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
