Bangkok Bank cuts interest rates to reduce financial costs for customers during the COVID-19 outbreak
March 23, 2020
Bangkok Bank has cut key lending interest rates for businesses and consumers by 0.125 to 0.25 percentage points to alleviate financial costs and help them manage challenges from the COVID-19 pandemic while supporting the broader Thai economy.
From March 24, 2020, the Minimum Loan Rate (MLR) will be cut by 0.125 percentage points, Minimum Overdraft Rate (MOR) by 0.25 percentage points, and Minimum Retail Rate (MRR) by 0.125 percentage points.
Bangkok Bank Director and Senior Executive Vice President Suvarn Thansathit said the Bank’s interest rate cuts, which are in line with the Bank of Thailand’s recent lowering of the policy interest rate, will lower the financial cost of borrowing, a key cost of doing business, and help customers withstand the impacts of the COVID-19 outbreak on their livelihoods.
“Bangkok Bank is committed to helping business customers survive the crisis while supporting the economy as a whole, which remains challenged due to a number of internal and external factors,” said Mr. Suvarn.