KBank, BBL cut prime loan rates by 25 bps

KBank, BBL cut prime loan rates by 25 bps

Lower MLR of 6% will support economic growth, banks say

Kasikornbank and Bangkok Bank will cut their prime lending rates from Monday. (Photo by Pattarapong Chatpattarasill)
Kasikornbank and Bangkok Bank will cut their prime lending rates from Monday. (Photo by Pattarapong Chatpattarasill)

Kasikornbank and Bangkok Bank said on Friday they would cut their prime lending rates by 25 basis points from Monday, following the recent cut n the Bank of Thailand policy rate.

Both banks' minimum lending rates will drop to 6.0%, which they said would help clients reduce costs and support economic growth, the banks said in separate statements.

On Thursday, Siam Commercial Bank and Government Savings Bank took the lead in passing on the Bank of Thailand's rate cut to customers, putting pressure on the lenders' profits.

On Wednesday, the Monetary Policy Committee reduced its benchmark interest rate by a quarter point to 1.25%, a record low last seen during the global financial crisis.


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