Mawlamyine, 3 June
The National Unity Government issued an ordinance to delegate authority to the Ministry of Planning, Finance and Investment to regulate and rectify the banking sector of Myanmar.
The interim Central Bank will governed by a Board of Directors, and its chairman will be the Governor of the interim Central Bank.
The functions and duties of the interim Central Bank include to conduct international and domestic operations as befitting a central banking authority of Myanmar, and to exercise oversight and issue licences to companies and institutions applying to operate as banks and financial institutions.
The ordinance said that the authority is given to the MoPFI because financial institutions falling under the purview of the central banking mechanism controlled by the terrorist armed forces, in disregard of their obligations to safeguard the interests of depositors, have been compelled to operate in accordance with the dictates of the aforementioned armed forces, consequently causing severe and intolerable losses on the populace.
NUG also said that this measure is aimed to stop the military using the foreign exchange reserves belonging rightfully to the people are being appropriated for the procurement and production of weaponry, including but not limited to jet fuel and these resources being subsequently employed in terrorist acts of violence and killing against the populace.
News—Than Lwin Times
Photo—NUG
Thanlwintimes