Foreign banks are soon to be allowed to run retail banking service in Myanmar as part of relaxation measures by the Central Bank, U Set Aung, the bank's deputy governor told the parliament late Monday.
The measure will be implemented after checking the stability of the financial sector of the country, the official said.
A total of 13 foreign banks have been granted licences to open branches in Myanmar since 2015, but were prohibited from running retail services to customers.
As part of gradual lifting of restriction, the authorities have also allowed foreign banks to open branches in special economic zones under joint-venture partnership with local banks in offering loan services and trade finance service.
Also, Allowing local microfinance institutions to offer direct banking services are underway by the authorities.
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