2016-12-16

Added · Updated

Reserve Requirement Penalty Instruction

The Central Bank of Myanmar has established a penalty framework for commercial banks that fail to maintain the mandated 5 percent minimum reserve requirement. The penalty is calculated using the central bank discount rate, automatically deducted from bank accounts within ten days of the maintenance period, and paid in Myanmar kyat using the official USD exchange rate for foreign currency deposits. Repeat offenders receive graduated penalty reductions of 60 percent for first offenses, 80 percent for second offenses, and full payment for third or subsequent violations.

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Source: Central Bank of Myanmar — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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