State Administration Council Secretary Lt-Gen Aung Lin Dwe addressed a discussion on banking issues with patrons and presidents of State-owned and private banks in Nay Pyi Taw yesterday.
Speaking at the event, the SAC Secretary said the meeting was held to strengthen cooperation with banks, financial institutions, government, and central banks, as well as to ensure a stable monetary system and the nation’s economic development and to establish mutual understanding. Banks are responsible for protecting the interests of their customers and carrying out measures for financial stability, safety, and solidity.
He continued that the government and the central bank support the needs of banks and that they should follow the rules and regulations in accordance with international standards.
People’s interests must be protected from exploitation and price manipulation as businesses operate for their own sake rather than through positive competition systems. Similarly, effective actions will be taken if losses to the budget and properties of the government are found due to the breaking of existing laws, rules, regulations and procedures.
The country is adopting a market-oriented system so that the central bank and banks can operate freely. However, the government supervises occasionally as the breach of rules affects the country’s economic policies. There is no need to worry about the rumours, and people should not withdraw large sums of money unnecessarily. The banks should supervise their banking services frequently despite the declining number of staff.
He also instructed the need to make preparations to turn out human resources at the banks, to facilitate widespread use of cards and e-banking system, and establish qualified bank branches, and he called on the bankers to protect the interests of the public fully while the government is working hands in hands with the entire people to implement the five-point roadmap and nine objectives successfully.
He also urged them to abide by the law, rules, and regulations and establish a “win-win-win” situation between the government, the people, and the banks.
Then, SAC Joint Secretary Lt-Gen Ye Win Oo, SAC Member Union Minister for Home Affairs Lt-Gen Yar Pyae, SAC Member Foreign Exchange Supervisory Committee Chairman Lt-Gen Nyo Saw, Deputy Prime Minister Union Minister for Planning and Finance U Win Shein, and Central Bank of Myanmar Governor Daw Than Than Swe clarified the measures to be executed by the banks.
The SAC Secretary concluded the meeting after hearing the presentations of bankers and relevant officials regarding the emergence of the firm financial sector and investments in contract farmlands and agriculture and livestock breeding sectors and the production of value-added products by establishing factories and industries locally to substitute export products. — MNA/KTZH
