PM Srettha discusses interest rate cuts with bank chiefs

[snoop1130]

 

Prime Minister Srettha Thavasin convened a meeting with top executives from four major banks to discuss potential interest rate reductions aimed at aiding vulnerable groups within the country. The discussions took place at the Government House at 9am today just before the weekly Cabinet meeting.

 

PM Srettha, who also serves as Finance Minister, sought cooperation from the leaders of both state-owned and private banks to consider lowering interest rates. Attendees included Phayong Sriwanich, CEO of Krung Thai Bank; Atit Nantawiwat, Executive Chairman of Siam Commercial Bank; Kattiya Indaravijaya, CEO of Kasikornbank; and Chartsiri Sophonpanich, CEO of Bangkok Bank. The meeting lasted for approximately half an hour, after which the executives agreed to deliberate the request.

 

The Bangkok-born Srettha expressed that the discussion revolved around the economic status of the country and general economic issues. He highlighted the banks’ strong performance and stated this was a time to aid the public, especially small and medium enterprises (SMEs) and micro-entrepreneurs struggling with high-interest rates. The executives, known to the prime minister for decades, were appealed to consider the plight of these vulnerable groups.

 

The government, seeing the hardships faced by the citizens concerning interest rates, had invited the bank executives during the previous holiday. The meeting was scheduled for today to ensure equality and uniformity in discussions.

 

The 62 year old PM emphasised that this was not a competition to see which bank would offer the lowest rates but a collective effort to ascertain how much assistance could be provided.

 

When questioned about a timeline for a response, the Thai prime minister replied that the matter was treated with mutual respect as they all have known each other for over 20 years, reported KhaoSod.

 

There was no pressure for a quick resolution: the understanding was clear that each bank would do what was feasible. He hinted that discussions were positive and asked for patience to allow the banks to consider their overall systems and determine the best approach to assist those in need.

 

By Nattapong Westwood

Caption: Photo courtesy of KhaoSod

 

Source: The Thaiger 2024-04-23

 

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[JackGats]

Banks are businesses, not charitable institutions.

[brianthainess]

Why should the Banks I use, loose money? CLOWN face Stop it. You have no Idea what your doing, effectively trying to pay out money, broke Thailand does not have. Is there no way we can get rid of this fool.

Go back to begging overseas as far away as possible.  Antarctica go for a long long walk.  

[Peabody]

What is the payoff for Sretta and his friends to keep calling for this rate reduction? 

[fondue zoo]

He needs a win, any win at this point.

Not that it matters, Thaksin has already referred to him as a temp more or less.

[BangkokReady]

13 minutes ago, Peabody said:

What is the payoff for Sretta and his friends to keep calling for this rate reduction? 

 

isn't it all about vote-buying?  They want people to believe that there's a financial crisis so that they push through the digital wallet scheme and force interest rates down so that people don't pay as much on loans.  Something like that.

 

It's straight out of the playbook.

[realfunster]

19 minutes ago, Peabody said:

What is the payoff for Sretta and his friends to keep calling for this rate reduction? 

I assume roughly the same as any government looking to cut interest rates :

 

- reduction in debt interest gives more room for corporate and personal spending, potential economic boost

- likely leading to a weaker Thai baht - good for exports & tourism

 

It would seem that inflation appears reasonably under control, so I would be asking the other Q - why are BoT not reducing interest rates from 2.5% ? 

[hotchilli]

14 hours ago, snoop1130 said:

Prime Minister Srettha Thavasin convened a meeting with top executives from four major banks to discuss potential interest rate reductions aimed at aiding vulnerable groups within the country

Clueless man.

[soalbundy]

15 hours ago, JackGats said:

Banks are businesses, not charitable institutions.

Yeah, businesses linked to tax payers money when bailouts are needed, who was it who said, "I  don't know what the greater crime is, to rob a bank or to ground one".

[jacko45k]

Politicians getting involved in economic issues is not usually a good idea.......  indicates ignorance usually.... dare we mention a short serving PM from somewhere?

[Bobthegimp]

14 hours ago, brianthainess said:

Is there no way we can get rid of this fool

 

What's this "we" business?

 

Unless you're Thai you are just sitting at the back of the short bus. Pipe down and enjoy the ride.

 

Foreigners should cheer this on as it will weaken the baht. 

[Srikcir]

13 hours ago, Peabody said:

What is the payoff for Sretta and his friends to keep calling for this rate reduction? 

Vote buying?

[Bobthegimp]

3 hours ago, Srikcir said:

Vote buying?

 

An expansion of credit enriches those at the top of the food chain as they get first dibs on newly created money.

 

The prols get inflation and a reduction in living standards. Or something along those lines.  With modern voting methods and ballot stuffing techniques there has to be a benefit other than votes to proceed with such a change. 

[john donson]

I want 5%+ on my savings here, like in USA, canada, australia....

 

lol

[Bobthegimp]

8 hours ago, john donson said:

I want 5%+ on my savings here, like in USA, canada, australia....

 

lol

 

Have you got a strong p imp hand?  Loan sharking and running a few girls will get you there.