Myanmar eases restrictions on foreign bank lending [Reuters (UK)]
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Source: Reuters
Myanmar eases restrictions on foreign bank lending | Reuters 3 Min Read YANGON, Nov 9 (Reuters) - Myanmar’s central bank on Thursday announced new rules allowing foreign banks to lend to local businesses, bringing further reforms to the country’s stunted banking sector. In a letter signed by deputy governor Soe Thein, the bank said the decision was made to give local businesses more access to financing. Representatives of the bank could not be reached for comment. “Finally, the old system of restrictive access to finance is being stripped away. Bit by bit…,” said Sean Turnell, an economic advisor to Myanmar leader Aung San Suu Kyi. Banking and business leaders have been urging the government to speed up reforms in the sector, which suffered decades of mismanagement under the former ruling military junta. Myanmar opened the door to foreign banks, including Australia’s ANZ, Singapore’s United Overseas Bank and Malaysia’s Maybank as part of wide-ranging reforms that began in 2011. But th
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