Some private banks in Myanmar have raised short-term deposit interest rates to attract deposits from deposits. September 30, 2022. Yangon City KBZ Bank entrance.

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Myanmar Some domestic private banks have increased short-term deposit interest rates to attract depositors

September 30, 2022

Hangon City KBZ Bank (Uweisaiya Branch) in front of the gate of

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It is reported that some domestic private banks in Myanmar have attracted depositors by raising short-term interest rates.

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Some privately owned large private banks can simultaneously organize the cash they have deposited into the bank by increasing deposit interest rates.

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AGD Bank, as a private bank in Myanmar, issued an announcement stating that in order to obtain more short-term deposit interest, depositors are invited to open an interest-advanced bank account to withdraw deposit interest in advance. For deposits within 5 million kyat , deposit period is 1-3 months, depositors will receive an annualized interest of 9.25%; for deposits above 5 million kyat kyat, depositors will receive an annualized interest of 9.35% for deposits within 3 months.

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At the same time, Myanmar CB Bank also announced that for 100-day fixed deposits, the bank will pay an annualized interest of 9.1%. During the promotion period, that is, before the end of November, deposit at a minimum of 1 million kyats in CB Bank and deposit for 100 days, and you can enjoy an annualized interest rate of 9.1%.

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In addition, KBZ Bank said: For fixed deposits, you can enjoy an annualized 9% interest rate for 90 days. You can enjoy a 9.25% interest rate after depositing for 180 days. Compared with previous interest rates, all have increased.

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Myanmar Central Bank , in the released financial stability report, stated:

In view of the current situation, the amount of bank deposits has declined since February this year;

In order to reverse this trend, the Myanmar Central Bank has imposed a limit on depositors' withdrawal of cash in accordance with international practices;

promotes depositors to make electronic payments;

In order to strengthen people's confidence in the banking system, Central Bank did not restrict banks in the early stages of the banking system;

In order to strengthen people's confidence in the banking system, Central Bank did not restrict banks in the early stages. The flow of funds between them;

Central Bank ensures that banks provide convenience for customers to withdraw money through the existing banking system;

guarantee sufficient cash;

Central Bank cooperates with the Myanmar Ministry of Interior to reduce the occurrence of depositors withdrawing money from banks and then lending usury;

government administrative expenses no longer withdraw cash from various ministries and commissions, but pay by transfer;

government administrative expenses, spending through electronic payment methods, allows more cash to enter the banking system, and allows cash to flow within the bank.