Myanmar voices appreciation of US authorisation of bank services

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YANGON: Myanmar has expressed its appreciation of the recent action of the US authorising financial services with four Myanmar banks, official media reported yesterday.

The four Myanmar banks to which the US Treasury Department issued on February 22 a general licence allowing access to American financial system were Myanmar’s State Economic Bank, Myanmar Investment and Commercial Bank, private-owned Asian Green Development Bank and Ayayawaddy Bank, China’s Xinhua news agency reported quoting the report.

“The government of the Republic of the Union of Myanmar welcomes the action as it would enable US companies, financial institutions and individuals to conduct transaction and financial services,” the report said, hoping that the same authorisation would apply as soon as possible to other Myanmar banks dealing with Myanmar’s international financial services.

The report added that Myanmar government would continue the process of democratic transformation and socio-economic development in accordance with the will of the people and would also continue its efforts for the success of national reconsolidation and peace building.

Meanwhile, chambers of commerce of the US and Myanmar signed a memorandum of understanding (MoU) at a recent US- Myanmar trade and investment symposium here in a bid to promote bilateral trade and investment between the two countries. — Bernama