CBM, Commerce Ministry, AD banks, UMFCCI discuss foreign banking issues

Governor Daw Than Than Swe of the Central Bank of Myanmar (CBM) presided over a coordination meeting on foreign exchange rate and financial matters, as well as the trading and banking system, in Yangon yesterday.
At the meeting, the Governor said the Central Bank of Myanmar set policies to stabilize the exchange rate, and the Online Trading Platform is an official market for buying and selling foreign currency. It is also an official foreign exchange market based on market prices, as buyers/sellers post their rates daily via banks. Moreover, CBM releases the rate on its Facebook page and website and also takes action against illegal sales. International countries are watching the illegal hundi businesses, and the CBM sells the needed foreign currency depending on the demand/supply via Online Trading Platforms.
She then called for cooperation of people from government/private sectors in implementing the policies of the CBM and mentioned the need to control the price manipulators.
She also discussed the matters related to the payment for trading via the official banking system, supervising the return of export income during the fixed time, foreign currency procurement by AD licensed banks to the beneficiary owner on the Online Trading Platform and making import licences via the banking system for border trading.
She then urged the AD-licensed banks to follow the rules and regulations of CBM. She stressed the actions taken by the Monitoring and Steering Committee on the gold and currency market, switching to digital payment and AML/CFT-related matters.
Then, the deputy minister for Commerce and UMFCCI secretary coordinated the discussion. — MNA/KTZH