Responding to the government’s call for a cut in lending rates, the Thai Bankers Association (TBA) announced today that it has decided to reduce the minimum retail rate (MRR) for creditworthy retail borrowers, among them financially fragile people and SMEs, by 0.25% for six months.

TBA president Payong Srivanich said today that the association’s committee, at its meeting yesterday, was fully aware of the need to help financially fragile customers while the economy is still recovering.

The 0.25% MRR cut will help ease their interest burden, giving them an opportunity to recover, in tandem with the driving of the economy by the state and in line with the central bank’s responsible lending and sustainable debt resolutions, said Payong.

He also said that the TBA and its member banks realise their corporate responsibility to help their customers, small entrepreneurs and members of the public.

The TBA’s decision comes after Prime Minister Srettha Thavisin invited the CEOs of the Bangkok, Krung Thai, Kasikorn and Siam Commercial banks for a meeting at Government House on Tuesday, to seek their cooperation by reducing their lending rates.