NAY PYI TAW (June 30): Myanmar's central bank will allow foreign banks to operate in the country from September, Vietnam News Agency (VNA) reports citing local media. The Union Daily quoted the bank's Vice Governor U Set Aung as saying between five to 10 out of more than 40 foreign banks with representative offices in the country would be chosen. The banks must have a capital of at least US$75 million of which US$40 million will be kept under the supervision of the central bank. A board responsible for selecting the banks has been set up and is made up of officials and experts from the Finance Ministry, central bank, Attorney-General's Office, the International Monetary Fund (IMF) and the World Bank. The IMF is currently helping Myanmar to draft rules and regulations governing operations of foreign banks. More than 20 private and three state-owned banks are operating in Myanmar at present.
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