The Central Bank of Myanmar officials have stated that the bank will give priority to 13 existing permitted banks by allowing them to expand their services to include import trade financing. Previously, trade financing was allowed only for export purposes. So, by allowing foreign banks to finance both exports and imports, banks will be able to provide the full suite of trade financing services.
The move comes after the Central Bank of Myanmar first allowed foreign banks to provide export financing in December 2017.
In Myanmar, foreign banks have so far only been allowed to provide accounts for exporters. But there are now plans in place for the Central Bank of Myanmar to also allow importers to open accounts at foreign banks.
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