SCB set to cut MRR, deposit rates

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SCB set to cut MRR, deposit rates

By THE NATION

 

 

Siam Commercial Bank (SCB) will adhere to Bank of Thailand policy announced on Wednesday (November 7) and lower its policy rate from 1.5 to 1.25 per cent starting on Friday.

 

Chairman and chief executive Arthid Nanthawithaya said on Thursday the MRR (Minimum Retail Rate) would drop to 6.87 per cent and the interest rate on fixed deposit accounts would also be reduced by 0.25 percentage point.

 

He said the bank believed the new rate would help reduce operating costs for its SME clients and ease living expenses for individuals.

 

“We are especially committed to helping SME operators, who are suffering from the impact of the international trade war and the slowdown in domestic spending,” Arthid said.

 

Related Story: Bank of Thailand cuts rate to 1.25 per cent

Related Story: SCB sees growth in third quarter

 

Source: https://www.nationthailand.com/news/30378144

 

-- © Copyright The Nation Thailand 2019-11-08

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[observer90210]

Jesus !....hope it does not become like some retail banks in Europe or Switzerland, where you must pay a fee for them to keep yer grub..