Myanmar is limiting the number of foreign staff allowed to work in domestic banks, a move that industry sources warn could further impede financial development in the country, euronews.com reported.

A letter dated Aug. 2 and posted on the central bank’s website said major banks can now employ no more than 25 foreign staff, 15 at a medium-sized bank and eight at small lenders.

In addition, a bank must obtain authorisation 30 days before hiring a foreign national and some senior posts must be held by local citizens, it said.

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