Written by Admin on January 21, 2014. Posted in Business, News
Myanmar's central bank has planned to allow foreign banks to provide
banking services in Myanmar, according to a RFA report.
The central bank is drafting rules and regulations for foreign banks
with support of World Bank and International Monetary Fund.
The central bank has allowed local banks to officially engage in
currency exchange market, but withdrew FEC from the market.
More than 20 foreign banks have representative offices in Myanmar,
hoping for the chance to open the branches in Myanmar.
These include top banks from Brunei, Bangladesh, Cambodia, China,
India, Malaysia, Singapore, Thailand and Vietnam.
Myanmar has currently three government banks and 19 private banks,
providing banking services inside the once-isolated country.
http://www.information.myanmaronlinecentre.com/myanmar-to-allow-foreign-banks-to-open-branches-soon/
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