Myanmar to grant licences to foreign banks by September
Published on Jun 26, 2014 9:59 PM
NAYPYIDAW (AFP) - Myanmar's central bank has said it plans to grant licences to foreign banks by September as it seeks to boost the flow of money to local businesses in the once tightly controlled economy.
The nation's reformist regime wants to modernise the country's antiquated banking sector, which was left in tatters by decades of military rule and economic mismanagement.
Foreign banks hunting new markets have been hungrily eying the nation's already rapidly growing financial sector.
Speaking to lawmakers in Naypyidaw on Wednesday central bank vice-governor Set Aung said overseas lenders will be issued licenses by September although some restrictions will still apply.
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