DPM Somkid orders Krungthai Bank to help SMEs, government employees

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BANGKOK – Krungthai Bank has been a major driver in the digital transformation of the Thai economy and the government’s economic campaigns. As it is a major financial institution under government supervision, Deputy Prime Minister SomkidJatusripitak has ordered the bank to offer special campaigns for SMEs and address government employees’ debt issues to stimulate the economy.

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During his visit to Krungthai Bank headquarters, Deputy Prime Minister SomkidJatusripitak directed Krungthai Bank to offer special loans to SMEs, which will help by adding more cash to the economy during the slowdown and amidst uncertainties from the delayed 2020 Fiscal Year budget bill. He also urged the bank to take special measures to help government employees facing debt issues, which has long been a priority of the Prime Minister Gen Prayut Chan-o-cha.

The DPM asked the bank to consider offering mutual refinance options together with the Government Savings Bank, the Government Housing Bank, and the Bank for Agriculture and Agricultural Cooperatives, and to consider reducing the interest rate.

Krungthai Bank President PayongSrivanich, said today it is unlikely the bank can drop the interest rate in general as the rate corresponds to the Bank of Thailand’s policy rate, and the current market cash flow is quite tight.

He said however that the bank has been offering loans for SMEs at reduced interest rate, while the suggested refinancing options for government employees must depend on further discussions with other government banks.