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Foreign banks will receive permission to operate soon, says vice chair of Myanmar’s Central Bank

U Sett Aung, the vice chairman of the Central Bank of Myanmar told a press conference held in Yangon on September 14 that foreign banks would be given permission to operate Myanmar at some point in late September or early October.

Speaking at a press conference for the Myanmar Investment Meeting, held by Peninsula Press, U Sett Aung said that despite doubt over the scheme it would continue as planned.

“The number of banks allowed to enter will number at least five and ten at most,” said U Sett Aung.

He said the banks would be chosen from a shortlist of seventeen that includes four Thai banks, three from Singapore and one each from Australia, China, France,India Japan, Malaysia,Mauritius, South Korea and Taiwan and Vietnam.

The vice-chairman added that the exact details of what operations the banks would be allowed to engage in would be revealed when the decision on operators was announced.-

Source: MIZZIMA Myanmar

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