According to campaign group Justice for Myanmar (JFM) the International Finance Corporation (IFC) of the World Bank Group is divesting from Myanmar’s Yoma Bank after its business with military companies was exposed.
Rights group calls on World Bank and international investors to pressure Yoma Bank to cease its business relationship with Mytel’s military-backed operator.
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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 local citizens, it said.