Myanmar’s Banking Regulatory Bodies Take Shape

In a move to strengthen its financial sector, the Central Bank of Myanmar established the Banking Regulation Department on January 1, 2001 with the approval of the Ministry of Finance and Revenue.

Primary Objectives and Responsibilities

The department’s primary objective is to develop regulations, instructions, and guidelines that banks and financial institutions must comply with. To achieve this goal, it has several key duties and responsibilities:

• Develops bank regulations in line with international best practices to supervise and regulate the financial sector
• Issues prudential regulations on anti-money laundering and combating the financing of terrorism (AML/CFT) requirements for banks and financial institutions, as well as conducting special audit programs
• Assesses agreements related to loans, aids, grants, memoranda of understanding, and exchanges of notes from a financial perspective
• Cooperates and coordinates with internal and international banks and financial institutions

Organization and Evolution

The Banking Regulation Department was initially organized with 17 service personnel. As of February 28, 2011, it comprised seven officers and ten other rank staff.

With its establishment, the Central Bank of Myanmar is better equipped to oversee and regulate the country’s financial sector, ensuring stability and transparency in the banking industry.