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http://www.bangkokpost.com/breaking_...s.php?id=83451

Thai banks raise interest rates

Some of Thailand’s leading banks have taken the step to hike their interest rates ahead of the Monetary Policy Committee meeting scheduled for later this week.

Following the lead of Kasikornbank Plc, the country’s fourth largest commercial bank, Thai Military Bank Plc and Bank of Ayudhya have all announced that they would follow suit by increasing their lending rates.

Bank of Ayudhya, one of the leading commercial banks, said that it had increased its 12-month fixed deposit rate and also increased its lending rates by 0.25% effective from tomorrow.

“The increase this time is on both sides, deposits and lending, by 0.25% and follows the lead of Kasikornbank,” Mr. Tak Bunnag, executive vice president of BAY said.

BAY said that its interest rate for 12-month deposit would be 3.25 to 4.25%, while its 24-month deposit rate would stand at 4% and 36-month rates at 4.25%.

In regards to the lending rate, BAY said that its Minimum Lending Rate (MLR) would rise to 7.25%, while Minimum Overdraft Rate (MOR) and its Minimum Retail Rate (MRR) would rise to 7.75%.

Thai Military Bank, also followed suit, announcing that it too would hike its lending rates by 0.25 to 0.50% with immediate effect.

Subhak Siwaraksa, president and chief executive officer of TMB said that the hike in deposit rates would only be made after the March 8 meeting of the Monetary Policy Committee.

Bangkok Post