Germany's int'l aid agency to assist Myanmar banks

The German Agency for International Cooperation (GIZ) will assist three Myanmar private banks in terms of financial techniques for the development of country's small and medium-sized enterprises, local media reported Tuesday.

Under the government to government aid program, GIZ, will provide the financial techniques to Small and Medium Enterprises Development Bank, Kanbawza Bank and Yoma Bank, said the Voice Daily.

The aid program will run from March 2014 to September 2015, the report said.

Meanwhile, the Central Bank of Myanmar will allow foreign banks to operate in the country this year.

Drafting of rules and regulations to govern such operation is underway with the help of the World Bank and International Monetary Fund.

So far, there are over 20 foreign bank representative offices in Myanmar, mainly from Brunei, Bangladesh, Cambodia, China, India, Japan, Malaysia, Singapore, Thailand and Vietnam.

There are 19 private banks and three state-owned banks in Myanmar.