EXIM Thailand Cuts Prime Rate to 6.60% Per Annum
EXIM Thailand Cuts Prime Rate to 6.60% Per Annum as Thai New Year Gift to Alleviate Business Burdens in Line with Government Policy
Mr. Rak Vorrakitpokatorn, President of Export-Import Bank of Thailand (EXIM Thailand), has disclosed that the Bank will cut its Prime Rate by 0.15% per annum, dropping from 6.75% to 6.60% per annum. This adjustment will benefit both general clients and SMEs, aligning with the interest rates offered to prime SME customers or the Minimum Retail Rate (MRR) of commercial banks, which remains the lowest MRR in the banking system. The interest rate cut is presented as a Thai New Year’s gift to Thai entrepreneurs during the Songkran festival, effective from April 18, 2024, onwards.
The Prime Rate cut aligns with the government’s efforts to alleviate the burdens faced by Thai entrepreneurs, particularly SMEs. It reflects EXIM Thailand’s commitment to providing support to Thai entrepreneurs by increasing liquidity, reducing debt, and lowering business costs, all while promoting sustainable competitiveness in the global market. This initiative is set against the backdrop of slow growth in the Thai economy and enduringly high interest rates in financial markets.
