Six state owned banks cut their loan rates

Six state banks have reduced their lending rates by 0.25%, which will benefit 18 million account customers. In addition, they have introduced a new savings account.

The banks’ decision to cut the minimum retail rate (MRR) by 25 basis points for a six-month period is a response to the prime minister’s call to action. It reflects a commitment to responsible lending and a recognition of the need to support vulnerable customers.

Prime Minister Srettha Thavisin has been a vocal advocate for this change, urging the central bank to lower interest rates from their decade-high levels to support businesses grappling with high household debt and the economic impact of China’s slowdown. The Bank of Thailand (BoT) has been encouraged to push local banks to reduce lending rates, especially for fragile groups, to foster a more inclusive economic recovery

State Banks Respond to Thai Bankers…