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Updated on July 11, 2018 From Daily Eleven

Central bank to scrutinize foreign large bank share acquisitions

The Central Bank of Myanmar will scrutinize the acquisition of a 35-per-cent stake by foreign banks in local banks, said Aung Naing Oo, Director-General of Directorate of Investment and Company Administration.
        “No need to issue the notification as it is a law. According to the Myanmar Companies Act, foreign investors are allowed to acquire stakes of up to 35 per cent in local firms.
        It will be under scrutiny as the CBM is responsible for steering and scrutinizing all banks,” he added.
        The CBM will decide on how to allow foreign investors to take stakes of up to 35 per cent.
        Aung Naing Oo pointed out the fact that the frequent fluctuation in currency exchange rates may diminish the trust of foreign investors.
        In an attempt to control inflation rate, the CBM are working to keep the monetary sector stable through the monetary policy, the fixing of daily reference rates for currency exchange and the management of foreign exchange reserve etc.

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