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

Message : Required fields BANGKOK (Reuters) - 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 a country that had seen a boom in foreign investment before the military coup. 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 l...

Banks now set limits on amounts that can be withdrawn, as the Central Bank makes fewer disbursements and ATMs run short of cash.

YANGON (Bloomberg): The Central Bank of Myanmar said bank deposits are safe as people continued to form long queues outside banks and automated teller machines amid curbs on cash withdrawals imposed in the wake of nationwide anti-coup protests. Banking operations are gradually returning to normal after being disrupted by a civil disobedience movement launched by pro-democracy supporters, according to central bank Deputy Governor Win Thaw. "No one will lose his or her money at the banks, we guarantee it, ” Win Thaw said at a press conference on Friday. "We don’t see any reason for people t...