The central bank of Myanmar will allow foreign banks to operate in the country from September, according to local media.
The Union Daily quoted U Set Aung, Vice Governor of Myanmar's central bank, as saying that at least five to 10 out of over 40 foreign banks having representative offices in the country will be chosen in line with rules and regulations for the sake of local banks and entrepreneurs.
The permitted foreign banks must have a capital of at least 75 million USD, of which 40 million USD will be kept under the supervision of the central bank, he added.
A board for selecting foreign banks has been set up, consisting of officials and experts from the Finance Ministry, the central bank, the Attorney-General's Office, a German advisory team, the International Monetary Fund and the World Bank.
At present, the IMF is helping Myanmar in drafting rules and regulations related to foreign banks’ operations.
There are more than 20 private banks and three state-owned banks in Myanmar . Local banks are worried about the arrival of foreign rivals which are strong in terms of capital, technology and human resources.-VNA
The Union Daily quoted U Set Aung, Vice Governor of Myanmar's central bank, as saying that at least five to 10 out of over 40 foreign banks having representative offices in the country will be chosen in line with rules and regulations for the sake of local banks and entrepreneurs.
The permitted foreign banks must have a capital of at least 75 million USD, of which 40 million USD will be kept under the supervision of the central bank, he added.
A board for selecting foreign banks has been set up, consisting of officials and experts from the Finance Ministry, the central bank, the Attorney-General's Office, a German advisory team, the International Monetary Fund and the World Bank.
At present, the IMF is helping Myanmar in drafting rules and regulations related to foreign banks’ operations.
There are more than 20 private banks and three state-owned banks in Myanmar . Local banks are worried about the arrival of foreign rivals which are strong in terms of capital, technology and human resources.-VNA
