Some journals reported recently that an investment bank is firstly established in Myanmar. At present, the Central Bank of Myanmar hasn't grant permits to any foreign banking services yet. And the Directorate of Investment and Companies Administration had yet to allow company registration, announced the Ministry of Finance and Revenue.
The press release and internet news states that those wishing to run the monetary service as well as banking is to have permission from the Central Bank of Myanmar in line with the existing laws.
Section 80 of monetary organization law says that nobody can run any monetary organization without the central bank's license. Section 82, of that law also states that if he/she is guilty of breaking the prescriptions of Section 80, he/she will face the fines of Kyats 50000 (or) five year prison term (or) both.
Source New Light of Myanmar
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