Arab Today, arab today 4 more foreign banks get myanmar licence
Last Updated : GMT 20:32:04
Arab Today, arab today
Arab Today, arab today

4 more foreign banks get Myanmar licence

Arab Today, arab today

Arab Today, arab today 4 more foreign banks get Myanmar licence

Myanmar economy
Yangon - AFP

Four more foreign banks have been given preliminary approval to operate in Myanmar, state media reported Sunday (March 6), the latest government attempt to attract overseas investment to the emergent nation.

Myanmar's banking system was closed for decades to outside competition under junta rule, leaving the country laden with a creaking financial infrastructure and a populace deeply suspicious of banks.

But that has slowly begun to change since outright military rule gave way to a reformist government in 2011 that paved the way for last November's landmark elections.
The four new banks that have been given initial approval are Vietnam's Bank for Investment and Development, Taiwan's E.SUN Commercial Bank, South Korea's Shinhan Bank and the State Bank of India, the Global New Light of Myanmar said, quoting the Central Bank of Myanmar.

A total of 13 foreign banks have now been given permission to operate inside the Southeast Asian nation.

Most are still in the process of meeting regulations before opening branches but some are already up and running.

In April last year, Japan's Tokyo-Mitsubishi UFJ (BTMU) became the first foreign bank in decades to open a branch inside Myanmar.

Among other banks that have opened branches are Japan's Sumitomo Mitsui Banking Corporation (SMBC) as well as Singapore's Oversea-Chinese Banking Corporation (OCBC).

Most of the foreign banks who have applied for licences hail from the Asia-Pacific region.

Myanmar's military rulers nationalised all banks when they seized power in 1962 as they embarked on socialist policies that would send the economy into precipitous decline for nearly half a century.

Local people remain deeply reluctant to embrace the banking system and many deal only in cash.

Authorities have implemented sweeping political and economic changes in recent years that have seen most Western sanctions lifted, opening up the country to new streams of international investment.

Both the outgoing military backed government and Aung San Suu Kyi's incoming National League for Democracy have vowed to increase capital flows to local businesses and to spur investment.

The World Bank has said firms cite access to finance as the main obstacle to doing business in Myanmar.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 4 more foreign banks get myanmar licence Arab Today, arab today 4 more foreign banks get myanmar licence

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday