Myanmar limits foreign hires in banks in troubled financial sector

BANGKOK (Reuters) - Myanmar is limiting the number of foreign staff allowed to work in domestic banks, a move that industry sources warn could further impede financial development in a country that had seen a boom in foreign investment before the military coup.

A letter dated Aug. 2 and posted on the central bank's website said major banks can now employ no more than 25 foreign staff, 15 at a medium-sized bank and eight at small lenders.