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Joint Parliamentary Committee in Thailand Remains Split on Interest Rate Issue.
Byline: Darana Chudasri
Dec. 12--Members of a joint parliamentary screening committee reviewing a new draft law for the financial sector yesterday remained polarised over the proposal to cap interest rate spreads.
The Senate in October amended the draft law to cap spreads between lending and deposit rates for financial institutions at no more than five percentage points.
Penalty rates were also proposed to be fixed at no more than two percentage points from normal lending rates, to offer additional protection to consumers.
But bank regulators, analysts and government MPs have argued strenuously against the amendments as hampering growth of the financial sector and potentially leading to a sharp cutback in lending to retail customers and small and medium-sized firms.
The bill is now pending before a joint screening committee to see if the differences can be worked out.
Yesterday senior officials of the Bank of Thailand testified before the committee on current interest rates set by local banks.
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