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BAAC raises interest rates on deposits and loans, effective June 6

Bangkok, May 2 – BAAC raises interest rates on deposits to a maximum of 0.50 percent per year and interest on all types of loans to 0.01-0.25 percent per year, in line with the market interest rate direction, effective June 6. 66Mr. Chatchai Sirilai, ...

Bangkok, May 2 – BAAC raises interest rates on deposits to a maximum of 0.50 percent per year and interest on all types of loans to 0.01-0.25 percent per year, in line with the market interest rate direction, effective June 6. 66

Mr. Chatchai Sirilai, Manager of the Bank for Agriculture and Agricultural Cooperatives (BAAC), revealed that according to the Monetary Policy Committee (MPC) resolved to raise the policy interest rate by 0.25 percent per year from the policy interest rate that 1.75 percent per year to 2.00 percent per year, effective from May 31, 2023, and in line with the policy interest rate of the Bank of Thailand and the market interest rate increase, BAAC therefore has raised deposit interest rates by 0.05-0.50 percent per year to promote savings and increase returns in line with the yields of commercial banks and state-owned specialized financial institutions (SFIs).

At the same time, interest rates on all types of loans have been raised by 0.10-0.25 percent per year, consisting of the interest rate for prime retail customers (MRR) from 6.875 percent, increased by 0.10 percent to 6.975 percent per year, the interest rate for institutional and corporate customers. MLR from 5.375 percent, increased by 0.250 percent to 5.625 percent per year, and the overdraft interest rate (MOR) from 6.750 percent, increased by 0.125 percent to 6.875 percent per year, effective from From 6 June 2023 onwards

However, the BAAC has prepared measures to take care of and solving debt problems for farmers, customers affected by COVID-19, and supporting recovery during economic conditions that tend to improve, including debt restructuring measures Vocational recovery measures Measures to pay for cut flowers and measures to pay at the beginning of the installment adjustment Consulting on debt management both inside and outside the system Encouraging clients to manage their debts through a less-pay-less, more-pay-more approach, along with incentives by returning or lowering interest rates to those who pay their debts. coupled with funding through low-interest loans To enhance liquidity in spending and investments, such as community business loans for creating Thai Interest rate of 0.01 percent, SME loans to strengthen and dream career loans interest rate of 4 percent and Green Credit loans, interest rates of MLR/MRR, etc. – Thai News Agency

Source: Thai News Agency