Activities Carried out in Cooperation with Insurance Companies

The Global Treasure Bank (Public Company Limited), on its part, has been carrying out insurance activities in cooperation with three insurance companies—GGI, YI and YIL and CTLI Life since June of 2020. In this regard,the Loan Department at the Head Office is taking the responsibilities for the secured loans while the Law Department at the Head Office is taking the responsibilities for all secured loans as well as for all activities related to insurance companies. Commencing from 9th January 2017, there are 55 bank insurance agents who have attended the insurance agency course jointly conducted by Myanma Insurance and Insurance Supervisory Board.

Central Bank Rates

As per stipulations mentioned in CBM Directive 8/2024 dated 14-8-2024, the Central Bank sets the interest rate, the interest rate that banks pay on deposits and the interest rate that banks may charge on loans and the following CBM bank rates which is the reference rate for all banks in Myanmar and shall come into effective from 1st September 2024.

(a) The Central Bank interest rate has been set to increase from currently 7% to 9%;

(b) the minimum interest rate that banks must pay on deposits has been set at 7% and the maximum interest rate that banks may charge on all loans has been set at 15%;

(c) banks shall set the deposit and loan interest rates between 7% and 15% according to their profitability and ability to manage the risk of losses.