Myanmar Financial Sector Reforms : Policy Note

Myanmar Financial Sector Reforms : Policy Note

During Myanmar's decade of reforms, financial sector reforms were widely recognized to be a critical underpinning of Myanmar's democratization process, enabling the transition to a more egalitarian, accessible economy. Accordingly, the go...

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Bibliographic Details
Main Author: World Bank
Format: Policy Note
Language:English
en_US
Published: Washington, DC : World Bank 2022
Subjects:
FINANCIAL SECTOR
BANKING SYSTEM
STATE BANKS
PRIVATE BANKS
GOLD PRICE
E-COMMERCE
DIGITAL PAYMENTS
COVID-19
Online Access:http://documents.worldbank.org/curated/en/099950007082234868/P17700209b1e6603e0822b0be869cb8882b
http://hdl.handle.net/10986/37684
id okr-10986-37684
recordtype oai_dc
spelling okr-10986-376842022-09-12T15:35:11Z Myanmar Financial Sector Reforms : Policy Note World Bank FINANCIAL SECTOR BANKING SYSTEM STATE BANKS PRIVATE BANKS GOLD PRICE E-COMMERCE DIGITAL PAYMENTS COVID-19 During Myanmar's decade of reforms, financial sector reforms were widely recognized to be a critical underpinning of Myanmar's democratization process, enabling the transition to a more egalitarian, accessible economy. Accordingly, the government developed a program of wide-ranging financial sector reform and development as described in the Financial Sector Development Strategy 2015-2020, and then supplemented and updated their approach via other strategy documents. informal providers, who could charge usury rates with little oversight. Despite significant political economy challenges and capacity constraints, since 2011 policymakers were able to carry out a substantial program of reforms to strengthen the financial sector and promote market development. However, due to the impact of COVID and the coup of February 2021, this reform agenda is at severe risk of stagnation or reversal. Progress in the modernization and accessibility of the financial sector is contingent on stability and the confidence of the public in financial institutions. Rectifying the damage to the sector under current circumstances seems especially challenging, unless there is stability and the public's confidence in the financial system is restored incrementally. 2022-07-11T20:28:16Z 2022-07-11T20:28:16Z 2022-07-08 Policy Note http://documents.worldbank.org/curated/en/099950007082234868/P17700209b1e6603e0822b0be869cb8882b http://hdl.handle.net/10986/37684 English en_US Myanmar Financial Sector Monitorıng; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC : World Bank Economic & Sector Work Economic & Sector Work :: Other Financial Sector Study East Asia and Pacific Myanmar
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic FINANCIAL SECTOR
BANKING SYSTEM
STATE BANKS
PRIVATE BANKS
GOLD PRICE
E-COMMERCE
DIGITAL PAYMENTS
COVID-19
spellingShingle FINANCIAL SECTOR
BANKING SYSTEM
STATE BANKS
PRIVATE BANKS
GOLD PRICE
E-COMMERCE
DIGITAL PAYMENTS
COVID-19
World Bank
Myanmar Financial Sector Reforms : Policy Note
geographic_facet East Asia and Pacific
Myanmar
relation Myanmar Financial Sector Monitorıng;
description During Myanmar's decade of reforms, financial sector reforms were widely recognized to be a critical underpinning of Myanmar's democratization process, enabling the transition to a more egalitarian, accessible economy. Accordingly, the government developed a program of wide-ranging financial sector reform and development as described in the Financial Sector Development Strategy 2015-2020, and then supplemented and updated their approach via other strategy documents. informal providers, who could charge usury rates with little oversight. Despite significant political economy challenges and capacity constraints, since 2011 policymakers were able to carry out a substantial program of reforms to strengthen the financial sector and promote market development. However, due to the impact of COVID and the coup of February 2021, this reform agenda is at severe risk of stagnation or reversal. Progress in the modernization and accessibility of the financial sector is contingent on stability and the confidence of the public in financial institutions. Rectifying the damage to the sector under current circumstances seems especially challenging, unless there is stability and the public's confidence in the financial system is restored incrementally.
format Policy Note
author World Bank
author_facet World Bank
author_sort World Bank
title Myanmar Financial Sector Reforms : Policy Note
title_short Myanmar Financial Sector Reforms : Policy Note
title_full Myanmar Financial Sector Reforms : Policy Note
title_fullStr Myanmar Financial Sector Reforms : Policy Note
title_full_unstemmed Myanmar Financial Sector Reforms : Policy Note
title_sort myanmar financial sector reforms : policy note
publisher Washington, DC : World Bank
publishDate 2022
url http://documents.worldbank.org/curated/en/099950007082234868/P17700209b1e6603e0822b0be869cb8882b
http://hdl.handle.net/10986/37684
_version_ 1764487662529413120

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