YANGON, May 31 (Xinhua) -- The Central Bank of Myanmar will grant licenses to four more new private banks to launch financial services, the local Standard Times Daily reported Thursday.
The four private banks include Mandalay Farmer Development Bank, Sagaing Farmer Development Bank, Gems and Minerals Bank and Tourism Bank.
At present, there are four state-run banks, 24 private banks and 13 foreign banks providing financial services in the country.
Meanwhile, some foreign banks are allowed to run trading services, offering services to importers and exporters in the country this year.
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 to offer loan, trade and financial services.
