Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

License authorizes additional U.S. economic activity in Burma  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 24/02/2013

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Kuwait News Agency (KUNA)) The U.S. Treasury Department issued a general license to authorize additional U.S. economic activity in Burma, the department announced on Friday evening.

The general license, issued by the Office of Foreign Assets Control (OFAC), allows individuals, companies and financial institutions to conduct most transactions -- including opening and maintaining accounts and conducting a range of other financial services -- with four of Burma's major financial entities: Myanma Economic Bank, Myanma Investment and Commercial Bank, Asia Green Development Bank, and Ayeyarwady Bank.

The action will give U.S. companies and non-governmental organizations greater access to some of the largest Burmese banks and allow those financial entities to access the U.S. financial system, the announcement said.

The general license supports the July 2012 easing of U.S. economic sanctions on Burma that authorized new investment in Burma by U.S. persons and encourages additional U.S. economic involvement in Burma, it said.

"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, serve as a model for responsible investment, and help to provide a better future for the Burmese people," said Treasury Under Secretary for Terrorism and Financial Intelligence David Cohen.

The United States is committed to supporting positive political and economic reforms in Burma, "and we urge the Burmese government to continue this progress by implementing measures that increase socio-economic development, promote government transparency and accountability, protect human rights and religious freedom, release remaining political prisoners and advance ethnic reconciliation across the country," the announcement said.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help