Commercial Banks Unlikely To Adjust Interest Rates Late This Year

[Jai Dee]

Commercial banks unlikely to adjust interest rates late this year

Bangkok Bank executive chairman Kosit Panpiemras (โฆสิต ปั้นเปี่ยมรัษฏ์) believes all commercial banks will not adjust their interest rates late this year.

Mr. Kosit said there have not yet been signs that the Federal Reserve or Fed, the central bank of the United States, will increase interest rates while competition among financial institutions in Thailand is not strong during this time. He said it is likely that Bangkok Bank and other commercial banks will not change their interest rates before the year ends.

Mr. Kosit said an economic slowdown was expected in the second half of this year and the general election will not make the economic situation improve much because recovery takes time.

Source: Thai National News Bureau Public Relations Department - 13 September 2006