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Myanmar: Central Bank shifts from manual to auto
Myanmar: Central Bank shifts from manual to auto
Friday, 01 July 2016 – The inner workings of Myanmar’s Central Bank rarely attract much interest from international investors more focused on fresh opportunities in sectors like infrastructure and agriculture. But since the start of the year the bank has gone through fundamental changes that have left it a much more modern institution.
Clearing a cheque is a simple process in most countries. But at the end of last year clearing a cheque in Myanmar often required a visit to the Central Bank.
If someone with a KBZ account wrote a cheque to a friend banking with CB Bank, the Central Bank would have to verify that the person writing the check had the funds in their account to allow the money to be transferred.