Only trade financing was previously allowed for foreign lenders.  Myanmar is steadily making headway in opening up its financial services sector after the central bank gave clearance to 13 foreign banks seeking to provide import financing services, reports The Myanmar Times.

“We will give priority to 13 existing permitted banks by allowing them to expand their services to include import financing,” Central Bank of Myanmar (“CBM”) director general U Win Thaw told TMT, adding that foreign lenders can now provide the full suite of trade financing services.

Import financing will also facilitate trade and maintain the price of imported products under control, he added.

There are also plans to allow importers to open accounts at foreign banks, Thaw added, which is a good policy to ensure the entry of more foreign currency into the market.

Earlier this year, country’s export-focused sector was granted a similar entitlement:
https://www.mmtimes.com/news/seven-foreign-banks-approved-do-export-financing.html

Source: Asian Banking & Finance