(Reuters) - The
United States relaxed sanctions on four large banks in Myanmar on
Friday, allowing them access to the U.S. financial system as a reward
for the country's political reforms.
The Treasury Department issued a
general license to the Myanma Economic Bank, Myanma Investment and
Commercial Bank, Asia Green Development Bank and Ayeyarwady Bank. A
general license eases restrictions and lets the banks deal with U.S.
citizens and companies, but leaves sanctions laws on the books, giving
Washington leverage should Myanmar start to backslide on reforms.
"Increased
access to Burma's banking system for our companies and non-governmental
organizations will help to facilitate Burma's continued social and
economic development," said David Cohen, the Treasury undersecretary for
terrorism and financial intelligence.
The United States still uses the traditional two-syllable name for the Southeast Asian country.
The
announcement on Friday follows a similar move last July, when the U.S.
Treasury issued general licenses allowing U.S. companies to invest in
and provide financial services to Myanmar, as long as they make detailed
disclosures about their dealings.
The
United States, the European Union and others have gradually loosened
restrictions on Myanmar in the last two years after the country started
to open up its political system and freed hundreds of political
prisoners.
Myanmar's leaders say
sanctions have stifled their attempts to revive the economy and lift the
resource-rich country out of poverty.
Sanctions have also been suspended or lifted by other developed countries, including Canada, Australia and Japan.
source: Reuters
http://www.reuters.com/article/2013/02/22/us-usa-myanmar-sanctions-idUSBRE91L10E20130222
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