Thai banks to cut rates by 25 bps for ‘vulnerable groups’, bankers’ association says

By Thomson Reuters Apr 24, 2024 | 11:59 PM

BANGKOK (Reuters) – Thai banks will cut lending rates by 25 basis points for vulnerable groups for a period of six months, the country’s Bankers’ Association said on Thursday.

The decision came after Prime Minister Srettha Thavisin said this week he had asked Thailand’s four largest lenders to lower interest rates to help small businesses and the economy. Srettha has been urging the central bank repeatedly to slash rates.

The association said the move would help ease the burden of interest. It did not specify how many banks would take part in the initiative.

(Reporting by Orathai Sriring and Satawasin Staporncharnchai; Editing by Martin Petty)