Burma Banking Sector Not Likely To Open This Year

Burma’s government will probably not allow foreign banks to operate fully inside the country this year, according to a report by The Wall Street Journal. Although a number of overseas banks have already set up representative offices in Burma, only domestic banks are licensed to handle all banking services. However, this could change as early as next year, the deputy governor of Burma’s Central Bank, Maung Maung Win, is quoted as saying. Until then, the likelihood of a change in policy is “very, very low,†he said. Burma currently has 19 private banks and three state-owned banks.