Myanmar to amend 23-years old financial institutions law

Myanmar information search service

Myanmar will soon amend its 23-years old financial institutions law, according to officials at a recent press conference.

The conference was held on October 5 at the office of the Myanmar Banks Association.

“The law is too old as it was enacted in 1990. That’s one reason. And the country has made many changes in its politics and economics, as well as in its international relations. So the law needs amendment to keep up the changing circumstances. The law will be amended so that it can meet the needs of future financial market,” said Aung Thaung, the chairman for Development Committee of Banks and Financial Institutions.

Myanmar has identified 18 “outdated” laws and so far, five out of them have already been amended. Four of them are related with the United Nations and nine others include laws such as Insurance Law, Insurance Authority Law, Government Security Act, and Pensions Act.

“We [the committee] held today’s meeting to keep in touch with local banks. They include government banks and local private banks. The central bank is now independent as the central bank law is already enacted. The private banks will also take part in discussions related to amending the law. The meeting is aimed to listen to their voices and financial experts,” said Pyoe Min Thein, a member of the committee.

Source: ELEVEN Myanmar

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