Thailand takes actions to boost growth
Thailand's cabinet on Tuesday approved a THB100 billion ($2.8 billion) soft loan scheme to help small- and medium-sized enterprises access loans more easily.
A tuk-tuk carrying tourists in the Chinatown area of Bangkok. Photo courtesy of AFP.
Deputy Minister of Finance Paopoom Rojanasakul said that the state-owned Government Savings Bank (GSB) will offer liquidity to commercial banks through loans at an interest rate of 0.01% so they can lend to small businesses at a rate of no more than 3.5% per year.
Meanwhile, retail lending rates among Thai banks are currently more than 7%.
Paopoom said that the scheme will inject capital into the system.
Thai cabinet approved the scheme as a response to tightened lending by banks amid a slow economic recovery and rising bad debt.
Previously, in response to a request from Thai Prime Minister Srettha Thavisin, Thai banks in April this year said they will cut lending rates for vulnerable groups for a period of six months.
Srettha also repeatedly pressed the Bank of Thailand to cut rates to help the economy. However, the central bank still keeps the interest rate unchanged at 2.50%.
He has promised additional measures next week, including support for high electricity prices, as he looks to spark growth in Southeast Asia's second-largest economy.
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