Central Bank of Myanmar and Central Bank of Laos will cooperate in the development of banking sector in the country, official media reported Tuesday.

The memorandum of understanding (MoU) was signed between governors of the Central Bank of Myanmar and Central Bank of Laos, in Nay Pyi Taw on Monday, said the New Light of Myanmar.

The MoU covers cooperation in the area of banking industry, financial policy and foreign currency managements.

So far, over 20 foreign bank representative offices have been set up in Myanmar, mainly from Brunei, Bangladesh, Cambodia, China, India, Japan, Malaysia, Singapore, Thailand and Vietnam.

There are 19 private banks and three state-owned banks in Myanmar.

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