Bank of Ayudhya lowers MRR to 6.70%

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Bank of Ayudhya lowers MRR to 6.70%

By THE NATION

 

The bank's president and chief executive officer Seiichiro Akita

 

Bank of Ayudhya is poised to cut its Minimum Retail Rate (MRR) by 0.25 percentage point to 6.70 per cent a year on Saturday (February 8) to ease the financial burden of customers.

 

 

The bank's president and chief executive officer Seiichiro Akita said on Friday (February 7) that the bank was ready to provide relief to customers and follow trend of the policy rate.

 

Several major commercial banks have already trimmed loan rates after the Bank of Thailand's Monetary Policy Committee (MPC) cut its policy rate on Wednesday (February 5), effective immediately.

 

The committee voted unanimously to cut the policy rate by 0.25 percentage point from 1.25 per cent to a historic low of 1 per cent.

 

Source: https://www.nationthailand.com/business/30381787

 

-- © Copyright The Nation Thailand 2020-02-08

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[Scott Tracy]

6.7% when MPC policy rate is 1%? 

 

must be raking it in.

[Pib]

Bank of Ayudhya (Krungsri) only lowered their MRR rate because they had to....it wasn't to help their customers. Ditto for other Thai banks.  If Thai banks wanted to help the customers they would have cut their rate before Bank of Thailand lowered their policy rate.    

Edited February 8, 2020 by Pib