Bangkok: Krungthai Bank has announced a reduction in its loan interest rates by up to 0.25%, aiming to alleviate the financial burden on customers and support the Thai economy. The decision aligns with the Monetary Policy Committee’s (MPC) recent interest rate cut and will take effect on March 3, 2025.

According to Thai News Agency, Krungthai Bank President Mr. Payon Srivanich emphasized that the rate reduction is part of the bank’s commitment to support government policies aimed at economic recovery. These policies address challenges posed by global economic conditions, structural issues such as the informal economy, and high household debt. By reducing interest rates, the bank seeks to ease financial pressures on customers during this period of economic transition.

The bank’s interest rate for prime large customers, overdraft type (MOR), will decrease from 7.270% to 7.020% per year. Similarly, the rate for prime large customers with term loans (MLR) will drop from 6.925% to 6.825% per year. Moreover, the interest rate for prime retail customers (MRR) will be reduced from 7.445% to 7.345% per year.

Mr. Srivanich highlighted that Krungthai Bank is committed to providing targeted assistance to all customer groups, particularly households with high debt burdens and SMEs facing competition from imported products. The bank plans to collaborate with public and private sectors to implement additional measures that will increase household incomes and enhance the competitiveness of entrepreneurs in a sustainable manner.