Central Bank of Myanmar retreats from stricter loan rules for banks
CBM loosens regulations on overdraft facilities in response to market concern
The Central Bank of Myanmar has retreated from tighter regulations of the banking sector which were drafted with advice from the International Monetary Fund, in what appears to be a response to concerns raised by local banks.
The CBM announced on November 24 an updated “directive”, extending the deadline for banks to clear their overdraft facilities. The abandoned regulation stipulated that all overdraft facilities had to be cleared and paid for two consecutive weeks starting in January 2018.
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