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

The ASEAN+3 Finance and Central Bank Deputies’ Meeting – AFCDM+3 was organized via videoconferencing yesterday.
Deputy Governor of Central Bank of Myanmar Daw Than Than Swe joined the meeting with other ASEAN+3 Finance and Central Bank Deputies.
First, the ASEAN+3 Macroeconomic Research Office (AMRO) presented under the topic of “ASEAN +3 Growth Strategic in the Pandemic’s Wake” for Regional Economic Outlook, and the Central Bank Deputies exchanged views.
Then, Deputy Governor of CBM Daw Than Than Swe said 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 and reduced the central bank interest rate to three per cent three times in the 2019-2020FY. She added that the CBM allowed restructuring, rescheduling, and monitoring the loans by controlling banks’ credit risk management.
She also talked about the interbank market, financial exchange programmes between local banks and foreign bank branches, direct payment of yuan/kyat and baht/kyat at border areas and the adoption of the easing monetary policy until the end of this year amid 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. — MNA