Feb 9, 2012

Myanmar raises bank saving interest rate

Myanmar's state and private banks have raised the interest rate of saving to 10 percent from 8 percent aimed at attracting more savers, local media Myanmar Times reported Wednesday.

The move followed the lowering of bank loan interest rate in January with private banks from 12 percent to 10 percent which was aimed at encouraging private entrepreneurs to carry out business undertakings.

Myanmar's Ministry of Finance and Revenue is adopting suitable monetary policies by accessing current economic and monetary conditions for stable economic growth of the country.

According to the 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.

Source: Xinhua