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Burma Raises Interest Rates on Loans, Savings


Burma's state-run media say the central bank and the country's commercial banks raised their interest rates by two percentage points effective April first.

The central bank raised its rates to 12% from 10% per year, while rates at private banks went up to 17% from 15% for ordinary loans. Private rates climbed from 13% to 15% for special loans for agriculture and industry.

The interest rate on savings accounts was raised from nine percent to 12% per annum.

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