The Central Bank of Myanmar (CBM) supervises banks and non-bank financial institutions such as leasing companies, finance companies, money services, and credit services. CBM has liberalised the financial organisations for competition, efficiency and integration into the regional financial system. As of the end of October 2020, there 27 non-banking finance companies that are currently licensed by the Central Bank.[5] According to the changes in the economic requirements of the country, the Central Bank rate has been increased from 10 percent to 12 percent since 1 April 2006.