After lowering interest rates in early December and at the beginning of this year, the microfinance institution LOLC has once again cut interest rates on fixed deposits. It’s the third month in a row! All rates were cut by 0.25 percentage points, which means that in the last 3 months LOLC’s fixed deposit rates have been cut by an average of 0.75 percentage points. Since August last year, their rates have been cut by a full percentage point.
Deposits with monthly payout
Where LOLC used to offer the highest overall rates in Cambodia, they have now clearly lost their number one position to other financial institutions. This applies to all possible combinations of fixed deposits. Woori Bank now offers the best rates for USD deposits with monthly withdrawals. The same applies to monthly payouts in KHR, where Woori is closely followed by KB Prasac Bank, but LOLC is now only in third place. Also have a look at our line graph comparison, where you can clearly see how LOLC has fallen from the number one spot it held for such a long time.
Deposits with maturity payout
For deposits in USD with payout at maturity, the picture is a little more mixed. For these deposits, Woori Bank again offers the highest rates, but it is tied or closely followed by Hattha Bank and KB Prasac Bank. Although the absolute highest rate of payout at maturity is offered by Wing Bank: 9% for a 5-year term. When it comes to KHR deposits with maturity payout, Woori is the clear winner with rates of up to 9% for a 3-year term. Wing also offers this rate, but for a 5 year term. For payouts at maturity, we find LOLC mostly in third place and for one term (3 year deposit in KHR) even in sixth place!