A discussion on banking issues with patrons and presidents of State-owned and private banks took place at the meeting hall of the State Administration Council (SAC) Chairman Office in Nay Pyi Taw on 10 July, with the attendance of the SAC Secretary Lt-Gen Aung Lin Dwe who gave an address.
During the event, the SAC Secretary Lt-Gen Aung Lin Dwe highlighted the following points:
- The meeting was held to strengthen cooperation with banks, financial institutions, government, and central banks which are serving heavy duties in the country’s financial sector, as well as to ensure a stable monetary system and the nation’s economic development and to establish mutual understanding.
- Banks are responsible for protecting the interests of their customers and carrying out measures for financial stability, safety, and solidity. As such, it is necessary to cooperate among the government, central banks and other banks.
- The government and the central bank support the needs of banks and that they should follow the rules and regulations in accordance with international standards.
- People’s interests must be protected from exploitation and price manipulation as businesses operate for their own sake rather than through positive competition systems. Similarly, effective actions will be taken if losses to the budget and properties of the government are found due to the breaking of existing laws, rules, regulations and procedures.
- The country is adopting a market-oriented system so that the central bank and banks can operate freely. However, the government supervises occasionally as the breach of rules affects the country’s economic policies.
- There is no need to worry about the rumours, and people should not withdraw large sums of money unnecessarily.
- The banks should supervise their banking services frequently despite the declining number of staff due to various reasons.
- It is necessary to facilitate widespread use of cards and e-banking system, and establish qualified bank branches.
- While the government is working hands in hands with the entire people, the bankers and entrepreneurs are urged to protect the interests of the public fully.
- It is necessary to establish a “win-win-win” situation among the government, the people, and the banks.
Afterward, the SAC Joint-Secretary Lt-Gen Ye Win Oo, SAC Members and Union Ministers, Central Bank of Myanmar Governor Daw Than Than Swe and patrons, presidents, managing directors and officials of the State-owned and private banks discussed the plans for cooperation to strengthen the financial sector. Later, the SAC Secretary Lt-Gen Aung Lin Dwe coordinated the needs reported.
Also present were the SAC Joint-Secretary Lt-Gen Ye Win Oo, SAC Member Union Minister for Home Affairs Lt-Gen Yar Pyae, SAC Member Foreign Exchange Supervisory Committee Chairman Lt-Gen Nyo Saw, Deputy Prime Minister Union Minister for Planning and Finance U Win Shein, and Central Bank of Myanmar Governor Daw Than Than Swe, patrons and presidents of State-owned and private banks, departmental officials and invitees.
Source: GNLM (11-7-2024)
- The meeting was held to strengthen cooperation with banks, financial institutions, government, and central banks which are serving heavy duties in the country’s financial sector, as well as to ensure a stable monetary system and the nation’s economic development and to establish mutual understanding.
- The government and the central bank support the needs of banks and that they should follow the rules and regulations in accordance with international standards.
- The country is adopting a market-oriented system so that the central bank and banks can operate freely. However, the government supervises occasionally as the breach of rules affects the country’s economic policies.
- There is no need to worry about the rumours, and people should not withdraw large sums of money unnecessarily.
- While the government is working hands in hands with the entire people, the bankers and entrepreneurs are urged to protect the interests of the public fully.