23 Nov 2018
MYANMAR: Overseas-Owned Banks Now Cleared to Lend to Domestic Businesses
All 13 overseas-headquartered banks currently operating in the country are to be permitted to extend credit facilities to domestic businesses as well as to provide a range of other banking services. Previously, such banks were only permitted to make foreign currency loans to overseas-owned entities or to foreign joint ventures with local partners. However, as part of the Central Bank of Myanmar’s (CBM) previous liberalisation moves, in recent years, they have been permitted to extend credit to reputable import-oriented or export-oriented local companies.