Myanmar limits number of foreign staff that can work in domestic banks

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Myanmar is limiting the number of foreign staff allowed to work in domestic banks, a move that industry sources warn could further impede financial development in a country that had seen a boom in foreign investment before the military coup.

A letter dated Aug. 2 and posted on the central bank’s website said major banks can now employ no more than 25 foreign staff, 15 at a medium-sized bank and eight at small lenders.

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