Srettha positive 4 top banks will consider lowering interest rates for weak sector
Prime Minister Srettha Thavisin met chief executives from Thailand’s top four banks and won their promise to consider lowering interest rates for small businesses and vulnerable groups.
Speaking to reporters before heading for the weekly Cabinet meeting on Tuesday, Srettha said he had met executives from the country’s four top lenders earlier in the day. The banks were Kasikorn Bank, Bangkok Bank, Krungthai Bank, and Siam Commercial Bank.
Srettha said these four banks were financially strong and made good profits, so he sought their cooperation in lowering the interest rate on loans for vulnerable groups, such as SMEs and small-time vendors, who have been overburdened by high interest rates.
As finance minister, Srettha has repeatedly called on the Bank of Thailand to consider bringing its policy interest rate down from 2.5% per annum. However, its Monetary Policy Committee has insisted that the current policy rate was appropriate to tame inflation for long-term economic stability.
“The government realises the hardship of people caused by high-interest rates. So, I invited the [chief executives of] the four banks over the weekend for a meeting
“The government realized the hardship of the people caused by high-interest rates. So, I invited the four banks over the weekend to attend a meeting. All of them were free to meet me at the same time today,” Srettha said.
The premier wanted to see the four banks jointly consider how much they could lower their interest rates to help people. He said he has not set a timeframe or given them any figures.
“We treated each other with respect. Whatever they can do, it’ll be fine. I just sought cooperation and spoke to people who have known each other for 10 to 20 years,” the premier said. “And they promised to talk amongst themselves.”
