World Economy

Thai Bank Cuts Lending Rates

Thai Bank Cuts Lending RatesThai Bank Cuts Lending Rates

Krung Thai Bank, Thailand’s second-largest lender by assets, said it has cut its key lending rates by 10 to 125 basis points, a move that comes after the central bank lowered its policy rate in April and which follows cuts by two other banks, Reuters reported. Thai banks are under pressure by the Bank of Thailand’s move to cut rates to help ease borrowers’ debt burden and kickstart Southeast Asia’s second-largest economy, which is stumbling one year after the army seized power. Krung Thai Bank’s minimum lending rate has been reduced by 10 basis points to 6.525%, while the minimum retail rate was cut by 125 bps to 7.875%, the bank announced on Tuesday.