Banking Matters: Meeting with stakeholders from banking sector

A meeting on banking matters took place at the Office of the State Administration Council Chairman in Nay Pyi Taw on Wednesday.

Secretary of the State Administration Council, Lt-Gen Aung Lin Dwe, discussed the need to achieve cooperation among banks, financial institutions, the government, and the Central Bank of Myanmar for economic development with a stable financial system, protecting the interests of customers.

He added that banking institutions must adhere to regulations set by international norms, while their requirements are provided by the government and the Central Bank. If there is a violation of any existing regulations and procedures, harming the state’s budget and properties, action will be taken according to existing law.

He also stressed the need to nurture human resources required for the banking sector to provide quality service, while implementing widespread use of card and e-Banking systems. He called for cooperation among all stakeholders to achieve a win-win situation among the government, public, and banks, adhering to prescribed laws and regulations.

This was followed by clarification on the matters to be followed by banking institutions by concerned officials. Attendees discussed plans for cooperation to strengthen the financial sector by abiding by laws and regulations, efforts for state economic development, collective investment in contract farming, agriculture, and livestock breeding sectors, and producing value-added products by establishing factories and workshops for import substitution.