Aug 4, 2012

Myanmar outlines monetary development master plan

Myanmar has outlined a master plan for monetary development which is to be implemented with the assistance of the World Bank, official media reported Friday.
Under the master plan, arrangement has been made to enact Foreign Exchange Management Law soon, Minister of Finance and Revenue U Hla Tun told a meeting held at the Central Bank of Myanmar in Yangon Thursday, reported the New Light of Myanmar.
The government will allow local private banks to set up joint- venture banks with foreign counterparts that have opened branches in Myanmar, he said, adding that committees have also been formed for development of capital market and plan is also underway to promulgate securities dealing bill soon.
He expected that stock exchange will be launched in 2015 according to the capital market development roadmap, anticipating that people will be able to benefit from the capital market if it makes success.
Efforts are also being made for accomplishment of ASEAN Economic Community (AEC) 2015, he added.
A joint office of the World Bank, International Monetary Corporation and the Asian Development Bank was opened at the Inya Lake Hotel in Yangon on Wednesday, the first office of its kind opened in 50 years.
On the occasion, the World Bank Group announced preparation to grant 85 million U.S. dollars to support Myanmar's reform, the second wave of which is underway.

Source: Xinhua