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4 new banks set to receive licenses in Myanmar

Myanmar's central bank is set to grant licenses to four new private lenders, Xinhua News Agency reported May 31, citing Myanmar's Standard Times Daily.

The report did not say when the Central Bank of Myanmar will grant the licenses but noted that the four banks are Mandalay Farmer Development Bank, Sagaing Farmer Development Bank, Gems and Minerals Bank, and Tourism Bank.

Currently, four state-run banks, 24 private banks and 13 foreign banks are operating in Myanmar, according to the report.