The Central Bank of Myanmar organized a coordination meeting at its headquarters in Nay Pyi Taw yesterday morning.
Those present at the meeting were CBM Governor U Than Nyein, Vice-Governors U Win Thaw and Daw Than Than Swe, Director-General of Foreign Exchange Management Department Daw May Toe Win, Deputy Director-General of Accounts Department Daw Khine Shwe Wah, officials and staff members.
At the meeting, the Governor expressed his appreciation for the implementation of foreign exchange policy to strengthen financial sector for the economic development of the country, supervising foreign exchange management, a better system for payment and clearing account and development of financial market, which were carried out by the relevant departments.
He added the CBM plays a crucial role in effective implementation of financial system, and requirement of human resource development, and getting technical assistance from international organizations.
The Director-General of Foreign Exchange Management Department discussed implementing the reference foreign exchange rate, foreign investment, foreign exchange licence, financial market services assistance among the banks, foreign remittance services and management in export/import sector.
The Deputy Director-General of Accounts Department explained payments and accounts clearance, the implementation of Myanmar National Payments System Strategy, drafting the bills for payment system, the second phase of CBM-NET system for secure and efficient payment and settlement infrastructure, the Automated Clearing House (ACH), the International Financial Reporting Standards, payment system with ASEAN member countries, selling of Government Treasury Bonds in the interbank market under repurchase agreement system to promote financial market development, easy transfer of payment between the state-owned banks and the private banks with 24/7 day services, collecting income tax through CBM-NET system and payment system with the Asian Clearing Union member countries.
Departmental officials presented the details and the deputy governors discussed further work plans.—MNA