Myanmar revokes 10 banks' forex tra

[RANGOONP@xxxxxxx]

Myanmar revokes 10 banks' forex trading permits

YANGON, March 13 (Reuters) - The Central Bank of Myanmar (Burma) has revoked
permission given to about 10 semi-government and private banks to undertake
foreign currency transactions, a central bank official said on Friday. 

"We have revoked permissions to transact in foreign currencies that were
issued to about 10 semi-government and private banks and it has become
effective since Monday," a central bank official told Reuters. 

No reason was given for the revocation. 

The official said only two state-owned banks including Myanma Foreign Trade
Bank and the Myanma Investment and Commercial Bank would now be allowed to
handle foreign currency transactions. 

The measures to revoke the permissions have not been made public by the
central bank. 

The ruling military State Peace and Development Council recently adopted some
measures, proposed by retired university professors, officials and experienced
entrepreneurs, to cut down on imports and promote consumption of local product