30 July 2013

Myanmar signs central bank autonomy law

Myanmar has taken big steps towards further economic and political reform after the country's president Thein Sein reportedly signed a law that will give Myanmar's central bank more autonomy from the Finance Ministry.

By Charlotte Mullen

Foreign banks are at present not permitted to operate in Myanmar Bule Sky Studio

When the new law comes into action foreign banks will begin to be able to operate in Myanmar, starting with joint ventures with local banks. The central bank will have to change its rules with the governor and three deputy-governors nominated by the president and approved by parliament. At least 30 foreign banks have representative offices in the country already, despite the absence of a fixed date as to when the ventures will be permitted.

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