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Myanmar banking developement


vomer
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http://www.thuraswiss.com/sites/all/themes/onecol/popupnews.php?id=3dc94896-00ad-11e3-84d5-bc305b35673f

According to a senior official at the Central Bank of Myanmar, interbank currency trading has begun in the country. The reform, which was introduced on Monday, is the latest to Myanmar’s banking and finance sector. Currently, foreign banks are still unable to operate in Myanmar and because the local banking system is still largely undeveloped, the interbank market is predicted to remain minor for some time. However, many foreign banks have opened branches in the country and once a new banking law is in place, the potential for a more developed foreign exchange market is immense. Domestic banks will now be able to negotiate exchange rates with each other and will be able to update bid/ask prices constantly, rather than once a day as they do now. U Than Lwin, vice-chairman of Kanbawza Bank, the major private lending institution in Myanmar, says that interbank currency trading is a welcome move and will be a step towards the development of an international standard foreign exchange market. Many also view the move as aimed at reducing the black market currency trading that is still rampant in Myanmar.

 

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It will be interesting to see if Myanmar is finally ready to end their isolation and join world commerce.

But the beauty of Myanmar is that it is one of the few places on earth you can go to and see a culture

that hasn't been corroded by western civilization.  I am in no way saying I respect or condone the actions of the military junta

as far as human right issues pertain, but it seems they are taking the right steps for a prosperous future.

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It will be interesting to see if Myanmar is finally ready to end their isolation and join world commerce.

But the beauty of Myanmar is that it is one of the few places on earth you can go to and see a culture

that hasn't been corroded by western civilization.  I am in no way saying I respect or condone the actions of the military junta

as far as human right issues pertain, but it seems they are taking the right steps for a prosperous future.

Look at you Ms Bower!!!!!! Howz U & family in Kittyland?

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