Myanmar - Banking
As of March 2016, Myanmar consists of 24 private banks and 04
State owned banks, amounted to around 55% of GDP. As of June 2016, 1,890 bank
branches are operating in Myanmar.
Banks in Myanmar are often classified as state owned banks, semi-government
banks, and private banks. The domestic banks are classified in terms of three
categories: (i) 100% government-owned, (ii) government-ownership of less than
100% and (iii) non-government-owned institutions. A secondary classification
follows: the government-owned banks are further classified according to
ownership by Union Government vs. ownership by municipalities. The partly
government-owned and non-government owned banks are further classified
according to their legal form: private, public non-listed and public listed.
Myanmar remains a cash-oriented economy. Less than 10%
of Myanmar citizens have a bank account and that less 0.1% of the public are
active in the credit market.
Modern banking and financial services in Myanmar are in
their infancy. The banking sector comprises the Central Bank of
Myanmar (CBM) which was established pursuant to the Central Bank of
Myanmar Law in 1990
Local Myanmar banks are playing their part in reform
initiatives by seizing the opportunity to expand their branch network and
introduce new financial products. They are also entering into agreements with
international credit card providers. Since 2012 the number of ATM’s in
Myanmar has increased significantly. CB Bank (CB) and Kanbawza Bank (KBZ) have
led the way. Master, Visa and Union Pay cards are accepted. Withdrawals
up to $1200 per day are permitted with a maximum limit of USD$360 per
transaction. Transaction fees are high. KBZ charges approximately $6 per
transaction while CB charges approximately US$5.
The Myanma Economic Bank (MEB), the Myanma Foreign Trade
Bank (MFTB) and the Myanma Agricultural Development Bank (MADB) were all
established in 1976. A fourth state bank, the Myanma Investment and Commercial
Bank (MICB), was set up in 1990 in order to stimulate the growth of industry
and production in the country.
Name of Bank
Myanma Foreign Trade Bank
Myanma Investment and Commercial Bank
Myanma Economic Bank
Myanma Agriculture and Development Bank