Local Financial Institutions First Then Foreign Banks

Local Financial Institutions First Then Foreign Banks - Many of the world’s biggest banks are eager to move into Myanmar now that the once-secretive nation is opening up its economy to the Western world.

But Maung Maung Win, the deputy governor of Myanmar’s central bank, says it’s likely to be a while before Myanmar begins letting foreign banks to set up operations there, other than the small representative offices many now have in Yangon. The chances are “very, very low” foreign banks will be let in more extensively this year, he said in an interview in Yangon this week, in part because authorities are concerned about the impact on local financial institutions.

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