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GSB Interest Rates to Remain Unchanged Amid Strong Inflation
by: The Beat Asia
June 21, 2022
Interest rates charged to borrowers will remain unchanged despite the increasing global trend taking hold in the banking industry, President and Chief Executive of the Government Savings Bank (GSB) Vitai Ratanakorn said.
The GSB would likely keep its interest rates until the end of the year, although this could change depending on how the economy is doing. Vitai said that the bank will handle the burden rate as its target profit for the first six months was already exceeded.
GSB recorded its overall non-performing loans (NPLs) at 2.7% last month, while the value of its reserve stood at 165% NPL valuation.
The state-run bank also partnered with Dhipaya Group Holdings and Bangchak Corporation for a lending joint venture dubbed "Mee Tee, Mee Ngern" (land for loan). This venture will use land titles as collateral and will provide small businesses and individuals with easier access to loans at more affordable rates. The cooperative arrangement will begin offering its services to the public in the third quarter.
Meanwhile, the Bank of Thailand has hinted at a possible policy rate hike soon due to the strong rise in inflation. According to various research, Thailand is projected to experience a series of price increases for the last two quarters of 2022.
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