Based on announcements from some domestic banks, it has been reported that, starting from August 31, the deposit interest rates of private banks in Myanmar have been increased to a range of at least 8% to a maximum of 12.5%, depending on the type of deposit.

1. Interest Rate Increase: Starting from August 31, private banks have raised their deposit interest rates, with rates varying between a minimum of 8% and a maximum of 12.5%, depending on the type of deposit.
2. Central Bank Announcement: On August 14, the Central Bank of Myanmar announced changes to its interest rate policy to curb inflation and enhance the lending capacity of banks. This includes adjustments to the Central Bank rate, deposit interest rates, and lending interest rates.
3. Official Notifications: Following this announcement, several domestic banks officially communicated the increase in deposit interest rates through their social media platforms.
4. Business Community Reaction: A businessman noted that previously, deposit interest rates at banks ranged between 6% and 7%. With the new changes, these rates have increased.
5. Minimum and Maximum Rates: According to the revised policy from the Central Bank, effective September 1, the minimum deposit interest rate that banks must offer is set at 7%, while the maximum interest rate that can be charged on loans is capped at 15%. Banks have the flexibility to set their deposit and loan interest rates within this range, depending on their profit margins and risk management strategies.
6. Historical Context: Since 2020, private banks had set a maximum deposit interest rate of 7%, with the highest possible return on deposits being around 8%.

This information reflects the current changes in the banking sector aimed at economic stabilization and stimulating more loan activities by adjusting interest rates.