Central Bank of Myanmar, Ministry of Commerce, AD Banks, and UMFCCI Discuss Foreign Banking Issues

A coordination meeting on foreign exchange rate and financial matters, as well as the trading and banking system took place at the meeting hall of the Central Bank of Myanmar (Yangon Branch) on 18 May.

During the meeting, Daw Than Than Swe, Governor of Central Bank of Myanmar (CBM) discussed as follows:

  • The CBM set policies to stabilize the exchange rate, and the Online Trading Platform is an official market for buying and selling foreign currency. It is also an official foreign exchange market based on market prices, as buyers/sellers post their rates daily via banks.
  • Foreign countries are watching the illegal hundi businesses, and cooperation among the central banks will take legal action against those illegal businesses.
  • Foreign currency procurement by AD licensed banks is necessary to transfer directly to the beneficiary owner on the Online Trading Platform, and make import licences through the banking system for border trading.
  • The Monitoring and Steering Committee on the gold and currency market are taking legal action against those gold and foreign exchange manipulators.
  • Regarding a large cash withdrawal, it needs to switch to digital payment. Only when digital payment system keeps on, will necessary supervisions and AML/CFT0 related matters be implemented effectively.

The meeting participants were CBM Governor, Deputy Minister for Commerce, Deputy Governors of the CBM and directors-general, Secretary of UMFCCI, and officials from Authorised Dealer Banks (AD Banks), it is reported.

Source: MWD (19-5-2024)

  • The CBM set policies to stabilize the exchange rate, and the Online Trading Platform is an official market for buying and selling foreign currency.
  • Foreign countries are watching the illegal hundi businesses, and cooperation among the central banks could take legal action against those illegal businesses.
  • The Monitoring and Steering Committee on the gold and currency market is taking legal action against those gold and foreign exchange manipulators.
engdate: 
Monday, May 20, 2024 - 13:30
month: 
May, 2024