Thursday, Apr 17, 2014Thursday, Apr 17, 2014
News
 

United States eases sanctions on Myanmar banks

Published on Feb 23, 2013 6:09 AM
PRINT EMAIL
 
This picture taken on Jan 10, 2012 shows a Myanmar bank staff from AGD- Asia Green Development bank counting Myanmar bank notes in downtown Yangon. The United States (US) relaxed sanctions on four large banks in Myanmar on Friday, allowing them access to the US financial system as a reward for the country's political reforms. -- FILE PHOTO: AFP

WASHINGTON (REUTERS) - The United States (US) relaxed sanctions on four large banks in Myanmar on Friday, allowing them access to the US financial system as a reward for the country's political reforms.

The Treasury Department issued a general license to the Myanma Economic Bank, Myanmar Investment and Commercial Bank, Asia Green Development Bank and Ayeyarwady Bank.

A general license eases restrictions and lets the banks deal with US citizens and companies, but leaves sanctions laws on the books, giving Washington leverage should Myanmar start to backslide on reforms.

"Increased access to Burma's banking system for our companies and non-governmental organisations will help to facilitate Burma's continued social and economic development," said Mr David Cohen, the Treasury undersecretary for terrorism and financial intelligence.

 
If you are not a subscriber, you can get instant, unlimited access here