[Myanmar] Burma May Allow Foreign Credit Cards By 2013

[News_Editor]

Banks in Burma are hoping to begin handling international credit card transactions by next year. Than Lwin, deputy chairman of the prominent Kanbawza Bank, said on Sunday that negotiations are under way with Visa on the use of its cards. Foreign visitors have been unable to use credit cards because of US and EU restrictions on money transactions since 2003. Western sanctions began easing this year after elected President Thein Sein initiated political and economic reforms. Another Burmese banker who declined to be identified because he is not authorized to release information said talks are also ongoing with MasterCard, China Union Pay and Japan Credit Bureau and he hopes credit card transactions will be possible by 2013.—AP

Source: Irrawaddy.org

[tombkk]

"Burma may allow..." sounds wrong. The Myanmar government and banks would be happy if foreign tourists and business travellers could use their cards, but due to US sanctions (not EU sanctions) on Financial Services this is not possible at the moment.

Both the government and the banks want to have foreigners be able to use credit cards by the time the SEA Games take place next year. Let's hope the discussions with the credit card companies are successful and in time.