Myanmar allows diplomatic corps to open foreign currency accounts in local private banks

Myanmar's central bank has allowed diplomatic corps to open foreign currency accounts in local private banks, according to an announcement of the bank Wednesday.

Previously diplomatic corps are restricted to do so with the state owned banks for foreign currency transaction.

"It is a broad step for banking sector. I think it is more convenient for diplomats to use private banks than state-owned banks. Local private banks also benefit from their service," U Than Lwin, senior consultant to KBZ Bank told Xinhua.

The central bank has adjusted some of the rules by allowing diplomatic crops to open current accounts for foreign currency, especially U.S. dollar, euro and Singapore dollar, starting from equivalent amount of 100 U.S. dollars. Maximum amount has yet to be designated.

U Mya Than, chairman of Myanmar Oriental Bank, said that it is also appropriate for individuals and organizations to open accounts with their diplomat and passport documents. They can transfer and accept foreign currency through their accounts legally.

At present, there has been 17 local private banks granted for foreign exchange services among 25 banks including semi-government banks.

Meanwhile, the central bank has granted service licenses to four more foreign banks early this month to operate corporate banking to serve foreign companies investing in Myanmar. There are 13 foreign banks based in Myanmar to date. Endit