The use of banks has increased among the people, and the confidence in the banking system has improved, thanks to the cooperative efforts of all the banks across the country, said U Than Nyein, governor of the Central Bank of Myanmar (CBM).

The CBM governor made the remark in a meeting with executive members of the Myanmar Banks Association and officials from state-owned and private banks via video link on July 18. 

The financial and monetary policies for development are being implemented in a balanced manner to develop the banking sector stably, and as a result of all the banks working together to provide services, the use of banks has increased among the people and the confidence in the banking system has improved. When banks were facing difficulties, the CBM provided liquidity support, relaxed the fixed ratios to be followed, and provided necessary support to each bank, the governor said.

During the meeting, U Win Thaw, deputy governor of the CBM, also said that the banks are continuously being provided with the necessary liquidity support, and it is necessary to continue to follow procedures.

Daw Than Than Swe, another deputy governor, stressed the need for all banks to strictly comply with the regulations, directives, rules and procedures issued by the CBM.

The officials from the local banks explained their ongoing banking services, continued plans and gave suggestions about the development of Myanmar’s banking sector in accord with the guidelines of the CBM.