alaungphaya
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- Mar 26, 2012
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I don't know how long this will last. Maybe make it sticky? I hope the other Burmese guys contribute to this as well.
There were two pieces of news last week that I think are very important for the future of Myanmar:
Myanmar confirms controversial Rohingya plan - Asia-Pacific - Al Jazeera English
Myanmar confirms controversial Rohingya plan
The plan stipulates Rohingya should register as Bengali, which implies they are illegal immigrants from Bangladesh.
Myanmar has confirmed to the United Nations it is finalising a plan that will offer minority Rohingya Muslims citizenship if they change their ethnicity to suggest Bangladeshi origin, a move rights groups say could force thousands into detention camps.
"An action plan is being finalised and will soon be launched," Wunna Maung Lwin, Myanmar's foreign minister, said in an address to the UN General Assembly on Monday, requesting the United Nations to "provide much-needed development assistance there".
"We are working for peace, stability, harmony and development of all people in Rakhine state."
It was the first public reference to the controversial plan, which the government has been drafting largely in secret, to the extent that humanitarian workers have until recently been shown only hard copies.
The Rakhine State Action Plan outlines projects including rebuilding homes for displaced people, improving health care and education, and promoting reconciliation, according to a draft obtained by the Reuters news agency.
Controversial section
Rohingya would be required to register their identities as Bengali, a term most reject because it implies they are illegal immigrants from Bangladesh despite having lived in the area for generations.
The plan proposes that authorities "construct temporary camps in required numbers for those who refuse to be registered and those without adequate documents".
It states that the government will ask the UN Refugee Agency, the UNHCR, for help to resettle overseas those who fail to obtain citizenship.
But a UNHCR spokeswoman told Reuters it would be impossible for the agency to do so, because they would not be "recognised refugees who have fled persecution and conflict across international borders".
That raises the possibility that Rohingya could be forced from their villages and detained indefinitely, warned Phil Robertson, deputy director for Asia at Human Rights Watch.
"This plan is profoundly troubling because it would strip the Rohingya of their rights, systematically lock them down in closed camps in what amounts to arbitrary, indefinite detention," he said.
Most of Myanmar's 1.1 million Rohingya are stateless and live in apartheid-like conditions in Rakhine state on the western coast of the predominantly Buddhist country. Almost 140,000 Rohingya remain displaced after deadly clashes with ethnic Rakhine Buddhists in 2012.
http://online.wsj.com/articles/myanmar-awards-foreign-bank-licenses-1412141121
Myanmar Awards Foreign Bank Licenses
ANZ, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui and Mizuho Among Banks to Operate in Myanmar
Australia & New Zealand Banking ANZ.AU +1.35% Group Ltd., three Japanese banks and five others on Wednesday won coveted licenses to operate in Myanmar after decades in which foreign lenders were frozen out of the country.
ANZ, along with Japan's biggest lenders—Bank of Tokyo-Mitsubishi UFJ Ltd., Sumitomo Mitsui Banking Corp. and Mizuho Bank Ltd.—were among 25 applicants vying for licenses to operate in Myanmar.
Other license winners included Thailand's Bangkok Bank Public Co. BBL.TH +1.00% , Industrial & Commercial Bank of China Ltd. 601398.SH +0.28% , Malayan Banking 1155.KU -0.40% Bhd., and two Singapore banks— United Overseas Bank Ltd. U11.SG +0.76% and Oversea-Chinese Banking Corp. O39.SG +0.31%
The long-awaited announcement by Myanmar's central bank allows overseas lenders to start doing business in the once-isolated country, part of a sweeping overhaul under Myanmar's new nominally civilian government. Banks now have 12 months to prepare for the opening of their branches in the country.
For ANZ, winning the license is part of the bank's effort to grow its Asian business. The bank plans to serve big multinational companies who operate in the country.
"If you think about our strengths in natural resources, energy and infrastructure, each of these sectors in Myanmar have significant opportunities," said Andrew Géczy, ANZ's chief executive for international and institutional banking.
Set Aung, deputy governor of Myanmar's central bank said that license recipients would be limited to banking for foreign corporations and foreign-exchange services.
Foreign banks will be limited to one branch each, won't be permitted to operate a retail-banking business and will be allowed to lend only in foreign currency, and not in the kyat, Myanmar's currency, unless they partner with a local bank.
Even with the initial restrictions, the move has been praised by analysts as a step toward liberalizing Myanmar's rigid financial sector. The bank's decision is expected to greatly improve access to capital in Myanmar, one of the key hurdles for foreign companies investing there.
"Taking into consideration where the banking industry of the country stands right now, even the current partial opening of the sector to international banks is a major development," said Sardor Koshnazarov, managing director at Silk Road Finance, an investment firm that focuses on frontier markets.
Many of Myanmar's local banks have opposed the granting of licenses, worrying that allowing foreign banks to operate in the country would erode their market share.
"Foreign banks are giants, but we are still very small," said Sein Maung, chairman of Myanmar First Private Bank and vice chairman of the Myanmar Banking Association. "We are not ready to compete with them, not in terms of technology or experience."
Pe Myint, managing director of Myanmar's Co-operative Bank Ltd., said his firm is preparing to upgrade services and has hired consultants to respond to the added competition.
"But we will still face shortage of human resources and skills, because some of our talented staff will move to foreign banks when they start operations," he said.
On the Rohingya front: the ball is in Bangladesh's court.
On the business front: the financial system will finally be overhauled providing much needed competition and much needed channels for capital flows. The Japanese were the real winners. All the decades of low key engagement has really paid off for their banks. 3/10 of the new banks are Jap.
