November 8, 2019 / 4:53 AM / 4 days ago

Thai Kasikornbank and Bankgok Bank cut prime loan rates by 25 bps

BANGKOK, Nov 8 (Reuters) - Thailand’s Kasikornbank and Bangkok Bank said on Friday they would cut their prime lending rates by 25 basis points from Nov. 11, following the central bank’s policy easing.

Both banks’ minimum lending rates (MLR) will drop to 6.0%, which they said would help clients reduce costs and support economic growth, the banks said in separate statements.

On Thursday, Siam Commercial Bank was the first to announce a cut in its fixed deposit and retail loan rates.

On Wednesday, the Bank of Thailand reduced its benchmark interest rate by a quarter point to 1.25%, a record low last seen during the global financial crisis.

For commercial banks' rates, click on deposit and loan rates here (Reporting by Satawasin Staporncharnchai; Writing by Orathai Sriring; Editing by Muralikumar Anantharaman)

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