Myanmar to allow nat'l entrepreneurs to open account in foreign banks
Friday, 13 July 2007
YANGON, July 12 (Xinhua): Myanmar will allow private businesses to open account at banks in foreign countries through legal channels to encourage engagement in foreign trade, the local Myanmar Times reported today.
The green light was given at a recent meeting between the ministry of finance and revenue and domestic businessmen in Nay Pyi Taw.
Since adoption of a market-oriented economic system in 1989, private businesses have been allowed to freely engage in foreign trade and make investment as well as to open foreign currency accounts in state-owned foreign exchange banks such as the Myanmar Foreign Trade Bank (MFTB) and the Myanmar Investment and Commercial Bank (MICB) for the undertakings, the report noted.
The MFTB generally and mainly handles foreign currency transactions along with some private banks authorised for such transactions, while the MICB deals with foreign investment in the country.
Meanwhile, Myanmar has sought for transforming a public bank into an export-import bank to facilitate exporters and importers in the country in carrying out their international trading activities.
The public bank, which is being sought for such transformation, is the Myanmar Citizen Bank, in which the ministry of commerce holds a stake of 55 per cent.
There are 15 private banks in the country at present.
There has also been Myanmar Livestock Breeding and Fishery Development Bank, Myanmar Agricultural Development Bank and Myanmar Industrial Development Bank for respective entrepreneurs, but there has been no bank yet for traders engaged in international trading business.
The Myanmar commerce authorities have urged over 10,000 registered private trading companies in the country to function fully to boost foreign trade.
Myanmar's foreign trade hit nearly 8 billion US dollars in the fiscal year 2006-07 which ended in March, a new record high in 18 years since 1989, according to figures of the ministry of commerce.
Of the foreign trade during the year, which was up 42.9 per cent from 5.54 billion dollars in 2005-06, exports took 5 billion dollars, up 40 per cent from 3.554 billion dollars in the previous year, while imports accounted for 2.92 billion dollars, a rise of 47.5 per cent from 1.979 billion dollars correspondingly.
A trade surplus of 2.08 billion dollars was registered for the year which is a continuation of the status from the previous year which stood at 1.6 billion dollars.
The green light was given at a recent meeting between the ministry of finance and revenue and domestic businessmen in Nay Pyi Taw.
Since adoption of a market-oriented economic system in 1989, private businesses have been allowed to freely engage in foreign trade and make investment as well as to open foreign currency accounts in state-owned foreign exchange banks such as the Myanmar Foreign Trade Bank (MFTB) and the Myanmar Investment and Commercial Bank (MICB) for the undertakings, the report noted.
The MFTB generally and mainly handles foreign currency transactions along with some private banks authorised for such transactions, while the MICB deals with foreign investment in the country.
Meanwhile, Myanmar has sought for transforming a public bank into an export-import bank to facilitate exporters and importers in the country in carrying out their international trading activities.
The public bank, which is being sought for such transformation, is the Myanmar Citizen Bank, in which the ministry of commerce holds a stake of 55 per cent.
There are 15 private banks in the country at present.
There has also been Myanmar Livestock Breeding and Fishery Development Bank, Myanmar Agricultural Development Bank and Myanmar Industrial Development Bank for respective entrepreneurs, but there has been no bank yet for traders engaged in international trading business.
The Myanmar commerce authorities have urged over 10,000 registered private trading companies in the country to function fully to boost foreign trade.
Myanmar's foreign trade hit nearly 8 billion US dollars in the fiscal year 2006-07 which ended in March, a new record high in 18 years since 1989, according to figures of the ministry of commerce.
Of the foreign trade during the year, which was up 42.9 per cent from 5.54 billion dollars in 2005-06, exports took 5 billion dollars, up 40 per cent from 3.554 billion dollars in the previous year, while imports accounted for 2.92 billion dollars, a rise of 47.5 per cent from 1.979 billion dollars correspondingly.
A trade surplus of 2.08 billion dollars was registered for the year which is a continuation of the status from the previous year which stood at 1.6 billion dollars.