SCB cuts rates

 The bank's prime lending rate will be cut by 50 basis points to 6.75 per cent, and fixed deposit rates will be trimmed by 50 basis points to one percentage point, according to the bank's statement today.

 Siam Commercial is the first bank to announce the rate cut after the policy rate was chopped by 1 percentage point to 2.75 per cent, the biggest cut ever since the Monetary Policy Committee was in existence. The central bank said political impacts are sending greater impacts on the economy.