Myanmar reduces bank loan interest rate

Myanmar reduced bank loan interest rate from 12 percent to 10 percent to encourage private entrepreneurs to carry out business undertakings.

Aimed at developing investment and national economy, the Central Bank of Myanmar will also re-set the interest rate for deposit not to be less than 8 percent, which is 2 percent lower than bank rate, the report said.

On Sept. 1, 2011, the Central Bank of Myanmar has adjusted bank loan interest rate with a view to accelerating the national economy, encouraging investment, higher performance by creating competitiveness among banks, and setting different interest rates of bank savings.

According to the Finance and Revenue Ministry, the Central Bank of Myanmar has allowed establishment of private banks since 1992 and so far there are 19 private banks in the country operating with 305 branches.

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