MHM Yangon Newsletter Vol.18
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BANKING and FINANCE in MYANMAR BANKING and FINANCE in MYANMAR Iii ACKNOWLEDGMENTS This Paper Was Written by Sean Turnell
II BANKING AND FINANCE IN MYANMAR BANKING AND FINANCE IN MYANMAR III ACKNOWLEDGMENTS This paper was written by Sean Turnell. The author is grateful for comments and suggestions on earlier drafts from Steve Parker, Lynn Salinger, Daniel Swift (USAID), Tocher Mitchell, Bruce Bolnick, Timothy Buehrer, Show Ei Ei Tun, BANKING and other participants in the Economic Reform and Growth Dynamics Study workshop held at the PSDA office in Yangon, Myanmar, on January 13–14, 2016. The author also benefited from useful discussions with Declan McGee AND FINANCE (the United Kingdom’s Department for International Development), from the members of the National League for Democracy’s Economic Committee, and from a wide variety of people in Myanmar’s banking fraternity. IN MYANMAR PRESENT REALITIES, FUTURE POSSIBILITIES PHOTO CREDITS DISCLAIMER The team would like to thank the following for the photos provided. This document is made possible by the support of the American people through the United States Agency for - Jeffrey Barth International Development (USAID). Its contents are the sole responsibility of the author or authors and do not - Soe Zeya Tun necessarily reflect the views of USAID or the United States government. - Tom Cheatham - Asian Development Bank II- World Bank BANKING AND FINANCE IN MYANMAR BANKING AND FINANCE IN MYANMAR III ECONOMIC REFORM AND GROWTH DYNAMICS DISCUSSION PAPER SERIES LIST OF ACRONYMS In 2015, as Myanmar prepared for new elections, the United States Agency AGD Asia Green Development Bank for International Development (USAID) commissioned a set of discussion AML Anti-money laundering papers to review Myanmar’s economic status, benchmark its performance ANZ Australia and New Zealand Banking Group relative to other countries, and identify priority policy reforms, investments, APG Asia/Pacific Group on Money Laundering and institutional innovations to re-establish the country on a new, ASEAN Association of Southeast Asian Nations inclusive growth path. -
Daw Aung San Suu Kyi and Import Law Dekkhina and President U Win Myint Were and S: 25 of the District Detained
Current No. Name Sex /Age Father's Name Position Date of Arrest Section of Law Plaintiff Address Remark Condition Superintendent Myanmar Military Seizes Power Kyi Lin of and Senior NLD leaders S: 8 of the Export Special Branch, including Daw Aung San Suu Kyi and Import Law Dekkhina and President U Win Myint were and S: 25 of the District detained. The NLD’s chief Natural Disaster Administrator ministers and ministers in the Management law, (S: 8 and 67), states and regions were also 1 (Daw) Aung San Suu Kyi F General Aung San State Counsellor (Chairman of NLD) 1-Feb-21 Penal Code - Superintendent House Arrest Naypyitaw detained. 505(B), S: 67 of Myint Naing Arrested State Counselor Aung the (S: 25), U Soe San Suu Kyi has been charged in Telecommunicatio Soe Shwe (S: Rangoon on March 25 under ns Law, Official 505 –b), Section 3 of the Official Secrets Secret Act S:3 Superintendent Act. Aung Myo Lwin (S: 3) Myanmar Military Seizes Power S: 25 of the and Senior NLD leaders Natural Disaster including Daw Aung San Suu Kyi Superintendent Management law, and President U Win Myint were Myint Naing, Penal Code - detained. The NLD’s chief 2 (U) Win Myint M U Tun Kyin President (Vice Chairman-1 of NLD) 1-Feb-21 Dekkhina House Arrest Naypyitaw 505(B), S: 67 of ministers and ministers in the District the states and regions were also Administrator Telecommunicatio detained. ns Law Myanmar Military Seizes Power and Senior NLD leaders including Daw Aung San Suu Kyi and President U Win Myint were detained. -
Development of Payment and Settlement System
