Myanmar central bank restricts foreign hires

Central Bank of Myanmar
Central Bank of Myanmar
Photo: Bjoertvedt/Wikimedia Commons

The Central Bank of Myanmar issued regulations on August 2 restricting the ability of local banks to hire foreign nationals. The action limits the number of foreign employees a bank may have and the positions they may hold.

The new directive appears to require financial institutions to seek central bank approval to hire foreign employees. Small banks (less than 1% of market share) may have no more than eight foreign employees. The largest banks, with more than 5% of market share, may have 25

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