CBM discusses progress of Myanmar’s banking sector at end of 2022-2023FY

The Central Bank of Myanmar held a meeting on the financial progress of Myanmar’s banking sector by the end of 2022-2023 FY, payment issues with foreign banks and compliance with rules and regulations for money laundering in Nay Pyi Taw yesterday.
During the meeting, CBM Governor Daw Than Than Swe discussed the progress of Myanmar’s banking sector for three years from 2021 to 2023. She said the savings of private banks saw an increase of 14.42 per cent and 7.81 per cent in loans compared with the previous financial years. The Credit to GDP Ratio is 28 per cent. The saving of banks at the CBM and the balance shows an increase of 35 per cent and 36 per cent compared with last year. The Turnover of the Interbank Market increases 98 per cent to K1,166 billion compared to last year and the turnover between the foreign banks and private banks get higher. The banks get back their loans as the economy and circulation of businesses are good again and the failure of capital/interest repayment reduces for conducting Restructuring and Rescheduling.
The banks, exporters and importers should follow the regulations set by CBM. It should report to the CBM regarding the export earnings, the need for documents and KYC/CDD for remittance of $10,000 and above and if it fails to do so, actions will be taken with the relevant management activities. It also should supervise the lists to send to FIU. The CBM watches the financial sector of the country daily and adopts proper ways of financial policy to control inflation.
She also talked about the duties of management teams of banks, banking services via a digital platform, business strategy depending on the market to strengthen internal control, proper management for currency diversification and the use of the Rupee for trade after seeking approval from the Central Bank of India.
Then, the deputy governor of CBM and chairpersons and CEOs of private banks coordinated the discussion. –MNA/KTZH