According to the government by Mr Settha Thavisin, the Prime Minister and Ministers Minister of Finance There is a policy to help alleviate the debt burden of retail customers. and vulnerable groups By seeking the cooperation of financial institutions in the government and private sector when considering interest reductions
Most recently, the Government Financial Institutions Association revealed, at the association’s board meeting on April 25, 2024, that the meeting had jointly decided to reduce interest rates by 0.25% to help retail customers and vulnerable groups in line with policy’ the government. by the Government Savings Bank Government Housing Bank Small and Medium Enterprise Development Bank of Thailand Export-Import Bank of Thailand Small Industry Credit Guarantee Corporation Islamic Bank of Thailand Including the Bank for Agriculture and Agricultural Cooperatives, which has suspended debt payments to previously farmers. Together, they reduced the reference interest rate for each group of retail customers by 0.25% for a period of 6 months, including the retail customer loan interest rate (MRR – Minimum Retail Rate), the published interest rate (Rate Brief), and the reference rate of return for Prime retail customers (SPRR – Standard Rate of Return for Prime Retail Customer).
5 government banks reduce MRR interest rates.
1. EXIM BANK
The Export-Import Bank of Thailand (EXIM BANK) revealed that EXIM BANK has announced a reduction of 0.25% per annum in the Prime Rate interest rate from 6.60% to 6.35% per annum (the loan interest rate that EXIM BANK uses for customers general and customers corresponding to SME interest rate Loans for main retail customers or MRR from commercial banks) for a period of 6 months are counted as the interest rate of the loan. The lowest quality retail customer in the system. In force from 30 April 2024 onwards.
This reduction in the Prime Rate interest rate is in addition to the reduction in the interest rate of 0.15% per annum on 18 April 2024.
2. GH Bank
The Government Housing Bank (GH Bank) is reducing interest rates on loans. For main retail customers (MRR) 0.25% per annum from 6.795% per annum to 6.545% per annum for a period of 6 months, effective from 1 May 2024 onwards.
Ready to help increase income from savings for the people by creating a savings deposit product “Savings” with an interest rate as high as 1.95% per annum Deposit accounts open from 7 May – 30 December 2024.
3. Government Savings Bank
The Government Savings Bank announces a reduction in the MRR interest rate by 0.25% to 6.595% for a period of 6 months to help all groups of retail customers. It is considered to be the lowest MRR interest rate compared to major commercial banks. It will be effective from 1 May 2024. This is the second MRR interest reduction from 2024. The total MRR interest has already been reduced by 0.40%.
4. We are D Bank
The Small and Medium Enterprise Development Bank of Thailand (SME) or SME Bank D announced a reduction in interest rates on loans. For main retail customers (MRR) reduced by 0.25% p.a. from the original 8.05% p.a. to 7.80% p.a. for a period of 6 months, effective from 1 May 2024, to help reduce the burden on entrepreneurs In especially vulnerable groups
5. BAAC
The Bank for Agriculture and Agricultural Cooperatives (BAAC) announced a 0.25 percent reduction in MRR loan interest rates for a period of 6 months for farmers, vulnerable customers and SMEs experiencing production problems. causing the ability to repay debts to decrease Including debtors NPLs that are subject to debt restructuring. There are more than 1.2 million customer accounts that will benefit from this in order to reduce the cost burden. and supporting customer recovery during a period when the economic recovery is not yet complete and inclusive. In force from 1 May – 31 October 2024.
For the movements of commercial banks today Recently, Bangkok Bank responded to the government’s measures, announcing a reduction of 0.25% of MRR for a period of 6 months, becoming the first bank. It comes into force on 29 April 2024.
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