Four major Thai banks cut loan interest rates to spur economy
Four major banks of Thailand have decided to cut their minimum retail rate (MRR) by 0.25 percentage point to help lower financial costs of small and medium enterprises (SMEs), increase their competitiveness and support the Thai economy.
The baht notes are counted at the Krungthai Bank in Bangkok (Illustrative image. Photo: AFP/VNA)
Bangkok (VNA) - Four major banks of Thailand have decided to cuttheir minimum retail rate (MRR) by 0.25 percentage point to help lower financialcosts of small and medium enterprises (SMEs), increase their competitivenessand support the Thai economy.
Their decision takes effective from August 15.
The four banks are Kasikornbank (KBank), Krungthai Bank (KTB), Bangkok Bank(BBL) and Siam Commercial Bank (SCB).
Besides, KBank, KTB and BBL cut the minimum overdraft rate (MOR) by 0.25percentage point, while SCB cut its MOR by 0.125 percentage point.
BBL director and senior executive vice president Suvarn Thansathit said the bank’sreduction of 0.25 percent in its MOR and MRR was aimed at helping businessoperators, especially SMEs, to lower their interest rate costs which contributeto business operation costs.
Bangkok Bank is committed to assisting business operators to improve theirbusiness efficiency and competitiveness, which will help drive the economy inline with government policies, Suvarn said.
Meanwhile, KBank president Predee Daochai said that the aim was to ease theburden on SMEs and retail clients.
The move by the banks is in line with the central bank’s decision on August 7to reduce its policy rate from 1.75 to 1.50 percent. - VNA
The private sector of Thailand has called on the country’s Government to introduce economic stimulus packages to support economic growth in the remainder of 2019 amid growth slowdown, local media reported.
The Bank of Thailand is preparing measures to control short-term capital inflows, while continuing to relax restrictions on outflows to cope with the strong baht, according to minutes of a policy meeting last month.
Thailand’s new Industry Minister Suriya Juangroongruangkit has urged the Bank of Thailand (BOT) to intervene more in foreign exchange markets to help private companies suffering from the strengthening baht.
Thai Finance Minister Uttama Savanayana has disclosed urgent policies which are to be implemented during the first three months of the new government in Thailand with a focus on economic issues, including taxes which need to be restructured promptly.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
Indonesia ranks as the world's sixth-largest gold reserve holder, producing an estimated 160 to 200 tonnes annually, mainly through major state-owned enterprises. Despite this, much of the mined gold is held or traded abroad. In 2024 alone, Indonesia exported gold worth 5.4 billion USD while reimporting 2.6 billion USD worth of the metal.
Cambodia and Thailand vowed not to undertake provocative actions that may escalate tensions, including entering the other side’s air space and territory, and refrain from constructing or enhancing military infrastructure.
Trenggono emphasised that the Indonesian government aims to increase the total coverage of MPAs to 97.5 million hectares by 2045. This initiative forms a key component of the “Golden Indonesia 2045” vision, which prioritises sustainable maritime development and environmental protection.
The baht notes are counted at the Krungthai Bank in Bangkok (Illustrative image. Photo: AFP/VNA) 
