YANGON, April 29 (Xinhua) -- The Central Bank of Myanmar (CBM) will cut interest rates for the third time this year to support the country's economy amid the COVID-19 outbreak, state-run media quoted a statement of the central bank on Wednesday.

According to the statement, the CBM slashed annual interest rate by 1.5 percentage points, from 8.5 percent to 7 percent and the minimum bank deposit rate will be lowered by 2 percentage points from 7.0 percent to 5.0 percent.

The maximum bank lending rate will be increased by 3 percentage points to 10 percent for the collateralized loans and for the non-collateralized loans, it will remain at 14.5 percent, the release added.

The changes on the rates will be effective on May 1.

It is also learnt that the CBM cut the interest rate by 0.5 percentage point on March 12 for the first time and made second additional cut of 1 percentage point on March 24.

Myanmar has reported 150 COVID-19 confirmed cases with six deaths as of Wednesday morning since the infectious disease was first detected in the country on March 23. Enditem

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