KBank passes along rate cut for lending
published : 14 Aug 2019 at 15:16
Kasikornbank (KBank) has taken the lead in fully passing on the central bank's 25-basis-point policy rate cut by slashing its minimum retail rate (MRR) and minimum overdraft rate (MOR).
The new rate for the two prime lending rates will take effect from Aug 15, said co-president Predee Daochai.
The bank's new MRR and MOR will be at the same rate of 6.87% after the rates are cut.
"The bank stands ready to pass on the policy rate cut by trimming the MOR and MRR by 0.25 percentage points to help small and medium-sized enterprises and assist with the burden of retail borrowers as these lending rates are for most of the loans extended to these customer groups," he said.
Last week the Bank of Thailand unexpectedly cut the benchmark rate to 1.50% from 1.75% to boost the country's stuttering economy.