State Administration Council Chairman discusses banking services for economic development

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Commander-in-Chief of Defence Services Senior General Min Aung Hlaing meets the patron of Myanmar Banks Association, its chairman and officials, the chairmen, the vice-chairmen and officials of private banks at the President House in Nay Pyi Taw on 4 February 2021. Photo : Office of Commander-in-Chief of Defence Services

Commander-in-Chief of Defence Services and Chairman of the State Administration Council met with the local bankers at the President House in Nay Pyi Taw yesterday morning.
The meeting was also attended by the members of State Administration Council, the patron of Myanmar Banks Association, its chairman and officials, the chairmen, the vice-chairmen and officials of private banks.
In delivering the speech, Senior General Min Aung Hlaing explained the reason for meeting on the banking sector as it is pivotal to the economy, which is a driving force for the development of the country.
He also called for the decline of commodity prices with the helps in mass production of goods and creating employment opportunities, regular transaction of businesses in line with the rules and guidelines for COVID-19 which will not be changed unnecessarily.
The Senior General talked on his support to e-banking services not waste time for the customers at the banks, and rumours about demonetizing K5,000 and K10,000 banknotes as the Constitution has guaranteed not to do so.
He also reaffirmed that the Tatmadaw would not change the existing policies on politics, economy, peace and international relations during the term of interim organization.
The Chairman of the State Administration Council offered assistance to the requirements of the banking sector.
Chairman of the Myanmar Banks Association U Khin Maung Aye and Patron U Thein Tun, Chairman of UAB Bank U Nay Aung, Vice-Chairman of Ayeyarwady Bank Daw Khin Saw Oo, Chairman of Shwe Bank U Kyaw Win discussed the policy reforms in finance, investment, commerce, foreign banking services, improvement of long-term national interest, reduction of interest rate, permits to use foreign currency in border trade, transformation to digital payment, successful implementation of microloans and insurance, and tax reduction in construction and property markets.

Union Minister U Win Shein and Governor of Central Bank of Myanmar U Than Nyein discussed possible cooperation of the CBM, the MBA and the private banking sector.
In his concluding remark, Senior General Min Aung Hlaing talked on lower international banking interest rates, smooth currency flow for the economic development of the country, capital investments, the importance of currency policy, recovery of the ailing economy, the assistance of CBM to the local banks, certain losses in border trades, a higher volume of foodstuffs imports, production of import substitutions from livestock and agricultural sector, assistance to the production of foodstuffs for sufficient domestic consumption, collecting information by Myanmar commercial attaché about foreign markets in respective countries, the assistance of local bankers to be able to produce quality products for foreign markets, making the best plans for the reduction of interest rate, the requirement of strong domestic currency value and the most appropriate taxation policy as it is the crucial source of state revenue.
The Senior General finally emphasized working for the best taxation policy, financial assistance for increasing local market demand, creating employment opportunities and recovery of declining economy during COVID-19 crisis.—MNA (Translated by Aung Khin)

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