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Monetary and Financial Cooperation with ASEAN and ASEAN+3 Countries

Association of South-East Asian Nation - ASEAN was established in 1967, aims to accelerate economic growth, social progress and cultural development in the region and to promote regional peace and stability. Myanmar has joined and fully fledged member of ASEAN in July, 1997. ASEAN comprises with ten member countries, Myanmar, Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand and Vietnam. Myanmar has signed on ASEAN Framework Agreement on Services -AFAS at the day of joined to ASEAN. The objectives of the Framework Agreement are:

(a) to enhance cooperation in services amongst Member States
(b) to eliminate substantially restrictions to trade in services amongst Member States; and
(c) to liberalize trade in services

The ASEAN Framework Agreement on Services - AFAS is implementing under the ASEAN Economic Ministers (AEM) process.

The 9th ASEAN Summit at the Bali in October 2003, ASEAN Leaders agreed to establish the ASEAN   Economic Community - AEC in 2020. At the 12th  ASEAN Summit at Philippines in January 2007, the Leaders affirmed their strong commitment to accelerate the establishment of AEC by 2015 as envisioned in the ASEAN Vision 2020.

In this regard, the Central Bank of Myanmar has been continuously participating in the ASEAN and ASEAN+3 financial processes and has attended the ASEAN meetings which are usually held alphabetically in respective member countries. The Central Bank of Myanmar has also been participating in the ASEAN Central Bank Governors’ Meeting, the ASEAN Central Bank Deputy Governors’ Meeting and other Working Group Meetings such as Financial Services Liberalization (FSL), Capital Account Liberalization (CAL), Capital Market Development (CMD), ASEAN Infrastructure Fund (AIF), ASEAN Payment and Settlement Systems (PSS), Chiang Mai Initiatives Multilateralization (CMIM), Asian Bond Market Initiative (ABMI) and Credit Guarantee and Investment Facility (CGIF) Meetings. Furthermore, the Central Bank of Myanmar has been cooperating and collaborating with the Ministry of Finance regarding meetings such as ASEAN Finance Ministers’ Meeting (AFMM), ASEAN Finance and Central Bank Deputies’ Meeting (AFDM), ASEAN+3 Finance Ministers’ Meeting (AFMM+3), ASEAN+3 Finance and Central Bank Deputies’ Meeting (AFDM+3) and Special ASEAN Finance Ministers’ Meeting (Special AFMM). Myanmar hosted the 6th ASEAN Finance Ministers' Meeting at Yangon in 2002.

Working Committee on Financial Services Liberalization Meeting (WC-FSL) and Working Committee on Capital Account Liberalization (WC-CAL) had been held on 10-12 September, 2013 in Yangon, Myanmar. The Series of ASEAN Working Committee Meetings such as WC-CMD, WC-CAL and ASEAN Finance and Central Bank Deputies' Meetings which will be held on February 24-26, 2014 in Yangon, Myanmar. In addition, the series of Taskforce Meetings will be held on February 27, 28 and March 1, 2014. The 22nd ASEAN Central Bank Deputies' Meetings (ACDM), ASEAN Finance and Central Bank Deputies' Meeting (AFDM) and Formal and Informal ASEAN+3 Finance and Central Bank Deputies Meeting (AFCDM+3), will be hosted on April 1-3, 2014 in Nay Pyi Taw,  Myanmar.  Moreover, the 10th ASEAN Central Bank Governors’ Meeting and the 18th ASEAN Finance Ministers’ Meeting will be hosted on April 4-5, 2014 in   Nay Pyi Taw, Myanmar.

Date : 12th Dec 2017

 

1364.0 / USD

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Source : forex.cbm.gov.mm

Interest Rate(%)
Central Bank Rate 10% pa
Minimum Bank Deposit Rate 8%pa
Maximum Bank Lending Rate 13%pa
Economic Indicators (%)
GDP Growth 5.90 %
Annual Rate of Inflation 4.70 %
Year on Year Inflation 4.00 %

     Source : Ministry of Planning and Finance