CHAPTER 7 Development of Payment and Settlement System Khin Thida Maw This chapter should be cited as: Khin Thida Maw, 2012. “Development of Payment and Settlement System.” In Economic Reforms in Myanmar: Pathways and Prospects, edited by Hank Lim and Yasuhiro Yamada, BRC Research Report No.10, Bangkok Research Center, IDE- JETRO, Bangkok, Thailand. Chapter 7 Development of Payment and Settlement System Khin Thida Maw ______________________________________________________________________ Abstract The new government of Myanmar has proved its intention to have good relations with the international community. Being a member of ASEAN, Myanmar has to prepare the requisite measures to assist in the establishment of the ASEAN Economic Community in 2015. However, the legacy of the socialist era and the tight control on the banking system spurred people on to cash rather than the banking system for daily payment. The level of Myanmar’s banking sector development is further behind the standards of other regional banks. This paper utilizes a descriptive approach as it aims to provide the reader with an understanding of the current payment and settlement system of Myanmar’s financial sector and to recommend some policy issues for consideration. Section 1 introduces general background to the subject matter. Section 2 explains the existing domestic and international payment and settlement systems in use by Myanmar. Section 3 provides description of how the information has been collected and analyzed. Section 4 describes recent banking sector developments and points for further consideration relating to payment and settlement system. And Section 5 concludes with the suggestions and recommendation. ______________________________________________________________________ 1. Introduction Practically speaking, Myanmar’s economy was cash-based due to the prolonged decline of the banking system after nationalization beginning in the early 1960s. -
Political Monitor No.27
Euro-Burma Office 25 October - 7 November 2014 Political Monitor 2014 POLITICAL MONITOR NO. 27 OFFICIAL MEDIA PRESIDENT CONDUCTS HIGH-LEVEL POLITICAL MEETING President Thein Sein held a high-level political meeting with the 2 Vice-Presidents, military leaders, the 2 Speakers from both houses of parliament and representatives from 6 prominent political parties on 31 October in Naypyitaw. In his address, President Thein Sein stated the 3 main agendas of the meeting – continuation of democratic transition and political process, ways to strengthen peace process for national reconciliation as well as to successfully hold the 2015 elections. The President emphasized that the talks was to establish a common vision and called on all political forces to refrain from resorting to confrontational approaches and that the success of the political reforms hinges on the ways in which the peace process evolves. He also emphasized it was important for the government, the Hluttaws, the ethnic armed organisations and the Tatmadaw to work together to conclude the Nationwide Ceasefire Agreement (NCA) and urged all those present to openly express their opinions in achieving the best means to solve Myanmar’s challenges. Present at the high level dialogue were Vice Presidents Dr Sai Mauk Kham and Nyan Tun, Speakers of both the Upper and Lower House Khin Aung Myint and Thura Shwe Mann, Commander-in-Chief of Defence Services Senior General Min Aung Hlaing, the Union Election Commission Chairman Tin Aye, Deputy Commander-in-Chief of Defence Services Commander-in-Chief -
Financial Institutions of Myanmar Law (1990) 1
Financial Institutions of Myanmar Law (1990) 1 The State Law and Order Restoration Council The Financial Institutions of Myanmar Law (The State Law and Order Restoration Council Law No. 16/90) The 13th Waxing Day of Waso, 1352 M.E. (4th July, 1990) The State Law and Order Restoration Council hereby enacts the following Law:- Chapter I Title and Definition This Law shall be called the Financial Institutions of Myanmar Law. 2. The following expressions contained in this Law shall have the meanings given hereunder:- (a) Financial Institution means an enterprise established in the State, whose corporate purpose is intermediation on the money or capital markets through the collection of financial resources from third parties for investment on their own account in credit operations, credit and public debt instruments, securities, or other authorized financial activities; (b) Central Bank means the Central Bank of Myanmar; (c) Board means the Board of Directors of the Financial Institution; (d) Chairman means the Chairman of the Board of Directors of the Financial Institution; (e) Member means the member of the Board of Directors of the Financial Institution. 1 http://www.investinmyanmar.com/myanmar-investment-laws/ 26 September 2014. 2 Chapter II Establishment 3. (a) The Financial Institutions other than those specifically established under this Law shall be established as limited liability company in accordance with the Myanmar Companies Act as well as with the Special Company Act, 1950; (h) This Law shall apply to the financial institutions. 4. The shares and stock any financial institution, with or without voting rights, shell be registered. Preferencial shares shall not be converted into share or stock with voting rights. -
