April 21, 2017

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Myanmar Central Bank Governor attends 13th ACGM and 3rd AFCGM meeting

A Myanmar delegation led by U Kyaw Kyaw Maung, Governor of the Central Bank of Myanmar, attended the 50th anniversary of the ASEAN foundation event, the 13th ASEAN Central Bank Governors’ Meeting (13thACGM) and the 3rd ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (3rd AFCGM) in Cebu, Philippines from 6 to 7 April.
The meetings were attended by ASEAN Finance Ministers, ASEAN Central Bank Governors, representatives from Asean+3 Macroeconomic Research Office (AMRO) and the ASEAN Secretariat.
On the afternoon of 6 April, ASEAN Central Bank Governors and Executive Directors of Financial Institutions held a discussion titled “Furthering ASEAN Financial Integration: Opportunities in Addressing Systemic Risks.”
On the morning of 7 April, the Myanmar Central Bank Governor attended the 13th ACGM. At the meeting the Central Bank Governors agreed and confirmed the progresses in the implementation of 2015 ASEAN Financial Integration and provide guidance on future work.
Later in the afternoon, he attended the 3rd AFCGM. At the meeting, progress on the ASEAN Financial Integration road map based on the Asean Economic Community (AEC) road map, progress on the Asean+3 Financial Integration, progress on formation of 2 Working Groups: Working Group 1 consisting of Japan, China, Korea, Philippine, Thailand, Malaysia and AMRO on conducting fundamental issues of Chiang Mai Initiative multi-lateralization (CMIM) process, Working Group 2 consisting of Japan, China, Korea, Philippine, Indonesia, Lao and AMRO on collaboration with the IMF and increasing the IMF De-linked Portion (IDLP) from 30 to 40% in the CMIM loan program were confirmed by the ASEAN Finance Ministers and ASEAN Central Bank Governors.
Discussions on this CMIM process will be continued at the Asian Development Bank (ADB) annual meeting and ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting to be held in Yokohama, Japan from 3 to 5 May.
Furthermore, a joint communiqué of the 3rd AFCGM was also issued.
Before and during the meetings, Myanmar Central Bank Governor met with a delegation led by US Deputy Assistant Secretary of the Treasury Mr. Kaproth on 5 April and a delegation led by President and CEO Mr. Alexander C. Feldman of US-Asean Business Council on 7 April and exchanged views on banking and financial matters.
The delegation led by Myanmar Central Bank Governor returned to Yangon on 8 April.—Myanmar News Agency

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