Bangkok Bank trims fixed rates by 25 pts
Bangkok Bank has followed the market by reducing its 12-month to 36-month fixed-deposit rates by 25 basis points, effective yesterday.
The bank's 12-month deposit rate stands between 3.75 per cent and 5 per cent, depending on the deposit amount. The rates for a 10-month special deposit are unchanged. The bank's rate for 24 and 36 months is 4.25 per cent.The move resulted in BBL's rates being equal to the other large-sized banks that earlier cut their rates. The fixed 12-month deposit rates of Krung Thai Bank (KTB), Siam Commercial Bank (SCB) and Kasikornbank (Kbank) are also quoted at 3.75 to 4.50 per cent. Rates for 24 and 36 months at SCB and Kbank stand at 4.25 per cent, while KTB offers rates higher than other big banks at 4.50 per cent. TMB Bank also cut its fixed-deposit rates for 12 to 30 months by 25 basis points, which takes effect today. The bank's 24-month rate is 4 per cent, while 24 and 36 months is 4.50 per cent. Usara Wilaipich, senior economist at Standard Chartered Bank, forecasts that market interest rates are likely to decrease in line with the country's policy signal rate. The foreign bank predicted the Monetary Policy Committee would reduce the one-day repurchase rate by 25 basis points in its meetings on February 28 and April. "The MPC's rate cut in the latest meeting, the first time since 2003, suggested the policy focus has clearly shifted from inflation to growth. As a result, it is possible the policy rate will decrease," she said. Prasarn Trairatvorakul, president of Kbank, recently estimated that the MPC would cut its rate by 25 basis points in this month's meeting. It would lead the market, especially for 24- and 36-month rates. Bank lending rates are expected to drop by at least 50 basis points this year, he said. Somruedi Banchongduang The Nation
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