The microfinance institution Amret has decisively slashed its interest rates on fixed deposits. The rate for a three-year deposit with monthly payout has fallen by 1.50 percentage points, from 5.50% to 4.00%. Previously, Amret had ‘steps’ of 0.50 percentage points: a one-year deposit earned you 4.50%, a two-year deposit 5.00%, and a three-year deposit 5.50%. Now, all rates are 4.00%. Four and five-year deposits went from 5.75% and 6.00%, respectively, to 5.00% for both. Amret offers the same rates for USD and KHR deposits, and has made similar cuts to its rates for deposits with payout at maturity.
Competitor Amk also made cuts, albeit less drastic. Their rates were already lower than Amret’s anyway. Their rates for deposits with a term of 1 to 3 years went down 0.50 percentage points.
Woori Bank made modest cuts to their US dollar deposit rates, reducing them by 0.20 percentage points.
