11 Private banks to start foreign currency transfer

Eleven private banks in Myanmar, which have been permitted as authorized dealers by the Central Bank of Myanmar, will start providing foreign currency account transfer services on Thursday, official media reported Wednesday. The service will facilitate exporters, importers, companies, organizations hotels, travels and tours companies, airlines and individuals in dealing with their balance of foreign currencies purchasing and selling by account transfer, said the New Light of Myanmar. The 11 private banks, which are Kanbawza Bank, Cooperative Bank, Myanmar Industrial Development Bank, Myawaddy Bank, Inwa Bank, Myanmar Oriental Bank, Asian Green Development Bank, Ayeyawaddy Bank, Myanmar Pioneer Bank, United Amara Bank and Tun Foundation Bank, were granted in November 2011 to trade three foreign hard currencies -- US dollar, Euro and Singapore dollar. Earlier, the central bank of Myanmar had also granted six private banks to open money exchange counters to operate in Yangon. These counters were set up at banks, airports, hotels, shopping centers and major tourists destinations for the convenience of tourists visiting Myanmar and Myanmar citizens leaving the country. In the latest development, Myanmar government has eased foreign currency exchange control allowing exchange of up to 10,000 U.S. dollars with Myanmar kyats without any documentation. The fresh regulations, aimed at getting rid of black market exchange, apply to both Myanmar citizens and foreigners starting Feb. 1. There is a total of 19 private banks and three state-owned banks in Myanmar which are Myanma Economic Bank (MEB), Myanma Foreign Trade Bank (MFTB) and Myanma Investment Commercial Bank (MICB).