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Thai Bankers See Harm in Pegging Lending, Deposit Interest-Rate Spread.
Byline: Darana Chudasri
Oct. 4--Local bankers say a clause inserted by senators in a draft financial institutions law fixing spreads between lending and deposit interest rates would hurt the economy overall.
The new law is intended as a modernised framework to replace the Commercial Banking Act and the Finance, Securities and Credit Foncier Act.
Article 37 of the draft law stipulates that the Bank of Thailand must ensure that spreads between fixed deposits and lending rates are no higher than three percentage points.
Another clause states that penalty interest rates must be no higher than two points above normal rates.
The two conditions, aimed at protecting consumers from high rate charges, were inserted by senators reviewing the final draft.
In the original draft approved by the lower House, Article 37 only called for financial institutions to post interest rates and fees based on regulations set by the central bank.
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