UNIVERSITY of CALIFORNIA, IRVINE The
UNIVERSITY OF CALIFORNIA, IRVINE The Intersection of Economic Development, Land, and Human Rights Law in Political Transitions: The Case of Burma THESIS submitted in partial satisfaction of the requirements for the degree of MASTER OF ARTS in Social Ecology by Lauren Gruber Thesis Committee: Professor Scott Bollens, Chair Associate Professor Victoria Basolo Professor David Smith 2014 © Lauren Gruber 2014 TABLE OF CONTENTS Page LIST OF MAPS iv LIST OF TABLES v ACNKOWLEDGEMENTS vi ABSTRACT OF THESIS vii INTRODUCTION 1 CHAPTER 1: Historical Background 1 Late 20th Century and Early 21st Century Political Transition 3 Scope 12 CHAPTER 2: Research Question 13 CHAPTER 3: Methods 13 Primary Sources 14 March 2013 International Justice Clinic Trip to Burma 14 Civil Society 17 Lawyers 17 Academics and Politicians 18 Foreign Non-Governmental Organizations 19 Transitional Justice 21 Basic Needs 22 Themes 23 Other Primary Sources 23 Secondary Sources 24 Limitations 24 CHAPTER 4: Literature Review Political Transitions 27 Land and Property Law and Policy 31 Burmese Legal Framework 35 The 2008 Constitution 35 Domestic Law 36 International Law 38 Private Property Rights 40 Foreign Investment: Sino-Burmese Relations 43 CHAPTER 5: Case Studies: The Letpadaung Copper Mine and the Myitsone Dam -- Balancing Economic Development with Human ii Rights and Property and Land Laws 47 November 29, 2012: The Letpadaung Copper Mine State Violence 47 The Myitsone Dam 53 CHAPTER 6: Legal Analysis of Land Rights in Burma 57 Land Rights Provided by the Constitution 57 -
Tatmadaw Has Been Steadfastly Leading Establishment and Development Tasks of the State, Fulfilling the Needs of the Country: Senior General
PRACTITIONERS’ RESPONSIBILITY AND PUBLIC HEALTH SERVICES PAGE-8 (OPINION) NATIONAL NATIONAL MoTC Union Minister discusses to MoEA, MoE discuss appointment of resume entire train services ethnic language teachers with more salary PAGE-7 PAGE-11 Vol. VII, No. 344, 14th Waxing of Tabaung 1382 ME www.gnlm.com.mm Friday, 26 March 2021 Tatmadaw has been steadfastly leading establishment and development tasks of the State, fulfilling the needs of the country: Senior General ceremony to unveil statues of sev- the commander of Nay Pyi Taw Command en commanders-in-chief and com- and officials. A manders-in-chief of defence ser- In his address, the Senior General said vices (retired) who served at the Myanma perpetuation of a country’s independence Tatmadaw in successive eras took place at and sovereignty absolutely depends on its the booth of the head of the Defence Services armed forces. Long term existence and Museum in Nay Pyi Taw yesterday after- strength of armed forces also rely on con- noon, attended by Chairman of the State Ad- stant maintenance of the fine traditions of ministration Council Commander-in-Chief the Tatmadaw. In looking back more than of Defence Services Senior General Min 1,000 years old Myanmar history, whenev- Aung Hlaing. er the Tatmadaw strengthened, the coun- Also present at the ceremony were try was powerful. The histories distinctly Vice-Chairman of the Council Deputy mentioned that whenever the Tatmadaw Commander-in-Chief of Defence Services was weak with disunity, the country was Commander-in-Chief (Army), Vice-Senior in disarray. For Myanmar, anyone cannot General Soe Win, Council member Gen- deny the fact that “only when the Tatmadaw eral Mya Tun Oo, Admiral Tin Aung San, strengthens will the nation be powerful”. -
Myanmar's Democratic Transition: Opportunity for Transitional Justice to Address the Persecution of the Rohingya
