[Myanmar] US Move Could Mean Credit Cards In Myanmar

[webfact]

US move could mean credit cards in Myanmar

WASHINGTON, April 4, 2012 (AFP) - A US step Wednesday to reward reforms in Myanmar could relieve one of the headaches facing travelers to the long-closed nation -- the inability to use credit cards.

Due to decades of US sanctions, major credit cards such as MasterCard, Visa and American Express have been absent in the country formerly known as Burma, obliging tourists and both local and foreign businesspeople to carry wads of cash.

Secretary of State Hillary Clinton announced that the United States would start easing restrictions on the financial sector in Myanmar after landmark by-elections in which democracy icon Aung San Suu Kyi won a seat in parliament.

US officials said that they have not determined the exact nature or timeline for easing the financial sanctions but that allowing "electronic commerce" would be a top priority.

"Burma is one of the few countries in the world where you cannot use a credit card. It makes it extraordinarily difficult for some of the most basic kinds of economic exchanges," a senior official said on condition of anonymity.

"We think some small steps will allow businesses to flourish (and) certain opportunities to take hold."

The United States also said it would quickly restore full diplomatic relations after a two-decade gap and allow US investment in select areas.

-- (c) Copyright AFP 2012-04-09