Bangkok Post – Banks to cut rates by 25 bps for “vulnerable groups”

Banks will cut lending rates by 25 basis points for vulnerable groups for a period of six months, the Thai bankers’ association said on Thursday, responding to a government request to help small businesses.

Prime Minister Srettha Thavisin has been repeatedly pressing the central bank to cut rates from a more than decade high of 2.50%, saying it is hurting businesses as the economy confronts stubbornly high household debt and China’s slowdown. He this week said he had asked Thailand’s four largest lenders to lower their rates.

The banks’ rate cuts will be for both individual and SME customers and will help reduce their interest burden and support their recovery, the bankers’ association said in a…