Hluttaw ignores president on Central Bank Law

Hluttaw ignores president on Central Bank Law

By Soe Than Lynn with AFP   |   Monday, 15 July 2013

A prominent MP has accused his counterparts of "bullying" after the Pyidaungsu Hluttaw rejected both of President U Thein Sein's recommended changes to the Central Bank Law on July 8.

Pyithu Hluttaw representative U Kyi Myint of Latha said the failure of the hluttaw to accept one of the president's recommendations was a "loss for the public".

"The amendment was correct and should have passed but the hluttaw voted against it. Now people are saying that the hluttaw is bullying" because they are all voting together without properly considering the issue, said U Kyi Myint, who seconded the president's recommended change.

"I'm not going to complain if MPs all vote for something that is correct but it is a loss for public when they vote together like that on something of which they have a limited understanding."

The president had recommended that the wording of section 27 be changed from "general special money" to "general special account".

"I agree with the president's usage because there are some other clauses, such as 'put in money' or 'take out money repeatedly', in the bill. To do this you need to have an account and if there an account then as a consequence you can do auditting and bookkeeping," U Kyi Myint said.

U Kyi Myint said he disagreed with the president's other recommended change, however, which would have seen the phrase "sequential discount" in section 2(n) changed to "discount".

Following parliament's decision on July 8, the law was signed by President U Thein Sein on July 11, a spokesperson for the President's Office said.

Details of the new legislation have not yet been published but officials say the central bank will have more autonomy and will no longer operate as part of the Ministry of Finance.

"The significant thing is that the central bank will be an independent body," a central bank official said.

The main role of the Central Bank of Myanmar up to now, experts say, has been to print money to fund the government's budget deficit.

Translated by Thiri Min Htun

Source: http://www.news.myanmaronlinecentre.com/2013/07/15/hluttaw-ignores-president-on-central-bank-law/