NAYPYITAW (Reuters) - Myanmar's central bank has backed off from a demand that the country's private banks clear most of their loan books by January, averting a cliff-edge scenario that some bankers warned could have destabilised the financial system.
Myanmar's central bank deputy governor, Soe Thein, told Reuters that three years - instead of the original deadline of six months - would be given to lenders to recover the mostly open-ended "overdraft loans" that make up the bulk of their lending.
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