Myanmar

Financial Reforms Seen in Myanmar

Myanmar's government is likely to allow foreign banks into the country by 2015 and to also give Myanmar's central bank more independence in setting rates, a senior official at Myanmar's biggest commercial bank said Friday, The Wall Street Journal reported. Myanmar's financial system remains primitive by international standards. The country only recently got its first ATMs, and credit cards aren't widely used.
Read more
Myanmar's financial system and economy are largely cut off from the outside world -- but not the global economic crisis, The Wall Street Journal reported. As the country's military junta wraps up its trial of dissident Aung San Suu Kyi, conditions in the capital and rural areas illustrate the effects of the slowdown on this isolated nation's already-tenuous economy. Key sectors such as agriculture and tourism are reeling, and business in the commercial center of Yangon has dwindled, residents and economists say.
Read more