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Lower Interest Rates on the Way for Thailand Banks.
Dec. 6--Depositors steel yourselves -- another round of interest rate cuts is on the way.
After months of relative stability, Siam Commercial Bank last week led the trend by announcing a one-quarter percentage point cut for its key deposit and lending rates. Savings rates at the bank are now just 1.75 percent, with fixed rates ranging from 2.25 percent to 2.75 percent and prime lending rates of 7.25 percent.
Other banks quickly said they would follow suit, with Chartsiri Sophonpanich, president of Bangkok Bank, saying the country's largest bank would announce a quarter-point cut today.
Blame weak investment and credit demand along with plentiful liquidity, bankers said. Pointedly, the Bank of Thailand, which for months has resisted calls to pursue a looser monetary strategy, did not try to argue with banks against a rate decrease at a meeting with the Thai Bankers' Association on Tuesday.
Pornsanong Tuchinda, president of DBS Thai Danu Bank, said regulators projected that overall economic conditions were expected to remain stable. Interest rates were likely to stay unchanged or decline slightly, according to the central bank.
"The central bank has not opposed banks cutting rates, as they want interest rates to move with market conditions," Mr Pornsanong said.
Indeed, M.R. Pridiyathorn Devakula, the central bank governor, said that the 14-day repurchase rate, held at 2.5 percent since June, could be cut next year if economic growth failed to achieve targets of 1-3 percent.
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