Dr. Rak Vorrakitpokatorn, President of Export-Import Bank of Thailand (EXIM Thailand), revealed EXIM Thailand has announces a reduction of 0.25% per annum in its Prime Rate to 6.35% per annum, the lending rate that the Bank 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. The initiative aims to ease the financial burden on vulnerable businesses and SMEs, aligning with the Ministry of Finance's policy, the Bank of Thailand's monetary policy direction, as well as EXIM Thailand's mission to support Thai entrepreneurs in maintaining liquidity, and enabling them to adapt and compete sustainably on the global stage amidst challenges and competitiveness. This new rate will be effective from November 1, 2024.
This latest Prime Rate reduction marks the third rate cut by EXIM Thailand this year, bringing the total reduction of 0.40% per annum since early 2024, reflecting EXIM Thailand's commitment to alleviating debt burdens and reducing business costs for entrepreneurs. This initiative follows the previous 0.25% Prime Rate reduction on April 30, 2024, in alignments with the Ministry of Finance's policy, which is set to end on October 31, 2024.
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