Thai Government-Government House News-EXIM BANK responds to the Prime Minister’s policy Announcement of reduction of Prime Rate interest rate to 6.35% per annum, lowest in the system, for 6 months.

26/04/2024

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EXIM BANK responds to the Prime Minister’s policy Announcement of reduction of Prime Rate interest rate to 6.35% per annum, lowest in the system, for 6 months.

EXIM BANK reduced the Prime Rate interest rate by 0.25% per year from 6.60% to 6.35% per year (the loan interest rate that EXIM BANK uses for general customers and SMEs is equivalent to the interest rate for prime retail customers, or MRR, of commercial banks).

Dr. Rak Worakijpokathorn, Managing Director The Export-Import Bank of Thailand (EXIM BANK) revealed that EXIM BANK announced a reduction in the Prime Rate interest rate by 0.25% per year from 6.60% to 6.35% per year (the loan interest rate that EXIM BANK uses for general customers and customers SMEs are equivalent to the interest rate for loans to prime retail customers or MRR of commercial banks). This is the lowest interest rate on loans to prime retail customers in the system for 6 months in response to the Prime Minister’s policy. To provide assistance to vulnerable entrepreneurs and SMEs, effective from April 30, 2024 onwards.

This reduction in the Prime Rate interest rate is in addition to the interest rate reduction of 0.15% per annum on April 18, 2024 as a gift to entrepreneurs during the recent Songkran festival. When combined with the interest rate reduction this time, EXIM BANK has reduced the interest rate by 0.40% per year to help reduce the burden on entrepreneurs. Especially vulnerable groups and SMEs, this is in line with EXIM BANK’s mission to support Thai entrepreneurs to have liquidity in their business operations. Relieve debt and business costs and be able to adapt to compete sustainably on the world stage in an environment where the Thai economy is growing at a slower rate. Meanwhile, interest rates in the financial market remain high.

EXIM Thailand Announces Prime Rate Reduction to 6.35% Per Annum, Lowest in the System for 6 months in Alignment with Prime Minister’s policy

Dr. Rak Vorrakitpokatorn, President of Export-Import Bank of Thailand (EXIM Thailand), revealed that EXIM Thailand has announced a reduction of 0.25% per annum in its Prime Rate from 6.60% to 6.35% per annum (the lending rate that EXIM Thailand uses for general customers and SMEs, equivalent to the Minimum Retail Rate (MRR) of commercial banks). This marks the lowest lending rate for prime retail customers in the system and will be in effect for 6 months, aligning with the Prime Minister’s policy to assist vulnerable entrepreneurs and SMEs. The new rate will be effective from April 30, 2024.

This latest Prime Rate reduction follows a 0.15% per annum reduction on April 18, 2024, as a gift to businesses during the Songkran festival. Combined, these reductions total 0.40% per annum, helping to alleviate the burden on businesses, particularly vulnerable groups and SMEs. This aligns with EXIM Thailand’s mission to support Thai entrepreneurs in maintaining liquidity, alleviating debt and business costs, and enabling them to adapt and compete sustainably on the global stage amidst Thailand’s slowing economic growth and high interest rates in the financial market.