Myanmar to allow national entrepreneurs to open account in foreign banks
People’s Daily Online / July 12, 2007

Myanmar will allow private businesses to open account at banks in foreign countries through legal channels to encourage engagement in foreign trade, the local Myanmar Times reported Thursday.

The green light was given at a recent meeting between the Ministry of Finance and Revenue and domestic businessmen in Nay Pyi Taw.

Since adoption of a market-oriented economic system in 1989, private businesses have been allowed to freely engage in foreign trade and make investment as well as to open foreign currency accounts in state-owned foreign exchange banks such as the Myanmar Foreign Trade Bank (MFTB) and the Myanmar Investment and Commercial Bank (MICB) for the undertakings, the report noted.

The MFTB generally and mainly handles foreign currency transactions along with some private banks authorized for such transactions, while the MICB deals with foreign investment in the country.

Meanwhile, Myanmar has sought for transforming a public bank into an export-import bank to facilitate exporters and importers in the country in carrying out their international trading activities.

The public bank, which is being sought for such transformation, is the Myanmar Citizen Bank, in which the Ministry of Commerce holds a stake of 55 percent.

There are 15 private banks in the country at present.

There has also been Myanmar Livestock Breeding and Fishery Development Bank, Myanmar Agricultural Development Bank and Myanmar Industrial Development Bank for respective entrepreneurs, but there has been no bank yet for traders engaged in international trading business.