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July 19, 2007

Bangkok Bank cuts lending rates
Bangkok Bank, Thailand's largest, cut lending rates by 0.125 of a percent on July 19 and some fixed-deposit rates by 25 basis points, reported Reuters.

The cuts, effective immediately, came a day after the Bank of Thailand surprised the market by cutting its key policy rate by 25 basis points on July 18 to 3.25%.

Other major banks, including number two Krung Thai Bank, third-ranked Siam Commercial Bank and number four Kasikornbank, are likely to follow Bangkok Bank's move. The last round of rate cuts by Thai banks was in April.

The Bangkok Bank rate cuts took its minimum lending rate to 6.875%, the minimum overdraft rate to 7.125% and the minimum retail rate to 7.375%, the official said. The bank's 3-and-6-month rates for deposits of more than 5 million baht were now 2.25%, a bank official said. Reuters

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