BANGKOK, Thailand – The Bank of Thailand (BOT) will standardize and reduce fees for 15 financial services to ease cost-of-living pressures on citizens and small businesses, reflecting lower operational costs in the digital era.
BOT Governor Vitai Ratanakorn stated that the central bank is reviewing fee structures across all financial institutions, aiming to create a unified standard that reflects the true costs of modern banking. The pilot phase will focus on 10 to 15 key service fees affecting the public and SMEs, including fees for bank statements, ATM card issuance, cross-zone transactions, and loan applications.
The BOT Governor noted that a decision is expected within two months after discussions with commercial banks. He explained that digital technology has largely replaced the high costs of cash transportation and logistics, thereby reducing service charges for all consumers.
Regarding monetary policy, the Governor explained that the recent interest rate cut aims to return inflation to the target range and support economic growth toward its 2.7% potential. The BOT considers the current 1% rate balanced and notably lower than those in international markets. He also confirmed that Thailand retains sufficient policy space to lower rates further if new economic risks arise. (NNT)
