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Bangkok Bank to lower deposit interest

Bangkok Bank to lower deposit interest

WEDNESDAY, August 28, 2019
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Bangkok Bank is considering lowering its deposit interest rate after cutting the lending rate earlier this month by 0.25 per cent in an attempt to alleviate the burden on SME borrowers.

“The deposit rate cut will not affect the bank’s revenue,” said president Chartsiri Sophonpanich. “We are still expecting to see 3-4 per cent growth in total loans versus the 3-5 per cent target.”
Chartsiri is also confident that Thailand’s economy in the 3rd and 4th quarters will improve, thanks to the government’s economic stimulus packages. “The growth in loans might be slow during the first half, but after the stimulus packages are deployed things should pick up,” he said. “These packages were designed to boost consumer spending, which should mean businesses will want to expand and that translated into increased loans.”