A coordination meeting was held at the Central Bank of Myanmar in Nay Pyi Taw at 1 pm yesterday to facilitate the transfer of clearing accounts of banks by using CBM-NET Fund Transfer and Cheque/POs.

Discussion was held with officials from state-owned banks, private banks, and foreign branches to ensure timely delivery of taxes to the accounts of relevant government departments during the closing period of the financial year 2021-2022.

At the meeting, Central Bank of Myanmar Deputy Governor Daw Than Than Swe said that this month is the end of the financial year so that the revenue from the State such as taxes should be delivered to the budgets of the relevant government departments in a timely manner.

The Central Bank of Myanmar does not limit the amount for fund transfer between banks via CBM-NET, the CBM deputy governor stressed.

“Banks should fully support the tax paid by the taxpayers when transferring funds to the relevant bank accounts by the fund transfer system.

“If there are large transfers from taxpayers, the bank should coordinate with the customer to arrange the transfer. As it is a financial clearance month, banks are required to inform their customers in advance of the last clearing date.

“Banks can also sell POs from customers’ old accounts or from new account. The Gold and Monetary Market Supervision Committee will oversee the percentage exchange transactions and purchasing POs by changing the cash account in the market,” she added.

Banks’ officials also discussed their activities.

MNA

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