Aug 13, 2015

Myanmar’s Bank for tourism is waiting for approval

A new Tourism Development Bank in Myanmar has been kept waiting for the permission from the Central Bank. The new bank is established with an aim to finance tourism SMEs and travel projects.
Mr. Than Tin, the managing director of Myanmar Tourism Bank, stated that he had hoped that they would get the license in May but the Central Bank had not approved the permission yet.

He also added that if permitted, there would be not only one bank in Nay Pyi Taw but also two others in Yangon and Mandalay.

The new bank will help travel companies with their technology and finance. The first bank is established in the capital city probably because travel projects need to be approved by the Government.

The government has previously approved the establishment of a public company formed to sell shares and manage and join tourism – related events.

This project is believed to be not only devoted to tourism but also to those related projects.
Ministry of Hotels and Tourism Statistics has released the statistics showing that the country has earned more than USD920 million from tourism in 2013 and over USD 1 billion in 2014.


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