ASEAN+3 Finance and Central Bank Deputies’ Meeting (AFCDM+3) virtually Held

The ASEAN+3 Finance and Central Bank Deputies’ Meeting - AFCDM+3 was held via videoconferencing on 1 April. Deputy Minister for Planning and Finance U Maung Maung Win and Deputy Governor of Central Bank of Myanmar Daw Than Than Swe joined the meeting with other ASEAN+3 Finance and Central Bank Deputies.

During the meeting, Deputy Minister for Planning and Finance and Deputy Governor of Central Bank of Myanmar expressed the following points:

  • Myanmar participates in the regional macroeconomic research programmes and the capacity building of the Financial Resilience against Climate and Natural Disasters working group.
  • Myanmar is also working to develop the country’s economy after the COVID-19 period, aiming to reach 3.7 per cent of the economic growth rate in the 2022-2023FY.
  • The CBM bought treasury bonds and reduced the different budget ratios and interest rates to ensure adequate funding in the banking sector. It also streamlined the loan and stabilized the financial industry as policy responses to develop the country’s economy during the COVID-19 period. Moreover, the interest rate of the central bank was reduced three per cent in three times in the 2019- 2020FY.
  • Direct payment of Yuan/Kyat in China-Myanmar border area and direct payment of Baht/Kyat in Thailand-Myanmar border area were allowed to improve bilateral trading and also to facilitate the goods flow.
  • CBM will continue practicing the easing monetary policy until the end of this year due to the fuel prices hike.

The meeting also focused on 2023 work plans, budget, recruitment, medium-term implementation plan (2022-2026) of AMRO, AMRO management level selection programme and assessment of AMRO Director for 2021, regional financial supports for CMIM, guidelines for margins, the 13th rehearsal session, future work plans of ASEAN+3 and Asia loan market.

  • Myanmar is also working to develop the country’s economy after the COVID-19 period, aiming to reach 3.7 per cent of the economic growth rate in the 2022-2023FY.
  • The CBM bought treasury bonds and reduced the different budget ratios and interest rates to ensure adequate funding in the banking sector. It also streamlined the loan and stabilized the financial industry as policy responses to develop the country’s economy during the COVID-19 period. Moreover, the interest rate of the central bank was reduced three per cent in three times in the 2019- 2020FY.
  • Direct payment of Yuan/Kyat in China-Myanmar border area and direct payment of Baht/Kyat in Thailand-Myanmar border area were allowed.
  • CBM will continue practicing the easing monetary policy until the end of this year due to the fuel prices hike.
engdate: 
Sunday, April 3, 2022 - 17:00
month: 
April, 2022