Chairman of State Administration Council Senior General Min Aung Hlaing meets patron, chairman, officials of Myanmar Banks Association, chairmen, vice chairmen, officials of private banks

Nay Pyi Taw February 4

Chairman of the State Administration Council Commander-in-Chief of Defence Services Senior General Min Aung Hlaing met the patron, the chairman and officials of Myanmar Banks Association, chairmen, vice chairmen and officials of private banks in Ngushwewa Hall of the President House in Nay Pyi Taw this morning.

Also present at the meeting together with the Senior General were Vice Chairman of the State Administration Council Deputy Commander-in-Chief of Defence Services Commander-in-Chief (Army) Vice-Senior General Soe Win, members General Mya Tun Oo, Admiral Tin Aung San, General Maung Maung Kyaw, Lieutenant- General Moe Myint Tun, Mahn Nyein Maung, U Thein Nyunt and U Khin Maung Swe, Secretary Lieutenant-General Aung Lin Dway and Joint Secretary Lieutenant-General Ye Win Oo, Union Minister for Home Affairs Lieutenant-General Soe Htut, Union Minister for Planning, Finance and Industry U Win Shein, Governor of Central Bank of Myanmar U Than Nyein, Chairman of Myawady Bank Lieutenant-General Hsan Oo, Chairman of Innwa Bank Lieutenant-General Nyo Saw, Vice Chairman of Kanbawza Bank U Maung Maung, Vice Chairperson of Ayeyawady Bank Daw Khin Saw Oo, Chairman of Cooperative Bank U Khin Maung Aye, Vice Chairman of Myanmar Apex Bank U Win Min Khaing, Chairman of UAB Bank U Nay Aung, Vice Chairman of Asia Green Development Bank U Htoo Htet Teza, Chairman of Tun Commercial Bank U Thein Tun, Chairman of Shwe Bank U Kyaw Win, Chairman of Mineral Development Bank U Yone Mu, CEO of Small and Medium Enterprises Development Bank Dr Zeyar Nyunt, Chairman of Myanmar Citizens Bank U Toe Aung Myint, CEO of First Private Bank U Myint Zaw, Chairman of Yoma Bank U Theim Wai, Chairperson of Myanmar Oriental Bank Daw Kyi Kyi Than, CEO of Global Treasure Bank U Ko Ko Aung, CEO of Rural Development Bank U Aye Kyaw, CEO of Nay Pyi Taw Development Bank U Aung Kyaw Nyein, Vice Chairman of Myanmar Metro Bank U Zaw Win Naing, Chairman of Construction, Housing and Infrastructure Development Bank U Min Htein, Chairman of Ayeyarwaddy Farmers Development Bank U Zaw Win Shein, Vice Chairman of Glory Farmer Development Bank U Ye Myint, Chairman of Myanmar Tourism Bank U Yan Win, CEO of Yangon City Bank U Kyaw Than and Chairman of Farmers Development Public Bank U Sai Myo Win.

First, the bankers introduced themselves to the meeting individually. In his keynote address, the Senior General said the meeting is to discuss the general situation of the country. Economy is a main driving force of the country. Economic growth will lead to national development.

Banking is the important sector of the economy. Globally, countries that can effectively manage the banks enjoy economic progress. Yesterday a meeting was held with the officials of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and associates and they were urged to take part in regenerating the country’s economy.

All the responsible persons should join hands in bringing down the commodity prices with consciousness. The country needs to boast production and generate more employment opportunities. Jobs provide income. As for the employers they can produce and distribute goods and earn income through the business that is in operation. These are fundamental facts. The Senior General expressed wish to see regular operation of businesses. He said all businesses must run in accord with the Covid -19 prevention guidelines issued by the Ministry of Health and Sports. No unnecessary amendments to the guidelines will be made. All should work in compliance with the COVID-19 rules and responsibilities.

Those attending the meeting today are running businesses related to monetary services. The entrepreneurs met yesterday have to run their businesses with money from bankers. Therefore, the bankers were called for a meeting today as it is necessary to do so. Banks are the driving force of economy.

So, banks are urged to operate systematically and effectively. The Senior General said he encourages the local banks and it is best to see banking services nationwide. He said he wants to see a banking system with smooth and speedy services rather than the need for customers to wait for services at banks. The betterment of the e-banking system in the country is also encouraged.

However, systematic operation is required. The Senior General then asked the bankers what they want to do and what they need. There was a rumour about the demonetization of Ks-5,000 and Ks-10,000 banknotes. The Constitution has stated that the currency notes already in circulation will not be demonetized. So, necessary statements were issued. The country’s ongoing policies on politics, economy, peace and international relations will not change at all. The Senior General said the State duties they are assuming are just temporary. Today’s meeting is to know how the bankers, as a driving force of the country, can participate and what is to be provided for them. Regarding their reports, what is urgently necessary will be fulfilled. For the matters to be dealt with on a long-term basis, measures will be taken to keep them on a right track, the Senior General said. Then, Myanmar Bankers Association

Chairman U Khin Maung Aye and Patron U Thein Tun, UAB Bank Chairman U Nay Aung, AYA Bank Vice Chairperson Daw Khin Saw Oo and Shwe Bank Chairman U Kyaw Win reported on reform of the monetary, trade and investment policies, matters related to foreign banks, long-term development of national interests, the need to take time for cutting bank interest rate, permission for use of foreign currency in border trade, digital payment reform, successful implementation of small loan and insurance services and tax reduction in construction and real estate.

Union Minister U Win Shein explained the ministry’s cooperation in mitigating the impact on businesses caused by COVID-19 and Central Bank of Myanmar Governor U Than Nyein, cooperation among the Central Bank of Myanmar, the Banks Association and bankers.

Then, the Senior General delivered the concluding remarks, saying that interest rates are low in the international community. Only when the monetary circulation is smooth, can economic growth be achieved. It is necessary to use money for investment and monetary policy is important. Issues over how the Central Bank of Myanmar can help and relax rules to strengthen weak businesses and to improve banks will be currently solved. It is learnt that there are losses in border trade and foodstuffs that can be locally produced have to be imported. Measures will be taken to encourage the agriculture and livestock sector to produce sufficient foodstuffs and consumer products to reduce imports.

Myanmar Economic attachés from embassies in other countries are required to help look for foreign markets. Bankers are requested to help in the production of high-quality products at home and exporting them to foreign markets. Interest rates will be monitored for a certain time and the best measures will be taken. It is important to maintain the stability of local currency. Taxes should not be evaded and appropriate taxes must be paid. The best measures will be taken for taxes. Negotiations will be made and job opportunities will be created and cash assistance coordinated to encourage the local demand. In conclusion, the Senior General said measures will be taken to help strengthen weak businesses with the help of banks during the emergency period.