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

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