Author Topic: Three banks cut key lending rates  (Read 524 times)

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Offline thaiga

Three banks cut key lending rates
« on: April 05, 2016, 01:28:54 PM »
Three banks cut key lending rates

Three of Thailand's four biggest banks cut interest rates on Tuesday in moves they said would help the country's flagging economy, and the central bank said it expected more banks to follow suit.

The cuts were the first by Thai commercial banks since May 2015, after the last policy rate trim by the Bank of Thailand (BoT).

It was unclear if the banks came under pressure to reduce rates from the BoT, which last month cut its 2016 growth forecast and said Southeast Asia's second largest economy was losing steam.

BoT Assistant Governor Jaturong Jantarangs said in a statement the rate cuts should help smaller businesses and are in line with its easy monetary policy. He also said he expects more banks to cut rates.

Thailand's third-largest lender by assets, Siam Commercial Bank, said on Tuesday it has cut its minimum lending rate (MLR) by 15 basis points (bps) to 6.375%, with immediate effect.

full article: Bangkokpost
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