IMF Calls Central Bank of Myanmar's Capacity "Weak"

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IMF Calls Central Bank of Myanmar's Capacity "Weak"

Post by Poi » Mon Sep 21, 2015 5:17 pm

Buying and selling of Hpakant jade from Burma's northern Kachin State is often done by Chinese Yuan rather than Burmese kyat.

In a country update released on Friday the International Monetary Fund (IMF) warned that the Central Bank of Myanmar's (CBM) “regulatory and supervisory capacity is still relatively weak”.
The Washington based organization did however praise what it described as the “ongoing liberalization of the financial sector” which includes the recent Burmese government's decision to allow nine foreign owned banks to operate inside the country.

Despite the praise the IMF however remains concerned about the CBM's management. “The CBM should speed up the issuance of remaining prudential instructions and the strengthening of its supervisory capacity”, noted the IMF's latest report on Burma which was released following the IMF's recent conclusions of what the group called its '2015 Article IV consultations' with their Burmese counterparts.

Full story: BNI

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