Banks' rates to remain unchanged

Interest rates at commercial banks are likely to remain unchanged for at least the first half of the year in view of the uncertainty in the US market, said Bangkok Bank (BBL) president Chartsiri Sophonpanich.

Last year, the market - including some bankers - forecast Thailand's policy signal rate would start an upward trend in about the second quarter of this year.

That projection has been revised since the US Federal Reserve cut its rate substantively by 75 basis points to 3.5 per cent last week. Its policy rate is expected to be reduced further, by 50 basis points, to relieve the Kingdom's economic crisis.

Chartsiri said if the Fed further decreased its policy rate, the Bank of Thailand (BOT) would likely follow suit this year with a cut of 25 basis points from the current 3.25 per cent. However, the BOT would have to find a balance between economic growth and inflationary pressure for its policyrate movement. With positive prospects for growth of the country's gross domestic product, Chartsiri believes the central bank does not need to decrease the policy rate significantly this year.

- The Nation

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Banks' rates to remain unchanged

Interest rates at commercial banks are likely to remain unchanged for at least the first half of the year in view of the uncertainty in the US market, said Bangkok Bank (BBL) president Chartsiri Sophonpanich.

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