TODAY

Nay Pyi Taw, 25 June- Vice Governor of the Central Bank of Myanmar Dr Set Aung told the Pyidaungsu Hluttaw on Wednesday  that Myanmar will place emphasis on the interest of Myanmar and people, local banks and local companies in allowing foreign banks to enter the Southeast Asian country.

The vice governor said that there are both advantages and disadvantages when foreign banks are allowed to operate either as foreign bank branches, a new  companies, as joint venture branches with local partners, or as locals banks after they have bought shares from local banks.

The Central Bank has compared the advantages and disadvantages, but the emphasis is placed on the interests of the country and the people, local banks and local companies, he said.

At the ASEAN finance Ministers’ meeting in April, Myanmar’s Finance Minister U Win Shein said at the final press conference that the government was lacking the experience and know how to develop the banking sector, acknowledging that foreign expertise was needed, while at the same time voicing concern that local banks may not be competitive once foreign banks enter the sector. He said at the time “whether or not to open the banking sector to foreign banks is a topic constantly discussed in parliament, but no conclusion has been reached.”

Regarding other issues, representatives in the Pyidaungsu Hluttaw session on Wednesday unanimously approved the proposal of the president to appoint Union Deputy Minister U Soe Win of the Ministry of Religious Affairs as the union minister of the same ministry.

MNA