5 state banks parade to raise interest rates for the second round All types of deposits and loans
On April 14, reporters reported that After the Monetary Policy Committee (MPC) resolved to raise the policy rate by 0.25% per year from 1.50% to 1.75% per year on March 29, 2023, resulting in the past week. There are 5 state-owned specialized financial institutions.
These include the Bank for Agriculture and Agricultural Cooperatives (BAAC), the Government Housing Bank (GHB), the Government Savings Bank, the Small and Medium Enterprise Development Bank of Thailand. or SME Bank Export-Import Bank of Thailand or Exim Bank Announced to raise interest on loans and deposits for the second time in a year, resulting in loan interest in 2023 already adjusted up to 0.50%.
Mr. Withai Rattanakorn, President of the Government Savings Bank, revealed that the Bank has raised deposit interest rates up to 0.40% per year in order to promote savings for retail customers. along with adjusting the interest on fixed deposits for 3 months, 6 months, 12 months, 24 months and 36 months, increasing by 0.05-0.20% per year and monthly fixed deposits increasing by 0.40% per year, while interest on all types of loans has increased by 0.25% per year according to the direction of market With effect from April 10, 2023, the increase in bank loan interest rates has taken into account the impact and gives customers a gradual adjustment period.
Mr. Krit Sesavej, Director of the Bank And Acting Managing Director of the Bank of Thailand said that the Bank of Thailand resolved to raise interest rates on savings accounts. And fixed deposits 0.05-0.40% per year and increase the interest on all types of loans by 0.25% per year, effective from April 10, 2023.
Mr. Rak Worakitpokathorn, Managing Director of Exim Bank, said that the Bank has announced an increase in the prime rate interest rate of 0.25% per year from 6.00% per year to 6.25% per year, effective from April 17, 2023 onwards. which extends the interest rate period from the beginning of the month to the middle of the month to help Thai entrepreneurs There is time to adjust and manage costs to cope with inflationary pressures and rising interest rates.
News reports from SME Bank revealed that it has announced an increase in interest rates on loans and deposits. With fixed deposits increasing to a maximum of 0.25%, the minimum loan MLR increased by 0.25% to 7.25% per year, and the retail customer loan, MRR, remained constant at 8.050%, effective from the 1st. last april
Mr. Chatchai Sirilai, manager of the Bank for Agriculture and Agricultural Cooperatives (BAAC), said that the BAAC has resolved to raise interest rates on deposits and loans. with interest on deposits increasing by 0.05–0.60% per year, while interest on all types of loans increased by 0.25% per year, consisting of MRR up to 6.875%, MLR up to 5.375% and MOR up to 6.750%, effective from 1 April 2023 onwards
However, in order to alleviate and reduce the burden of farmers During the recovery from COVID, BAAC still has special project loans. Interest rates are lower than normal, such as community business loans for creating Thai businesses with an interest rate of 0.01%, SME loans to strengthen, dream career loans. interest rate of 4%, etc.
