“Central Bank of Myanmar (CBM) is preparing a quarterly report to start declaring financial information,” said, Myint Myint Kyi, a Director at CBM. “A quarterly report, which involved inflation, interest rates, rates of foreign exchange, backup foreign currency, banking sector review, financial ratios, and monetary policy data, has been submitted to the Board of Directors of CBM. We are preparing to include a lot of financial information having abroad, asking the International Monetary Fund (IMF)’s advice what things should be included and we have already completed and sent it to the Board of Directors,” she added. “Getting facts and figures of financial sector of Myanmar is the most difficult thing because of the weakness of CBM’s report. So businessmen do not dare to make decisions future business plans,” said a senior officer of Private Bank.
“If the bank publishes the report which is included facts and figures, not only businessmen but also investors will get good benefits. Seeing these facts and figures helps them what projects are attractive in which sector,” he added.
“It takes five fiscal years not showing any annual report to the public. I found not only Myanmar and China but also Middle East countries have imperfections on reporting. I would like to suggest that they need to have transparencies as much as they can,” said Markus Rodlauer, Deputy Director of the International Monetary Fund (IMF)’s Asia Pacific Department.
“We are giving some help and advice for a quarterly report of CBM is currently arranging to publish according to IMF’s technology,” he added.
