Malaysia bars new foreign banks until 2007

Malaysia's central bank said on Mar 1, 2001 no new foreign banks will be allowed to enter the domestic market until after 2007, giving local banks time to prepare for a decade of trade liberalisation.

Bank Negara Governor Zeti Akthar Aziz, launching a three-phase plan to build up Malaysia's banks also said rules capping foreign investment in insurance firms would be relaxed. "The focus is on developing a core of strong domestic banks to be the backbone of the financial system," she said in a s

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