MPs object to president reappointing current Central Bank governor

President U Win Myint has proposed reappointing 79-year-old U Kyaw Kyaw Maung as governor of the Central Bank of Myanmar (CBM) after his current term is complete by the end of this month.

Parliament representatives had been expecting the job of improving Myanmar’s financial system to be given to a much younger candidate. Some have voiced their disapproval of the President’s proposal, saying there was no improvement during U Kyaw Kyaw Maung’s first term.

“While he is capable, we do not expect him to bring much change to the financial system,” said Daw Khin San Hlaing, chair of the Banks and Monetary Development Committee.

Some MPs reckon the reason for reappointing U Kyaw Kyaw Maung is to maintain stability in the system, as he has fulfilled the requirements of the former and current government and has many years of experience.

“However, we are not really satisfied. We want someone new who can bring changes to the CBM and make it more independent and improved. We need the Central Bank to make fresh decisions such as approve more foreign banks in the market, for example,” said U Aung Kyaw Kyaw Oo, secretary of the Investment and Industrial Development Committee.

“The government seems to want to go forward with a stable policy. Stability implies staying focused. But, we want to prioritise change,” he added.

The CBM should be in control of issues such as managing the exchange rate, which will drive up inflation if the dollar continues to appreciate. “But the current governor has not done much to manage this. So if he is reappointed we can expect little change or development,” said U Aung Hlaing Win, Pyithu Hluttaw MP from Mingaladon constituency.

MPs who wish to object to the matter can submit a name list with complete information by the deadline of July 30, the Pyidaungsu Hluttaw speaker announced.

Source: Myanmar Times

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