“We are much more independent and autonomous than most central banks”
Set Aung, deputy governor at Central Bank of Myanmar, discusses the central bank’s bid to rapidly advance the local banking industry and capital market. October 07, 2013 | Foo Boon PingMyanmar’s financial services sector is poised for further liberalisation after the new civilian government took office in April 2011, with a slate of fundamental reforms at the central bank and new rules for financial institutions being introduced. At Sibos 2013, deputy governor of the Central Bank of Myanmar (CBM), Set Aung, had the opportunity to give the banking community and media gathered in Dubai a firsthand account of the changes taking place. The country, with a population of over 60 million, represents perhaps the most underdeveloped and untapped economic potential in Asia. The country requires massive infrastructure developments and investments, especially from overseas to support its long term economic growth. The banking sector overseen by CBM currently comprises 4 state-owned banks, 19 domestic private banks and 30 foreign bank representative offices. When president Thein Sein recently signed into law the new central bank act on July 11, it made CBM one of the most autonomous central banks in the region, at least on paper. Now independent of the Finance Ministry, it is expected to play a key role in the development of the fledging banking sector as well as ensuring a stable monetary environment to support sustainable economic growth. Set, who is the deputy minister of national planning and economic development, and described as a Western-educated economist, is one of the three deputy-governors nominated by the president and approved by parliament to assist the governor, Kyaw Kyaw Maung. Kyaw is a career banker who was governor from 1997 to 2007 and has come out of retirement to be reappointed governor. Former governor, Than Nyein, is now one of the deputy governors together with Khin Saw Oo, who previously headed the financial institution regulation and anti-money laundering department. CBM’s independence to effect monetary policies is a critical factor for Myanmar’s macroeconomic management. To this en... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Capital & Strategic Issues, Exchanges, Markets & Exchanges, Regulation, Risk and RegulationCapital & Strategic Issues,Exchanges,Markets Exchanges,riskregulation,Risk and Regulation, Capital & Strategic Issues,Exchanges,Markets & Exchanges,Regulation,Risk and Regulation, Keywords:Sibos 2013, Central Bank Of Myanmar, Set Aung, Kyaw Kyaw Maung, MPU, IMF, Myanmar Banking Association Sibos 2013, Central Bank of Myanmar, Set Aung, Kyaw Kyaw Maung, MPU, IMF, Myanmar Banking Association
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