Thai PM urged banks to lower interest rates to provide relief to SMEs

Thai PM on interest rate: Thailand's Prime Minister, Srettha Thavisin, has taken proactive steps to dress economic concerns by engaging with country's leing financial institutions. Thavisin recently urged Thailand's four largest lenders - Bangkok Bank, Kasikornbank, Krungthaibank, and SCBX - to lower ir interest rates, to provide much-needed relief to small and medium-sized enterprises (SMEs) and stimulate economic growth.

Speaking to reporters, Thavisin highlighted challenges faced by vulnerable groups, particularly SMEs, who often grapple with burden of high interest rates. By calling upon se major banks to consider reducing ir rates, Prime Minister signalled a commitment to fostering a more supportive financial environment for businesses across nation.

Thavisin's initiative comes amidst ongoing efforts to bolster Thailand's economic resilience in face of global uncertainties and domestic challenges. While acknowledging strength of Thai financial institutions, Prime Minister emphasised importance of ensuring that benefits of a robust financial sector extend to all sectors of economy.

move also reflects government's broer strategy to encourage lending and investment, particularly in key sectors that drive economic development and job creation. By facilitating access to affordable credit, policymakers aim to empower SMEs to expand ir operations, innovate, and contribute more substantially to Thailand's economic prosperity.

With Reuters Inputs