Myanmar Changes Interest Rates To Mitigate Economic Impact Of Covid-19.
Legal News & Analysis - Asia Pacific - Myanmar - Banking & Finance
7 May 2020
In order to mitigate the impact of COVID-19 on the economy, on April 27, 2020, the Central Bank of Myanmar issued Directive 8/2020 causing a reduction in bank interest rates effective from May 1, 2020, as follows:
The minimum bank deposit rate must not be less than 5%
The maximum interest rate on secured lending must not be more than 10%
The maximum interest rate on unsecured lending must not be more than 14.5%
The maximum rates include bank commitment and management fees
The new rates will remain in effect until further notice. We will continue to monitor the situation and provide updates if the situation changes.
For further information, please contact
Ross Taylor, Tilleke & Gibbins