** People rescuing an injured passenger from inside a passenger bus hit by a truck on Dhaka-Mawa Expressway in Shologhar area of Shreenagar upazila in Munshiganj on Thursday. ** Motorcycles allowed on Padma Bridge after 10 months ** Commuters charge extra fare, passengers disappointed ** 78 people killed in Yemen stampede ** Moon sighting committee meets today to ascertain Eid day ** 9 killed in road accidents in 3 districts ** US announces new $325 m military aid package for Ukraine ** Eid-ul-Fitr in Saudi Arabia today ** Eid exodus begins ** LPG price cut illusive ** 15 hurt as bus overturns in capital ** New interbank cheque clearing timings set for Eid holidays ** Four women hit by a train die in Tangail ** 12.28 lakh SIM users left Dhaka on Tuesday ** Sylhet engineer threatened over power outage ** People rush to village homes to spend Eid holidays with their near and dear ones. This photo was taken from Sadarghat Launch Terminal on Tuesday. NN photo ** Surge in cases of dehydration, diarrhoea amid summer heat wave ** Padma Bridge construction cost increases by Tk 2,412cr ** PM gives Tk 90m to Bangabazar fire victims ** Textile workers block highway demanding wage, Eid bonus ** Attack on PM's motorcade Ex-BNP MP, 3 others get life term ** Load-shedding increases for demand of electricity during heat wave ** Motorbikes to be allowed on Padma bridge from Thursday ** 5-day Eid vacation begins from today ** Take Nangalkot train accident as a warning about negligence of govt functionaries **

Myanmar to grant licenses to foreign banks this autumn

28 June 2014

AFP, Naypyidaw :
Myanmar's central bank has said it plans to grant licenses to foreign banks by September as it seeks to boost the flow of money to local businesses in the once tightly controlled economy.
The nation's reformist regime wants to modernise the country's antiquated banking sector, which was left in tatters by decades of military rule and economic mismanagement.
Foreign banks hunting new markets have been hungrily eying the nation's already rapidly growing financial sector.
Speaking to lawmakers in Naypyidaw on Wednesday central bank vice- governor Set Aung said overseas lenders will be issued licenses by September although some restrictions will still apply.
They will not be allowed into the retail banking sector and will have to hold at least $75 million in capital. They will also only be allowed to operate a single branch.
The controls have been considered "for the interests of local bankers, local businessmen," Set Aung told parliament.
Lawmaker Phyo Min Thein confirmed the September target date for the licenses to be issued, adding the move will "help local banks too".
According to the Central Bank website 35 foreign banks already run offices in the once-junta ruled nation but so far do not conduct banking operations. They are mainly from the Asia region.

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