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Burma to Announce Foreign Bank Licenses in July

20 February 2014

Burma’s Central Bank expects to announce the first operating licenses for foreign banks in July, The Myanmar Times reports. A deputy bank governor said international finance sector experts are assisting the Central Bank with the selection of foreign firms that will be the first to receive banking licenses. “[W]e would like to grant license to all foreign banks, but the local banks fear of that process, so only a limited numbers of foreign banks will be allowed in the beginning,” the official said. Burma’s banking sector was long closed off from foreign investment because of international sanctions imposed on the previous military regime.