Myanmar limits foreign staff allowed in domestic banks: report

Major banks can now employ no more than 25 foreign staff.

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

A letter dated 2 August posted on the Central Bank of Myanmar's website said major banks can now employ no more than 25 foreign staff.

Medium-sized lenders may employ only up to 15, whilst small banks are allowed eight.

Banks are required to obtain authorisation 30 days before hiring a foreign national and some senior posts must be held by local citizens, the letter added.

A senior manager at one of Myanmar’s biggest banks, who asked not to be identified due to the sensitivity of the issue, said there was still a crucial need for foreign expertise.

An executive at another Myanmar bank warned that limiting foreign staff meant the banking sector would become more isolated and could have less oversight.

Here’s more from Reuters.

Photo courtesy of Alexander Schimmeck