Slorc's new trick to raise dollars

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The Daily Yomiuri ( 24 Dec 1995 )
Myanmar to Lift curbs on foreign banks
YANGON ( Kyodo )- Myanmar plans to allow foreign banks to set up joint ventures 
with
		     domestic banks in an effort to attract foreign investment 
into the Southeast
Asian country, officials at Japanese banks said Saturday. The officals quoted 
Minister of 
Finance and Revenue Brig. Gen Win Tin as disclosing the plan at a meeting with 
representatives 
of foreign banks that have offices in the country.
	''There are no moves by Japanese banks to form joint ventures with local 
banks, but banks
in Southeast Asian Nation as Thailand and Singapore are reportedly considering 
such deals,'' an 
official at a Japanese bank said. Foreign banks will be permitted to hold an 
equity stake of more 
than 50 percent in a joint, according to the finance and revenue minister, they 
said.  In 1991,
Myanmar enacted a banking Law prohibiting foreign banks to open branches or 
establish joint
ventures with domestic banks. A total of 31 foreign banks, including the Bank or 
Tokyo and Fuji
Bank, two Japanese banks, have representative offices in the capital and 
Sumitomo Bank is to 
open a representative office in the near future. 

Information committee
Burma Youth Volunteer Association.