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MYANMAR: Overseas Banks Approved to Set Own Interest Rates for Foreign Currency Loans

All 13 overseas-headquartered banks currently operating in the country are to be henceforward entitled to set their own interest rates when extending foreign currency loans to businesses. The concession follows an earlier decision to allow overseas-owned banks to lend to domestic businesses in both local and foreign currencies. In the case of Kyat-denominated loans – those administered in the local currency – the interest rate is still limited to a maximum of 13% per annum.

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