EXIM BANK announced a 0.25% annual reduction in the Prime Rate to 6.35% per year, the lowest in the system, to ease the burden on vulnerable entrepreneurs and SMEs.
Dr. Rak Vorakitpokatorn, President of Export-Import Bank of Thailand (EXIM BANK), revealed that EXIM BANK announced a reduction of the Prime Rate by 0.25% per annum to 6.35% per annum, which is the loan interest rate that EXIM BANK uses for general customers and SME customers, equivalent to the MRR of commercial banks. This is the lowest MRR for retail customers in the system to provide assistance and alleviate the burden of vulnerable entrepreneurs and SMEs, in line with the policies of the Ministry of Finance and the direction of the policy interest rate of the Bank of Thailand, including EXIM BANK’s role in supporting Thai entrepreneurs to have liquidity in their business operations, be able to adapt to challenging factors, and sustainably compete in the global trade arena, effective from November 1, 2024 onwards.
This reduction in the Prime
Rate is the third interest rate reduction this year, in which EXIM BANK has continuously reduced interest rates from the beginning of 2024 by a total of 0.40% per year. This is considered an ongoing measure by EXIM BANK to provide assistance and alleviate debt burdens and business costs for entrepreneurs, following the measure to reduce the Prime Rate by 0.25% per year in accordance with the policy of the Ministry of Finance on April 30, 2024, which is set to expire on October 31, 2024.
Source: Thai News Agency