Thai central bank weighs up consumer loans rate cut

Wednesday, July 21, 2021
Thai central bank weighs up consumer loans rate cut © Reuters. FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva

BANGKOK (Reuters) - Thailand's central bank is debating a reduction in interest rates for some consumer loans amid fears that lenders will reject high-risk borrowers and drive them towards loan sharks, an assistant governor said Wednesday.

Last month, Prime Minister Prayuth Chan-ocha asked the Bank of Thailand (BOT) to review the ceiling of interest rates for credit cards and personal loans to help debtors and tackle high household debt, a move which has added to pressure on banks.

"We are still considering whether we will reduce (rates) or not. We have to look at the pros and cons," Assistant Governor Thanyanit Niyomkarn told a briefing.

If interest rates are lowered, high-risk debtors who already pay the highest interest rates will be pushed out of the financial system towards loan sharks who lend at extremely high rates, she said.

Last year, the BOT cut the rate ceiling for credit cards to 16% per year from 18% and that of personal loans to 24%-25% from 28%, to help debtors cope with a COVID-19 outbreak.

This quarter, the BOT expects to announce rules on bank fees that will be fair and better reflect the actual costs incurred by lenders, Thanyanit added.

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31-07-2021 18:16:01 (UTC+7)

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 EUR/USD1.1871↑ Sell
 GBP/USD1.3902Sell
 USD/JPY109.72↑ Buy
 AUD/USD0.7345Neutral
 USD/CAD1.2472↑ Buy
 EUR/JPY130.25↑ Buy
 EUR/CHF1.0751↑ Buy
 Gold1,812.30Neutral
 Silver25.547↑ Buy
 Copper4.4785Buy
 Crude Oil WTI73.72↑ Sell
 Brent Oil75.14↑ Buy
 Natural Gas3.915↑ Sell
 US Coffee C180.38Neutral
 Euro Stoxx 504,089.30↑ Sell
 S&P 5004,395.26Buy
 DAX15,544.39↑ Sell
 FTSE 1007,032.30↑ Sell
 Hang Seng25,908.00↑ Buy
 Small Cap 20002,223.25↑ Buy
 IBEX 358,675.70↑ Sell
 BASF66.310↑ Sell
 Bayer50.36↑ Sell
 Allianz210.35↑ Sell
 Adidas306.85↑ Sell
 Lufthansa9.548Buy
 Siemens AG131.82↑ Sell
 Deutsche Bank AG10.685Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,660/ 5,720
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SJC Nhatrang5,655/ 5,727
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Cập nhật lúc 18:12:28 31/07/2021
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