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As debate rages, Myanmar ready to license some foreign banks

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Several international players have unexpectedly pulled out of Myanmar's bank-licensing process, which is being overseen by the country's central bank.   © Reuters

YANGON -- Myanmar is set to allow the phased entry of foreign banks, amid opposition from domestic financial institutions and parliament that could undermine the new autonomy of the Central Bank of Myanmar, the chief banking regulator.

     When a formal notice of expression of interest is issued in the next two weeks, most of the 35 foreign banks with representative offices in Myanmar are expected to apply.

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