Malaysia to Relax Foreign Bank Ownership, Issue More Permits
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Malaysia will allow foreign banks to own bigger stakes in local lenders, grant more licenses and ease short-selling rules as it seeks to triple the size of its finance sector by the end of the decade, the central bank said.
The Southeast Asian country will also let companies manage foreign currency fluctuations and allow non-residents to trade onshore interest-rate derivatives as it seeks to develop its money market under a 10-year plan announced by Prime Minister Najib Razak in Kuala Lumpur yesterday.