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IMF chief advises Myanmar to go slow in opening banking sector

Yangon -- Myanmar should not rush into opening up its banking sector to international competition, the International Monetary Fund advised Saturday.

"It’s most suitable for Myanmar to use the ’no haste, no waste’ way for opening up its banking sector," IMF chief Christine Lagarde on the conclusion of her first two-day visit to the once pariah state.

Lagarde pledged that the IMF will provide technical assistance to the Myanmar Central Bank in monitoring Myanmar’s fledgling banking system.

"Myanmar must stabilize its banking system with strong monetary policy, directed by an independent central bank and a bank monitoring system with the help of IMF," Lagarde said.//DPA

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