Myanmar Soon to Open Its Banking Industry

Myanmar, one of two Asian countries (along with North Korea) that have not yet opened up its banking industry to foreign firms, could open its market as late as the year 2015. The Myanmarian government has lately been executing several attempts of reform: the first national election in 20 years was held in 2010; the country has recently begun to use ATMs; it hopes to adopt a new foreign-investment law soon. But the country's financial system is still rudimentary in international standards. Only a few people use credit cards, a confusing multiple-exchange-rate system is used, and the central bank is too weak to sustain itself.

I believe that with multiple reforms such as employing a single-exchange-rate system and amending its banking laws, allowing foreign banks to operate in the country can uplift the Myanmarian financial system. I suspect the process to be competitive and chaotic, as attacking an opening market is always in the interest of business, not to mention the acquisition of valuable Myanmarian resources. However, this can be a great opportunity for the country to improve its own central bank and raise the standard of living. I hope, in the long run, the continual effort of the Myanramian government will construct a stronger nation. Future actions are definitely something to follow.

Chris Kim