Emory International Law Review Volume 32 Issue 4 2018 Myanmar's Democratic Transition: Opportunity for Transitional Justice to Address the Persecution of the Rohingya Shatti Hoque Follow this and additional works at: https://scholarlycommons.law.emory.edu/eilr Recommended Citation Shatti Hoque, Myanmar's Democratic Transition: Opportunity for Transitional Justice to Address the Persecution of the Rohingya, 32 Emory Int'l L. Rev. 551 (2018). Available at: https://scholarlycommons.law.emory.edu/eilr/vol32/iss4/3 This Comment is brought to you for free and open access by the Journals at Emory Law Scholarly Commons. It has been accepted for inclusion in Emory International Law Review by an authorized editor of Emory Law Scholarly Commons. For more information, please contact [email protected]. HOQUE GALLEYPROOFS 5/15/2018 12:37 PM MYANMAR’S DEMOCRATIC TRANSITION: OPPORTUNITY FOR TRANSITIONAL JUSTICE TO ADDRESS THE PERSECUTION OF THE ROHINGYA INTRODUCTION Myanmar1 elected the National League for Democracy into power in November 2015,2 ushering in its first democratically elected government since 1962.3 The much-awaited political change produced an end to years of economic sanctions;4 the development of new international relations, particularly with the United States;5 and the hope that the former regime’s human rights abuses will be adequately addressed and alleviated.6 Yet, the Rohingya, a stateless Muslim ethnic group residing in Rakhine State in western Myanmar7 and considered the world’s most persecuted ethnic minority,8 continue to face violence that human rights groups say amounts to ethnic cleansing9 and crimes against humanity.10 The Rohingya that have not been 1 This Comment uses Myanmar because it is what the country’s government officially uses. -
Political Monitor No.20
Euro-Burma Office 18 to 24 June 2011 Political Monitor POLITICAL MONITOR NO. 20 OFFICIAL MEDIA PRESIDENT THEIN SEIN RECEIVES VISITING INDIAN EXTERNAL AFFAIRS MINISTER President U Thein Sein received a delegation led by Minister of External Affairs of the Republic of India S.M. Krishna and party at the hall of the President Office on 22 June 2011. Also present at the meeting were Foreign Minister Wunna Maung Lwin, Minister at the President’s Office U Soe Maung and departmental heads. The visiting Indian delegation was accompanied by Indian Ambassador Dr Villur Sundararajan Seshadri. The visiting Indian delegation also paid courtesy calls on Vice-President U Tin Aung Myint Oo, Speaker of People’s Parliament Thura Shwe Mann and Speaker of Pyidaungsu Hluttaw U Khin Aung Myint.1 EU DELEGATION MEETS VICE-PRESIDENT AND SENIOR GOVERNMENT OFFICIALS Vice-President Thiha Thura U Tin Aung Myint Oo received a European Union delegation led by Robert Cooper, Director-General, General Secretariat of the Council of the European Union, at his office in Nay Pyi Taw on 20 June. Also present were Minister for Foreign Affairs U Wunna Maung Lwin, Deputy Minister for Home Affairs Brig-Gen Kyaw Zan Myint, Deputy Minister for Labour U Myint Thein, Director-General of the Government Office U Tin Myo Kyi. The visiting EU delegation also met Foreign Minister U Wunna Maung Lwin and Deputy Minister for Health Dr. Win Myint separately during the visit. The two sides focused on strengthening relations and cooperation between Burma and the EU as well as cooperation on matters relating to the realization of the Millennium Development Goals.2 VICE PRESIDENT AND GOVERNMENT OFFICIALS RECEIVE RUSSIAN DEPUTY FOREIGN MINISTER Vice-President Thiha Thura U Tin Aung Myint Oo received a Russian delegation led by Deputy Foreign Affairs Minister of the Russian Federation Alexey N. -
Defence Diplomacy Between India and Myanmar: State of Play Dr
ISPSW Strategy Series: Focus on Defense and International Security Issue Defence Diplomacy between India and Myanmar: State of Play No. 600 Dr Bibhu Prasad Routray Feb 2019 Defence Diplomacy between India and Myanmar: State of Play Dr Bibhu Prasad Routray February 2019 Abstract New Delhi’s strategic objectives in Myanmar remain important, yet ambigous. Firstly, the country is a lynchpin for India’s Act East policy. Secondly, it is a theatre where New Delhi is seeking to challenge the decades-old dominance of Beijing. And thirdly, Myanmar holds key to ending the remnants of the insurgencies in India’s northeast. To fulfil these objectives, New Delhi intends to boost the bilateral defence ties. While India’s Act East policy is a work in progress and the insurgents from North East India have