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June 03, 2020

Transparent initiatives of Central Bank of Myanmar

It goes without saying that the Central Bank of Myanmar plays an important role in managing the national economy. According to the Central Bank of Myanmar Law 2013, new Members of the Board of Directors of the Central Bank of Myanmar including the Deputy Governor of the CBM were appointed in July 2017. Following that, news media acknowledged that performances of the CBM became more transparent. It is the good news for the national economy.
Since July 2017, the notification describing that extra disbursement more than the amounts of loans to entrepreneurs granted by banks was granted up to 3 years was issued as a staff memorandum. So, the said staff memorandum was not known by ordinary people. Yet, after appointing new members of the BOD in the CBM the memorandum was made known to the people. This is the first-ever launched initiative to improve public relations by the CBM.
Previously, entrepreneurs found it difficult in managing to run their businesses in the long run as they had to pay back the loans borrowed from banks with interests combined, within a year. Now that the businessmen are to repay the extra disbursement loans only after a 3 year period, it will make the outlet wider for debtors to easily operate their works. Extra disbursement loan means the increased loans by accruing interest over interest as interest to be paid regularly cannot be paid back after taking out the granted loan. The major aim of the memorandum is in fact granting the debtors to pay back the loans within 3 years. It is a welcome initiative that the positive memorandum was publicized just after being issued as a staff memorandum.
On 30th November 2017 as well, the Central Bank of Myanmar publicized an instruction on the e-mobile banking system in which e-mobile banking was designated in 3 steps with each individual step described in a very clear manner. Thus, it will be very easy for the public to use e-mobile banking. The instruction issued by the CBM on November 30 is in fact a driving force for the people to effectively use e-mobile banking. Just by examining the two instructions we can truly appreciate the CBM’s transparent initiatives as they will be good for the people and the country.

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