Myanmar Tourism Bank was opened its first branch in Yangon in order to support for the development of the tourism sector with low interest and long-term loans

Myanmar Tourism Bank was opened with an investment of 22 billion Kyats with the permission of the Central Myanmar Bank of Myanmar.

Myanmar Tourism Bank holds the full commercial license in 2018 in order to support for the development of the Tourism sector, founded by public tourism industry. It will offer low interest and long-term loans for tourism sector. 

Director General, Financial Institutions Supervision Dept. (Central Bank of Myanmar), Than Than Swe said “Myanmar Tourism Bank is to support financing for tourism industry promotion and to encourage the use of local currency in cross border tourism sector. Central Bank is supporting every sector to promote the country’s economy. We will monitor the Myanmar Tourism Bank every week and every month. We have plans to give permission to more foreign banks.”

Currently, 27 local banks and 13 foreign banks are operating in Myanmar. 26 shareholders from tourism industry invested in Myanmar Tourism Bank as an initial stage. The Myanmar Tourism bank will support the 5% of the annual profit to the ministry and for the tourism industry development, the chairman said.

Chairman, Myanmar Tourism Bank, Yan Win said “Our bank will offer services including international standard payment solution, fix deposit, loan service, special saving interest rate and Cool Banking system (Corporate online banking). All with be done in cooperation with foreign banks. If we get approval to use foreign currency, we will run also with an investment of 5 million USD.” 

Myanmar Tourism Bank is the first commercial bank for tourism sector development in Myanmar – there are plans to open branches in Nay Pyi Taw, Mandalay, Muse and Myawaddy during this year.

(Myanmar International TV Channel: https://www.myanmaritv.com/news/tourism-promotion-myanmar-tourism-bank-runs-investment-22-billion-kyats )

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