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Myanmar to set up 5 sector-specific banks

The Myanmar government is considering setting up five sector-specific banks.

The Myanmar President's Office directed the Central Bank of Myanmar to approve the opening of Myanmar Tourism Bank, Mineral Development Bank, Glory Farmer Development Bank, Mandalay Farmer Development Bank and Shwe Nann Saw Bank, The Myanmar Times reported, citing sources.

Senior officers of the central bank did not respond to the newspaper's emails seeking details of the banks. However, banking insiders believe the new banks will operate as specialized financial institutions targeting lending to sector-specific businesses.