Thai central bank tells commercial banks, financial institutions to slash interest rates

  • World
  • Sunday, 02 Aug 2020

BANGKOK, Aug. 1 (Xinhua) -- The Thai central bank announced on Saturday that it has instructed all commercial banks and financial institutions to cut interest rates charged to customers with credit card balances and personal loans by 2 to 4 percent effective on Saturday.

The Bank of Thailand (BoT) said that the cut is essential in light of the economic impact due to COVID-19 as well as to help ease the burden on Thai debtors.

"The implementation to cut interest rate is essential as the Thai economy has yet to recover from the grim economy impacted by COVID-19," said the BoT.

The central bank also wants financial institutions to help customers who are unable to make the scheduled debt repayments, by extending their term or changing them from short-term to long-term borrowers.

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