CBM attends High-Level Policy Conference of Global South’s Central Banks

 

The Myanmar delegation led by the Central Bank of Myanmar Governor attended the High-Level Policy Conference of Central Banks from the Global South organized by the Reserve Bank of India in Mumbai from 20 to 22 November.

The governors of central banks from Global South countries — India, Myanmar, Bangladesh, Maldives, Bhutan, Nepal, Sri Lanka, Mozambique, Madagascar and Zimbabwe attended the event, and deputy governors of Reserve Bank of India, officials of Head of Reserve Management Department from Indonesia and Brazil, executive officers of Reserve Bank of South Africa, Bank of Namibia and central banks of Thailand and the Philippines, representatives of international bank, World Bank and IMF were also present at the event.

The conference included seven Panel Sessions and focused on different topics including economic growth in Global South countries before the outbreak of COVID-19, recovery of the economy during the COVID-19 period, financial infliction and sustainable economic development with financial stability in post-COVID-19 period, interconnection in financial policy of central banks, impacts on economic system through transition into digital payment, exchange of policy experiences of central banks governors, management of foreign exchange reserve, challenging in supervising monetary institutions, impacts of AI on financial sector and impacts of Digital currency.

During the conference, the CBM governor discussed policy-related matters, SWAP/Repo facility, interventions of CBM to stabilize the foreign exchange rate, and emphasis on overcoming external factors in export and direct payment methods of yuan, baht and rupee.

She then provided answers to questions raised by attendees on the local currency settlement system of Myanmar in trading with neighbouring countries.

She also met the governor of the Reserve Bank of India at the bilateral meeting and discussed capacity-building matters for bank staff and the expansion of local currency settlement in trading with India and Myanmar.

MNA/KTZH

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