There were two pieces of news last week that I think are very important for the future of Myanmar:
Myanmar confirms controversial Rohingya plan - Asia-Pacific - Al Jazeera English
Myanmar confirms controversial Rohingya plan
The plan stipulates Rohingya should register as Bengali, which implies they are illegal immigrants from Bangladesh.
Myanmar has confirmed to the United Nations it is finalising a plan that will offer minority Rohingya Muslims citizenship if they change their ethnicity to suggest Bangladeshi origin, a move rights groups say could force thousands into detention camps.
"An action plan is being finalised and will soon be launched," Wunna Maung Lwin, Myanmar's foreign minister, said in an address to the UN General Assembly on Monday, requesting the United Nations to "provide much-needed development assistance there".
"We are working for peace, stability, harmony and development of all people in Rakhine state."
It was the first public reference to the controversial plan, which the government has been drafting largely in secret, to the extent that humanitarian workers have until recently been shown only hard copies.
The Rakhine State Action Plan outlines projects including rebuilding homes for displaced people, improving health care and education, and promoting reconciliation, according to a draft obtained by the Reuters news agency.
Controversial section
Rohingya would be required to register their identities as Bengali, a term most reject because it implies they are illegal immigrants from Bangladesh despite having lived in the area for generations.
The plan proposes that authorities "construct temporary camps in required numbers for those who refuse to be registered and those without adequate documents".
It states that the government will ask the UN Refugee Agency, the UNHCR, for help to resettle overseas those who fail to obtain citizenship.
But a UNHCR spokeswoman told Reuters it would be impossible for the agency to do so, because they would not be "recognised refugees who have fled persecution and conflict across international borders".
That raises the possibility that Rohingya could be forced from their villages and detained indefinitely, warned Phil Robertson, deputy director for Asia at Human Rights Watch.
"This plan is profoundly troubling because it would strip the Rohingya of their rights, systematically lock them down in closed camps in what amounts to arbitrary, indefinite detention," he said.
Most of Myanmar's 1.1 million Rohingya are stateless and live in apartheid-like conditions in Rakhine state on the western coast of the predominantly Buddhist country. Almost 140,000 Rohingya remain displaced after deadly clashes with ethnic Rakhine Buddhists in 2012.
http://online.wsj.com/articles/myanmar-awards-foreign-bank-licenses-1412141121
Myanmar Awards Foreign Bank Licenses
ANZ, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui and Mizuho Among Banks to Operate in Myanmar
Australia & New Zealand Banking ANZ.AU +1.35% Group Ltd., three Japanese banks and five others on Wednesday won coveted licenses to operate in Myanmar after decades in which foreign lenders were frozen out of the country.
ANZ, along with Japan's biggest lenders—Bank of Tokyo-Mitsubishi UFJ Ltd., Sumitomo Mitsui Banking Corp. and Mizuho Bank Ltd.—were among 25 applicants vying for licenses to operate in Myanmar.
Other license winners included Thailand's Bangkok Bank Public Co. BBL.TH +1.00% , Industrial & Commercial Bank of China Ltd. 601398.SH +0.28% , Malayan Banking 1155.KU -0.40% Bhd., and two Singapore banks— United Overseas Bank Ltd. U11.SG +0.76% and Oversea-Chinese Banking Corp. O39.SG +0.31%
The long-awaited announcement by Myanmar's central bank allows overseas lenders to start doing business in the once-isolated country, part of a sweeping overhaul under Myanmar's new nominally civilian government. Banks now have 12 months to prepare for the opening of their branches in the country.
For ANZ, winning the license is part of the bank's effort to grow its Asian business. The bank plans to serve big multinational companies who operate in the country.
"If you think about our strengths in natural resources, energy and infrastructure, each of these sectors in Myanmar have significant opportunities," said Andrew Géczy, ANZ's chief executive for international and institutional banking.
Set Aung, deputy governor of Myanmar's central bank said that license recipients would be limited to banking for foreign corporations and foreign-exchange services.
Foreign banks will be limited to one branch each, won't be permitted to operate a retail-banking business and will be allowed to lend only in foreign currency, and not in the kyat, Myanmar's currency, unless they partner with a local bank.
Even with the initial restrictions, the move has been praised by analysts as a step toward liberalizing Myanmar's rigid financial sector. The bank's decision is expected to greatly improve access to capital in Myanmar, one of the key hurdles for foreign companies investing there.
"Taking into consideration where the banking industry of the country stands right now, even the current partial opening of the sector to international banks is a major development," said Sardor Koshnazarov, managing director at Silk Road Finance, an investment firm that focuses on frontier markets.
Many of Myanmar's local banks have opposed the granting of licenses, worrying that allowing foreign banks to operate in the country would erode their market share.
"Foreign banks are giants, but we are still very small," said Sein Maung, chairman of Myanmar First Private Bank and vice chairman of the Myanmar Banking Association. "We are not ready to compete with them, not in terms of technology or experience."
Pe Myint, managing director of Myanmar's Co-operative Bank Ltd., said his firm is preparing to upgrade services and has hired consultants to respond to the added competition.
"But we will still face shortage of human resources and skills, because some of our talented staff will move to foreign banks when they start operations," he said.
On the Rohingya front: the ball is in Bangladesh's court.
On the business front: the financial system will finally be overhauled providing much needed competition and much needed channels for capital flows. The Japanese were the real winners. All the decades of low key engagement has really paid off for their banks. 3/10 of the new banks are Jap.