United Bank has cut lending interest rates by 25pc for severely affected sectors including floriculture and hotel and tour operators due to the COVID-19 pandemic, effective May 16, 2020. The slashed interest rate is in addition to the previously announced letters of credit (LC) and Cash Against Document (CAD) period extension fee reduction, loan restructuring and deferment of payments for affected sectors. The interest rate reduction will remain active for three months. Other sectors will also be entitled to a five percent interest rate reduction during this three-month period except for those that are already offered preferential rates. While offering these five percent and 25pc interest rate reductions, the Bank will forgo about 50 million Br in interest income during the coming three months. United Bank has pitched in five million Br to the Ministry of Health to buttress the fight against the pandemic.
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