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Central Bank of Myanmar takes aim at dollar-denominated deposits

Published June 15, 2017

By Chan Mya Htwe @ The Myanmar Times
Translation by Zar Zar Soe, Kyaw Soe Htet and Khine Thazin Han @ The Myanmar Times

The Central Bank of Myanmar had already published warnings twice and defined the type of punishments in relation to different institutions, said U Win Thaw, director general of the Foreign Exchange Management Department at the Central Bank of Myanmar.

Regarding apartment and condominium lease payments which are settled in dollars, and then deposited into the private banks, the central bank will work out the solution carefully, he added.

“If they [the Central Bank of Myanmar] perform systematically, they will need the political will of the government. They can succeed only with this. Myanmar is lax in enforcing and educating the people about policies and rules. Therefore, the country will not be efficient for long time,” the UMFCCI vice chair remarked.

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Created at 2017-06-16 15:24:58