Myanmar parliament to consider new independent central bank policy
The Myanmar parliament will start discussions on amendments to the 1990 central bank law during its 5th session on October 18.
The new law is likely to give the Central Bank of Myanmar independence and full authority, according to an advisor for the Ministry of Finance and Revenue.
“The bank will no longer be a subdivision under the ministry. It will operate independently. The new law will provide the bank full authority without being controlled by the government,” said the advisor.
The new law is expected to be enacted soon and supervisory committees – consisting of government officials and other experts – will be formed later to help monitor the country’s financial policies.
Under the new law, the central bank will be renamed the Union Bank of Myanmar and its chairman will have the same rank as union ministers.
The Central Bank of Myanmar was established in 1990 with an authorized capital of 40 million kyats (US$46,484.6) and a paid-up capital of 10 million kyats ($11,400).
The Ministry of Industry will develop seven industrial zones on top of the 18 it already has. The government hopes that this will provide additional job opportunities for locals.
The seven industrial zones will be located in Kayin and Shan states and in the Mandalay region.
The government will invite foreign investors to inject capital into these zones.
“Some industrial zones are already under construction. Some are about to begin construction. The main objective is to create local employment opportunities,” said an official from the Ministry of Industry.
Of the 18 industrial zones, the Yatanarpon Industrial Zone in Mandalay is the biggest covering 10,000 acres.
“The government has to provide basic infrastructure and electricity to industrial zones,” said Aye Aye Win, deputy director of Myanmar Industrial Planning under the Ministry of Industry. “It is not easy to develop successfully.”
The ministry plans to put up industrial zones in other areas
