Foreign banks to be selected in September, official says

Foreign banks to be selected in September, official says

Out of the 25 foreign banks that applied to operate in Burma, the government will only allow about five to ten companies, which will be selected in September, said an official from the Banks and Financial Development Subcommittee on Wednesday.

Currently there are 43 foreign representative banks in Burma, which mainly act as liaisons to their home country’s investors but rarely do banking transactions. However, 25 banks applied to the Myanmar Central Bank in order to operate fully in Burma’s banking system.

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