Krungsri bank to raise lending rate by 0.40%
Beginning on January 3 of the next year, Krungsri bank will increase its lending rates by 0.40% per annum, said Chief Strategy Officer Pairote Cheunkrut on Friday (December 30).
The decision about the adjustment was made following a gradual economic recovery in Thailand and an increase in interest rates, added Pairote.
The rates are changing as follows:
- Minimum Loan Rate (MLR) is increased by 0.40% to 6.48%
- Minimum Overdraft Rate (MOR) is increased by 0.40% to 6.725%
- Minimum Retail Rate (MRR) is increased by 0.40% to 6.65%
He added that Since Thailand's economy continues its gradual recovery, the decision to raise rates has been made following the current economic climate, rising global interest rates, and the change in contributions to the Financial Institution Development Fund (FIDF) at a normal rate of 0.46%.
Factors namely market conditions and economic factors were taken into account before making this decision. The Bank remains committed to offering timely and appropriate support to meet the needs of customers, aligning with the Thai Bankers' Association (TBA)'s practice, he added.