Two banks cut lending interest rates

In response to the Bank of Thailand’s policy rate cut on Wednesday, Bangkok Bank (BBL) and the Bank for Agriculture and Agricultural Cooperatives (BAAC) yesterday announced a reduction to their lending interest rates of 0.1 percentage points per year.

- SOMRUEDI BANCHONGDUANG

BBL, the country’s largest lender by total assets, reduced its minimum lending rate (MLR), minimum overdraft rate (MOR) and minimum retail rate (MRR) by 0.1 percentage points each, effective Feb 26.

Following the adjustment, BBL’s MLR is 6.35% peryear, while both the MOR and MRR are 6.50% per year.

The BAAC announced a cut in its MOR by 0.1 percentage points to 6.025% per year, and the MRR by 0.05 points to 6.575% per year, aiming to ease interest expenses for small retail and farmer customers, support the economic recovery, and mitigate business impacts from natural disasters and US tax measures. The new rates take effect from April 1.