The government has authorised the formation of a supervisory department under the Ministry of Finance to regulate banks, insurance companies and micro-credit firms, deputy finance minister Maung Maung Thein said.
“We have received approval to form a financial supervisory department,” he said, adding that the micro-finance department under the ministry had been re-organised into the financial supervisory department.
“Their main task will be to scrutinise micro-finance firms, insurance companies, the stock exchange and state-owned banks,” Maung Maung Thein said. He added that although the department had been authorised its structure had yet to be finalised and he did not even know how many people it would comprise.
He said, however, that they would include representatives of banks, insurance companies and micro-finance institutions.
State-run Myanma Insurance will continue to oversee the country’s 12 private insurers, officials said.
Source: ELEVEN MYANMAR