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Myanmar Citizens Bank to increase SME access to finance

Yangon-listed Myanmar Citizens Bank (MCB) inked an agreement with the International Finance Corporation (IFC) to increase access to finance for small businesses and individuals. The IFC will provide advice to the public lender to transform and modernise its business operations to better serve small businesses. The project will be delivered over two years and will […]

Foreign banks allowed to set foreign currency loan interest rate

The Central Bank of Myanmar (CBM) said foreign banks are free to set their own interest rate as long as those loans are in foreign currencies. Foreign banks with branches in the country are now allowed to do wholesale banking services and other financial services, according to the latest Directive issued by the CBM last […]

Central Bank provides new details on foreign-bank directive

Foreign banks will be allowed to expand their branch networks in Myanmar next year, according to two senior officials of the Central Bank of Myanmar (CBM) yesterday. “More foreign bank branches will be allowed next year. Foreign banks can no longer be blocked from doing business in Myanmar because the local banks are not developed […]

Laxer Rules of Foreign Banks to Spur Trade, Central Bank Says

The Central Bank of Myanmar said its decision last week to let foreign banks operating in the country lend and provide other services to domestic companies will help exporters limited by local lenders finance their trade with the rest of the world. “We expect that they [foreign banks] will mainly provide foreign currency to the […]

Myanmar’s United Amara to issue 15,000 Visa cards in 4 months

UNITED Amara Bank (UAB), one of the largest financial institutions in Myanmar, will issue more than 15,000 Visa credit cards by the end of this year, says Christopher Loh, the bank’s chief executive officer and special adviser to the chairman. Loh announced on Tuesday the launch of UAB’s first suite of credit cards with Visa […]