According to a letter posted on Myanmar’s Central Banks website on 2 August, major banks in the country have to limit the number of foreign staff members to no more than 25, medium-sized banks can employ 15 foreign staff while small branches can employ 8, media Euronews writes.
Foreign investors in the banking sector in Myanmar include Singapore’s sovereign wealth fund GIC and Norway’s Norfund, which both have stakes in Myanmar’s Yoma Bank. Yoma Bank is part of First Myanmar Investment which is a sister company of Singapore-listed Myanmar-focused conglomerate Yoma Strategic Holdings.
Euronews writes that Yoma Bank did not comment on the new rules posted by the Central Bank.
Besides limiting the number of foreign staff, the statement from the Central Bank also said that authorization must also be obtained by the bank 30 days prior to employing a foreign staff member while some senior posts must be held by local Myanmar citizens only.
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