The Central Bank of Myanmar (CBM) has granted a three-year extension for banks to comply with four directives to support the banks as the industry takes steps to respond to an economic slowdown wrought by COVID-19.
The banks now have until August 31, 2023 to comply with four regulations which were issued in 2017 to better align the sector with international standards. The original deadline was August 31, 2020.
U Than Lwin, senior consultant from KBZ Bank, said the banks had requested for an extension to comply with the regulations, which include converting long term overdraft loans into three-year term loans. “The extended timeline is good for banks. It is the right thing to do during COVID-19,” he said.