not been dislodged from Myanmar’s territory, the ties between the defence forces of both countries have demonstrated signs of strengthening. For fulfilment of strategic objectives, however, there is a need to go beyond rhetoric and work on deliverables. About ISPSW The Institute for Strategic, Political, Security and Economic Consultancy (ISPSW) is a private institute for research and consultancy. The ISPSW is an objective, task-oriented and politically non-partisan institute. In the increasingly complex international environment of globalized economic processes and worldwide political, ecological, social and cultural change, which occasions both major opportunities and risks, decision- makers in the economic and political arena depend more than ever before on the advice of highly qualified experts. ISPSW offers a range of services, including strategic analyses, security consultancy, executive coaching and intercultural competency. -
Political Monitor No.23
Euro-Burma Office 14 July to 10 August 2012 Political Monitor 2012 POLITICAL MONITOR NO. 23 OFFICIAL MEDIA US SECRETARY OF STATE CLINTON & PRESIDENT MEET AT US-ASEAN ECONOMIC FORUM President U Thein Sein attended the US-ASEAN Economic Forum held in Siem Reap, Cambodia where he met US Secretary of State Hillary Clinton as well as other ASEAN leaders. They discussed the promotion and cooperation of bilateral ties between the US and Burma, the easing of sanctions on Burma, political prisoners, environmental protection and the recent sectarian violence in the Rakhine State. Secretary Clinton reiterated that the rule of law must be entirely enforced and transparency strictly guided and expressed her desire that on-going democratic changes in Burma continue. The President also met other ASEAN leaders including Cambodian Prime Minister Samdech Hun Sen and Thai PM Yingluck Shinawatra.1 Unofficial Media The US-ASEAN Business Forum is the largest ever gathering of America corporate leaders in Asia, and included executives from Coca-Cola, Caterpillar, DHL and Goldman Sachs.2 PRESIDENT ADDRESSES US-ASEAN ECONOMIC FORUM, CLARIFIES REFORMS At a dinner hosted by the US-ASEAN Economic Council and the US-ASEAN Merchants’ Association3 as part of the US-ASEAN Economic Forum, President U Thein Sein delivered an address where he outlined his government’s recent reforms. The President explained that with the establishment of a new government in Burma, the government has been striving to fulfil wishes of the Burmese to see true changes by simultaneously implementing three key reform measures. The first is to change from the centralized system of the past 50 years and build a mature democratic State. -
State Counsellor Meets with Locals in Myawady, Hlaingbwe Townships, Kayin State
FIRM COMMITMENT KEY TO PROTECT VICTIMS, VULNERABLE MIGRANTS IN IDPS PAGE-8 (OPINION) Vol. VI, No. 315, 4th Waxing of Tabaung 1381 ME www.globalnewlightofmyanmar.com Wednesday, 26 February 2020 State Counsellor meets with locals in Myawady, Hlaingbwe townships, Kayin State TATE Counsellor Daw Aung San Suu Kyi, souls. Such practice can start in such a mass gath- in her capacity as the Chairperson of the ering. We should consider not only for the sake of Central Committee for Development of ourselves but also for the sake of others. Only then SBorder Areas and National Races, met can we make progress. with the local people in Myawady and Hlaingbwe If we want to build a qualified country, first we townships in in Kayin State on yesterday. should qualify ourselves. Otherwise, you have not During the visit, she was accompanied by Un- qualified yourselves but if you criticize others for ion Ministers Lt-Gen Soe Htut, Lt-Gen Ye Aung, lacking the qualifications, that would be a verbal act Thura U Aung Ko, Dr Aung Thu, U Ohn Win, Dr of inconsistency. So what I want our people to do Myint Htwe and Dr Win Myat Aye; Deputy Minister everyday is think about our country, what is your U Hla Maw Oo, Chief of Myanmar Police Force contribution towards the benefits of our country, Police Lt-Gen Aung Win Oo and officials. and review over what you have done, what you They left Mawlamyine for Kawkareik Township, need to do. Kayin State, by helicopters in the morning, and Well, some people might respond that we are proceeded to Myawady Township where the State nothing to do with politics.