Central Bank of Myanmar Revises Bank Interest rate, Deposit and Loan Interest rate interest rates

The Central bank of Myanmar released a statement on 14 August 2024 describing that it has revised its interest rates to address inflation.

Statement

1. The Central Bank of Myanmar has revised its interest rates to address inflation, offer better deposit returns, and boost economic growth by enhancing banks’ loan capabilities:

• (a)    The bank interest rate has increased from seven percent to nine percent.
• (b)    The minimum deposit interest rate is seven percent, while the maximum loan interest rate is 15 percent.
• (c)    Banks are required to set deposit and loan rates between seven percent and 15 percent, depending on their profitability and risk management.

       2.       Special loan rates under State policy will remain unchanged.

       3.       The new rates will take effect on 1 September 2024.

Central Bank of Myanmar

14 August 2024

Source: MWD (15-8-2024)

• The bank interest rate has increased from seven percent to nine percent. The minimum deposit interest rate is seven percent, while the maximum loan interest rate is 15 percent. Banks are required to set deposit and loan rates between seven percent and 15 percent.
• Special loan rates will remain unchanged.
• The new rates will come in effect on 1 September 2024.