• Burmese
Wednesday, December 6, 2023
No Result
View All Result
NEWSLETTER
The Irrawaddy
27 °c
Yangon
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Letters
  • Junta Watch
  • Ethnic Issues
  • Features
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Letters
  • Junta Watch
  • Ethnic Issues
  • Features
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
No Result
View All Result
The Irrawaddy
No Result
View All Result
Home Business

Burma’s Leading Private Banks to Raise Saving Rates

by Kyaw Hsu Mon
July 24, 2014
in Uncategorized
Reading Time: 2 mins read
A A
Burma’s Leading Private Banks to Raise Saving Rates

A stack of 1

27.5k
VIEWS
Share on FacebookShare on Twitter

RANGOON — Some of Burma’s leading private banks are set to raise interest rates on savings accounts in the hope of attracting new savers, according to Bankers.

Four of the country’s 20 private banks—Kanbawza (KBZ) Bank, Asia Green Development Bank, CB Bank and Myanmar Apex Bank—are said to be planning to set rates for savings deposits at 8.25 percent from Aug. 1, up from 8 percent.

RelatedPosts

Myanmar Regime Stops Fuel Supplies to Yangon Factories

Myanmar Regime Stops Fuel Supplies to Yangon Factories

December 5, 2023
7.7k
Myanmar Regime Runs Low on Dollars, Increasing Fuel Prices

Myanmar Regime Runs Low on Dollars, Increasing Fuel Prices

December 4, 2023
5.8k
Myanmar’s Civilian Government Takes Control of Seized Funds

Myanmar’s Civilian Government Takes Control of Seized Funds

December 1, 2023
24.1k

Burma’s Central Bank permits banks to offer up to 10 percent interest to savers, and fixed deposit accounts already yield 10 percent.

The four banks, which are among the largest in the market, are looking to draw in new customers in a growing economy where few people currently save with formal financial institutions. A recent UN-led survey of access to finance found that only 4 percent of people in Burma have savings accounts at a bank.

Than Lwin, the vice chairman of Kanbawza Bank, said the major banks were looking to attract new savers.

“The major intention is to attract our regular customers and newcomers. Actually, we can increase the interest up to 10 percent for savings deposits, but we’ve decided to raise it only a little amount because if we increase it too much, smaller banks will be faced with a problem in the market,” Than Lwin told The Irrawaddy.

Interest rates on loans would remain at 13 percent for customers at all banks, he said.

While savers would welcome competition in the banking sector, which could usher in more favorable terms for customers, the banks are all members of the Bankers Association, and rate rises are limited by the need for broad agreement.

The country’s other private banks are thought to be considering whether to follow the four large banks’ 0.25 percent rate rise.

Chit Khine, chairman of the Myanmar Apex Bank, said the bank had to follow its competitors in increasing the interest rate to avoid losing customers.

“Though the increase is little, we have to remain attractive to our customers not to lose. This amount has been agreed by all bankers in the Bankers Association, which looks at all sectors. The competition in this market is very strong at the moment,” he said.

Banks have been criticized for making large profits, given the gap of a full 5 percent between savings and lending interest rates. But Chit Khine said Central Bank rules around how much a bank can lend out, relative its deposits, limit how much money banks make.

“We’re criticized from outside that we’re taking a lot of profit between saving deposit rates and loans rates. Actually, we’re only allowed to lend out 70 percent of our total savings deposits, so our service charge is really only 9.1 percent,” he said.

Your Thoughts …
Tags: Investment
Previous Post

Wa Again Absent as Ethnic Groups Meet for Ceasefire Talks

Next Post

Information on Responsible Business Practices Largely Absent: Survey

Kyaw Hsu Mon

Kyaw Hsu Mon

The Irrawaddy

Similar Picks:

General Close to Myanmar Junta Boss Placed Under House Arrest, Interrogated for Corruption

General Close to Myanmar Junta Boss Placed Under House Arrest, Interrogated for Corruption

September 14, 2023
24.4k
Tracking the Business Empire of Myanmar Regime Stalwart Moe Aung and His Siblings

