Bank Interest Rate No Change in Myanmar, 30 Jan 2012

The Central Bank of Myanmar Law (1990) empowers the Central Bank of Myanmar (CBM) to act as the sole issuer of domestic currency, to act as a banker to the Government, to act as an adviser to the Government in respect of economic matters, to inspect and supervise the financial institutions, to manage the international reserves of the State, to perform the transactions resulting from the participation of the State in intergovernmental organizations and to undertake all the responsibilities in the name of the Government in dealing with the aforesaid organizations on behalf of the Government. In particular, the Central Bank of Myanmar is also empowered to set reserve requirements, maximum discount rate, maximum and minimum interest rates on loans and deposits, asset and liability ratios and minimum cash margins. Thus, the Law enables the Central Bank of Myanmar to less rely on quantitative credit control and more on indirect instruments of monetary control including the use of reserve requirement ratio and interest rate policy. Accordingly, the Central Bank of Myanmar has currently used such monetary policy instruments as reserve requirements, interest rate policy and limited open market operations in order to maintain adequate level of money supply for ensuring balance between economic expansion and general price level. http;//
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