Siam Commercial Bank (SCB) has announced a reduction in its maximum lending rates by 0.25 percentage points per annum, aligning with the recent policy rate cut by the Bank of Thailand’s Monetary Policy Committee (MPC). The MPC has decided to lower the policy rate by 25 basis points, from 2.25% to 2.00% per annum, to ease financial conditions in response to slower-than-expected economic growth and increased uncertainty. The rate adjustment will take effect on March 3, 2025.
Mr. Kris Chantanotoke, Chief Executive Officer of SCB, stated that Thailand’s economic growth remains subdued due to external challenges and domestic vulnerabilities. This policy rate cut is expected to help lower financial costs, support consumption and investment, and enhance liquidity, thereby contributing to economic recovery. It will also help ease financial tightening and improve funding accessibility for businesses and individuals, particularly SMEs facing competitive pressures and liquidity constraints, as well as retail customers whose incomes have yet to fully recover amid high debt burdens.
In response to the MPC’s decision, SCB has adjusted its lending rates as follows:
Minimum Overdraft Rate (MOR) reduced from 7.325% to 7.075% per annum
Minimum Retail Rate (MRR) reduced from 7.175% to 7.075% per annum
Minimum Loan Rate (MLR) reduced from 6.925% to 6.825% per annum
