Banking law to be changed

“The country has made many changes to its political and economic system, as well as in its international relations. So the law needs to be amended to keep up the changing circumstances. It will be amended so that it can meet the needs of the future financial market,” Development Committee of Banks and Financial Institutions chairman Aung Thaung told journalists at the office of the Myanmar Banks Association on Saturday.

“The central bank is now independent as the central bank law has already been enacted. Private banks will also take part in discussions related to amending the law,” said Pyoe Min Thein, a member of the committee.