State-owned Myanma Economic Bank announced on September 26 that the interest rate has been set to increase from a minimum of 9 percent to a maximum of 11 percent depending on the type of deposit.
Fixed deposit interest rates are 9 percent for savings bank deposits, 10 percent for savings certificate deposits, 1 month deposit interest rate of 9 percent for fixed deposits, 3 month deposit interest rate of 9.5 percent for fixed deposits, 6 month deposit interest rate of 10 percent for fixed deposits, 9 month deposit interest rate of 10.5 percent for fixed deposits and 1 year deposit interest rate of 11 percent for fixed deposits.
After the Central Bank announced on August 14 that banks have prepared and set the interest rates on deposits and the interest rates that can be charged on loans in order to reduce the inflation rate and allow banks to lend more, domestic private banks and the state-owned Myanma Economic Bank also set deposit interest rates.
