The cabinet on Tuesday approved amendments to the Civil and Commercial Code to cut its statutory interest rate from 7.5% to suit economic conditions, according to the prime minister.
Prime Minister Prayut Chan-o-cha said after the cabinet's meeting at Government House that the Civil and Criminal Code had been imposed for 95 years and the 7.5% statutory rate should be changed in accordance with the present economic circumstances.
The amendment bill cut the rate for defaults to 5% and that for disputed transactions to 3%, the prime minister said.