CBM Governor holds virtual meeting with US-ASEAN Business Council

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Central Bank Governor U Kyaw Kyaw Maung attends a virtual meeting with US-ASEAN Business Council. Photo: MNA

Governor of the Central Bank of Myanmar U Kyaw Kyaw Maung held a videoconference with Chairman, President and CEO of the US-ASEAN Business Council Mr Alexander C. Feildman, Senior Vice President and Regional Managing Director Ambassador Michael W. Michalak and party in Nay Pyi Taw yesterday evening. At the meeting, the Governor said the Central Bank of Myanmar cut the interest rate by 300 bps from 10 per cent to 7 per cent to reinforce the country economic recovery and to improve business performance, reduced the minimum requirement reserve ratio from 5 per cent to 3.5 per cent to support liquidity in the local financial markets until the end of September, and suspended deposit auction for ensuring sufficient liquidity in local banking services. The CBM has permitted 13 local banks for mobile banking services, mobile network operators-MNO and non-bank financial institutions-NBFI for mobile financial services.
The Governor added that Myanmar is working for the ‘MMQR’ which will become the national standard for QR code to implement QR code payment services. The attendees discussed the development of the small and medium scale businesses during the post-COVID period economic recovery, to promote Myanmar’s digital economy and to develop cashless payment systems. The meeting was attended by the Deputy Governors of the Central Bank of Myanmar U Soe Min, U Soe Thein and U Bo Bo Ngal and senior officials from US companies including Bower Group Asia, Chevron, Chubb, Visa and US ICT Council Myanmar.—MNA (Translated by Ei Phyu Phyu Aung)

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