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Myanmar grants 11 private banks to trade foreign currencies

(Xinhua)

13:08, November 25, 2011

YANGON, Nov. 25 (Xinhua) -- The Central Bank of Myanmar has granted 11 private banks to trade three foreign hard currencies -- U.S. dollar, Euro and Singapore dollar, official media reported Friday.

Aimed at stabilizing and developing the domestic foreign exchange trading market in the country, the central bank of Myanmar will issue authorized dealer licenses to the 11 private banks Friday, said the New Light of Myanmar.

The 11 private banks are Kanbawza Bank, Cooperative Bank, Myanmar Industrial Development Bank, Myawaddy Bank, Inwa Bank, Myanmar Oriental Bank, Asian Green Development Bank, Ayeyawaddy Bank, Myanmar Pioneer Bank, United Amara Bank and Tun Foundation Bank.

Earlier, the central bank of Myanmar had granted six private banks to open money exchange counters to operate in Yangon.

These counters were set up at banks, airports, hotels, shopping centers and major tourists destinations for the convenience of tourists visiting Myanmar and Myanmar citizens leaving the country.

A total of 19 private banks and three state-owned banks in Myanmar -- Myanma Economic Bank (MEB), Myanma Foreign Trade Bank ( MFTB) and Myanma Investment Commercial Bank (MICB) can operate the service by now.

Meanwhile, Myanmar is coordinating with the International Monetary Fund (IMF) to unify Myanmar's exchange rate in a bid to facilitate the country's economic and financial links with the global economy, and development and stabilization of domestic foreign exchange trading market.

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