Tracking the Business Empire of Myanmar Regime Stalwart Moe Aung and His Siblings

September 4, 2023
6k
Snubbed Myanmar Junta Leader Must Watch China’s BRI Summit From Home

Snubbed Myanmar Junta Leader Must Watch China’s BRI Summit From Home

October 17, 2023
2k
China Pouring in Billions to Prop Up Myanmar’s Military Regime

China Pouring in Billions to Prop Up Myanmar’s Military Regime

August 22, 2023
2k
The Shwe Kokko project as seen on Google Maps

Myanmar Military Probes Bribery Claims Against Officers Tied to Chinese-Backed Gambling Hub

October 9, 2020
9.3k
China to Reinforce Myanmar Expansion with Free-Trade Zones on Border

China to Reinforce Myanmar Expansion with Free-Trade Zones on Border

August 28, 2023
1.6k
Load More
Next Post
Information on Responsible Business Practices Largely Absent: Survey

Information on Responsible Business Practices Largely Absent: Survey

Arakan Govt Softens Stance Toward MSF

Arakan Govt Softens Stance Toward MSF

No Result
View All Result

Recommended

As Myanmar’s Junta Loses Control, Its Coup Leader Ratchets Up His Blame Game

As Myanmar’s Junta Loses Control, Its Coup Leader Ratchets Up His Blame Game

5 days ago
8.1k
Myanmar Regime Stops Fuel Supplies to Yangon Factories

Myanmar Regime Stops Fuel Supplies to Yangon Factories

1 day ago
7.7k

Most Read

  • Myanmar Junta Boss Tries to Drive Wedge Between Ethnic Armies, Civilians

    Myanmar Junta Boss Tries to Drive Wedge Between Ethnic Armies, Civilians

    shares
    Share 0 Tweet 0
  • Myanmar Junta Uses Chemical Warfare: Arakan Army

    shares
    Share 0 Tweet 0
  • Full Civilian Rule Restored in First Large Town Seized by Myanmar Resistance: NUG

    shares
    Share 0 Tweet 0
  • Ethnic Army Battles to Seize Another Base From Myanmar Junta Near Border With China

    shares
    Share 0 Tweet 0
  • ‘Hundreds’ of Civil Servants Desert Myanmar Junta in Sagaing as Resistance Offensive Expands

    shares
    Share 0 Tweet 0

Newsletter

Get The Irrawaddy’s latest news, analyses and opinion pieces on Myanmar in your inbox.

Subscribe here for daily updates.

Contents

  • News
  • Politics
  • War Against the Junta
  • Myanmar’s Crisis & the World
  • Conflicts In Numbers
  • Junta Crony
  • Ethnic Issues
  • Asia
  • World
  • Business
  • Economy
  • Election 2020
  • Elections in History
  • Cartoons
  • Features
  • Opinion
  • Editorial
  • Commentary
  • Guest Column
  • Analysis
  • Letters
  • In Person
  • Interview
  • Profile
  • Dateline
  • Specials
  • Myanmar Diary
  • Women & Gender
  • Places in History
  • On This Day
  • From the Archive
  • Myanmar & COVID-19
  • Intelligence
  • Myanmar-China Watch
  • Lifestyle
  • Travel
  • Food
  • Fashion & Design
  • Videos
  • Photos
  • Photo Essay
  • Donation

About The Irrawaddy

Founded in 1993 by a group of Myanmar journalists living in exile in Thailand, The Irrawaddy is a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region. From its inception, The Irrawaddy has been an independent news media group, unaffiliated with any political party, organization or government. We believe that media must be free and independent and we strive to preserve press freedom.

  • Copyright
  • Code of Ethics
  • Privacy Policy
  • Team
  • About Us
  • Careers
  • Contact
  • Burmese

© 2023 Irrawaddy Publishing Group. All Rights Reserved

No Result
View All Result
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Obituaries
  • Politics
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Letters
  • Ethnic Issues
  • Features
  • In Person
    • Interview
    • Profile
  • Business
    • Economy
    • Business Roundup
  • Donation

© 2023 Irrawaddy Publishing Group. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.