(Mizzima) – Four Burmese private banks will provide money exchange services in Singapore, Malaysia and Thailand starting in February, according to Rangoon media.
The move is designed to begin foreign trade services with Asean members. The banks participating are the Cooperative Bank, Kanbawza Bank, Asian Green Development Bank and Ayeyawaddy Bank, said an article in the Yangon Times.
The service will allow migrant workers in Singapore, Thailand and Malaysia to remit money to Burma.
The Cooperative Bank will handle remittances from workers in Singapore; the Ayeyawaddy Bank in Malaysia; the Kanbawza Bank in Thailand; and Asian Green Development Bank in Singapore and Malaysia.
Meanwhile, recent economic changes exempted Burmese citizens living abroad from paying income tax for money earned in foreign currency starting Jan. 1.
Changes in the banking sector in November last year now allow 11 private banks out of 19 to trade three foreign hard currencies – U.S. dollar, Euro and Singapore dollar.
The 11 private banks include Kanbawza Bank, Cooperative Bank, Myanmar Industrial Development Bank, Myawaddy Bank, Inwa Bank, Myanmar Oriental Bank, Asian Green Development Bank, Ayeyawaddy Bank, Myanmar Pioneer Bank, United Amara Bank and Tun Foundation Bank.
There are three state-owned banks in Burma: Myanma Economic Bank, Myanma Foreign Trade Bank and Myanma Investment Commercial Bank.
The article said there are 15 foreign bank representative offices from nine countries operating in Burma; four from Singapore, two each from Bangladesh, Malaysia and Japan, and one each from Cambodia, Thailand, Brunei, Vietnam and China.