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Myanmar: Junta restricts private banks’ foreign hires
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NAYPYITAW, 07 August 2021, (TON): Myanmar’s Central Bank announced that it has introduced new rules relating to the employment of foreigners by local privately-owned banks.
In a five-page order, the junta-controlled Central Bank outlined a series of restrictions that seek to limit both the number of foreigners in the country’s banking sector and their influence.
Under the new rules, banks can hire no more than 25 non-Myanmar nationals, none of whom are permitted hold the position of chair or vice-chair within their organizations.
According to the order ”if a foreigner is hired to act as chief executive officer, a Myanmar citizen must be appointed as deputy chief executive officer.”
All foreign hires will also be subject to vetting by the Central Bank, which will examine both their relevant professional qualifications and their political activities.
The move is seen as being aimed not only at limiting the involvement of foreigners in the banking sector, but also at reining in private banks.
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