helping entrepreneurs and people to overcome this crisis together, as well as to boost the economy that is currently in a fragile state from the effects of both internal and external factors,” he said. “In the past months, the bank has provided several measures to ensure that entrepreneur clients can maintain their liquidity and employment status.”
On Wednesday (May 20), the Bank of Thailand's Monetary Policy Committee voted 4-3 to cut the key interest rate to 0.50 per cent from 0.75 per cent, which is effective immediately, in response to economic contraction deeper than estimations due to the sharper global contraction.

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