November
10, 2016
Three
local banks will receive technical support from GIZ for improvement of Myanmar
banking system through MoU agreement.
This
project will last for 3 years which indicates agreement between the GIZ and 3
national banks with the aim of improving financial reporting sector.
Head
of the project of GIZ stressed that the project activities will focus on
supporting the banks by improvising the accounting disclosures and capacity
buildings of the bank staff by means of internationally accepted practices.
Head
of Project , GIZ, Thomas: “This is part of our financial sector development
activities of the GIZ on the German Government here in Myanmar. These
activities are based on the government to government agreement, with the
objectives of strengthening the banking sector to make the local banking sector
more transparent and more inclusive. Financial reporting thereby is important
aspect to increase the transparency as well as cooperative governance within
the local banks.”
GIZ
and three local banks including Shwe Bank, KBZ Bank and MOB Bank signed the
MoU, and GIZ will conduct trainings to the staff in order to carry out banking
procedures in line with the International Financial Reporting Standards (IFRS).
Executive
Vice Chairman, Shwe Bank, Thein Zaw: Germany government's GIZ is supporting us
not in financial way but in technical way in order to gain the full trust from
the depositors. They will focus on our accounts and reporting systems by
training us the ways of maintaining IFRS.
Local
bankers hope to provide more financial loan with the technical assistance of
GIZ.
Senior
Managing Director, KBZ Bank , Nyo Myint : Our bank focus precisely on small and
medium enterprises by means of providing financial loan so..yes we do get more
offer from the public asking for loans. As small and medium businesses are the
core of the country's financial stability so..we cannot neglect those offers.
The main problem here is how and who will insure about those companies applying
for loan. So, yes, we will focus on SME matter first as soon as we get the
technical aid from GIZ.
GIZ
has selected the local banks by forming Banking Sector Financial Reporting
Standard Implementation Committee (BFRIC) which comprised with the Central Bank
of Myanmar and Myanmar Accounting and Audit Department.
Ref;
mitv News
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