YANGON: Dr. Khin Naing Oo, Governor of the Central Bank of Myanmar, said a stable financial sector is essential to supporting the country's economic development and that transactions in the foreign exchange market must comply with the promulgated laws, rules and directives.
He made the remarks at a coordination meeting on stabilising foreign exchange rates and facilitating procedures for advance payments for imports, held at the Padauk Meeting Hall of the Central Bank of Myanmar on November 6.
Dr. Khin Naing Oo said monetary stability and foreign exchange rate stability play an important role in the country's economic development, adding that only a stable financial sector can support national economic growth.
He also noted that financial sector stability depends on effective coordination among fiscal, trade and investment policies. He stressed the importance of cooperation among all stakeholders, including government departments, authorised dealer-licensed banks and business operators, and urged them to ensure that foreign exchange market transactions are conducted in accordance with existing laws, rules and directives.
He further stated that notifications had already been issued regarding advance payment arrangements to facilitate payments by importers, and called for discussions on ensuring that the procedures are implemented systematically and smoothly.
Participants then exchanged views on the current situation in the foreign exchange market, export and import activities, ways to facilitate advance payments for imports by businesses and banks, and the development of Standard Operating Procedures to ensure clarity in the implementation of relevant duties and responsibilities.
The meeting was attended by the Deputy Minister for Commerce, Vice-Governors of the Central Bank of Myanmar, officials from the Ministry of Finance and Revenue and the Ministry of Commerce, the President and Vice-Presidents of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry, and representatives of authorised dealer-licensed banks. - Eleven Media/ANN
