May 1, 2017
IFC, a member of
the World Bank Group, has successfully supported the Central Bank of Myanmar to
develop a regulation for credit reporting—a key step in building up modern
financial infrastructures that are necessary to improve access to credit for consumers
and micro, small and medium enterprises in the country.
The Central Bank
of Myanmar (CBM) issued the Regulation on Credit Information Reporting System
on March 31, 2017, which provides a basis for the establishment and operations
of credit reporting companies, such as credit bureaus, according to a report on
April 28.
About 70
officials and representatives from the CBM, relevant government agencies, the
Myanmar Banks’ Association, local and international banks, microfinance
institutions and other lending agencies, as well as international development
partners today attended an event to promote the new regulation. The
participants deliberated on the key features of the Myanmar credit reporting
regulation and its implications for the lending industry.
“The regulation
is fundamental for credit information sharing among the lending institutions
through credit bureau, which pools information from various types of creditors
and public data sources on individual and business borrowers,” said Daw Khin
Saw Oo, Deputy Governor of the CBM.
Mizzima
Ref; The Global
New Light of Myanmar
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