fbpx

CBM Restrictions on Foreign Banks to be lifted ‘Soon’- Deputy Governor

The governor of the the Central Bank of Myanmar (CBM) has said restrictions that stop foreign banks offer­ing retail services in My­anmar will be lifted ‘soon’.

Deputy Governor U Set Aung told a July 10 Pyithu Hluttaw meeting that it’s time foreign banks were allowed to open branches across the nation and pro­vide their retail banking services to local customers.

“Sooner or later, we will approve retail banking for foreign banks,” U Set Aung, said.

The Central Bank of Myanmar has granted li­cences to 13 foreign banks to open representatives offices in Myanmar but retail banking services are under temporary restric­tion, he said.

The deputy governor didn’t give a timeline on when restrictions would be lifted but emphasised that liberalisations will be based on the CBM’s capacity to supervise for­eign banks and ensure stability in the sector.

Lifting restrictions on retail banking services would allow businesses and the public access to individual bank accounts at foreign banks, remit­tance services and ATM services while wholesale banking services, which is not restricted, covers lending between large companies.

CBM has allowed 13 for­eign banks to open repre­sentative offices in Myan­mar.

Source: Myanmar Business Today

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

Looking for foreign investors to invest in your business in Myanmar