Burmese Bank Offers First FX Accounts
10 July 2012
Burma’s Co-operative Bank started offering accounts in foreign currencies on Monday, becoming the first private bank in the country to get permission to do so, according to The Myanmar Times. Four other private banks—Asia Green Development, Ayeyarwady, Kanbawza and United Amara—will also start offering foreign exchange accounts later this month. The move is part of an effort to facilitate international events that are expected to attract a large number of foreign visitors. Previously, all transactions in currencies other than the kyat had to be handled by state-owned banks.