Abstract
2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Myanmar
Fund Relations
(As of December 31, 2018)
Membership Status: Joined on January 3, 1952; Article XIV.
General Resources Account:
| SDR Million | Percent Quota | |
|---|---|---|
| Quota | 516.8 | 100 |
| Fund holdings of currency (Exchange Rate) | 516.8 | 100 |
| Reserve Tranche Position | 0 | 0 |
| SDR Million | Percent Quota | |
|---|---|---|
| Quota | 516.8 | 100 |
| Fund holdings of currency (Exchange Rate) | 516.8 | 100 |
| Reserve Tranche Position | 0 | 0 |
SDR Department:
| SDR Million | Percent Allocation | |
|---|---|---|
| Net cumulative allocation | 245.76 | 100 |
| Holdings | 0.10 | 0.04 |
| SDR Million | Percent Allocation | |
|---|---|---|
| Net cumulative allocation | 245.76 | 100 |
| Holdings | 0.10 | 0.04 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | Jun 12, 1981 | Jun 11, 1982 | 27.00 | 27.00 |
| Stand-By | Jul 28, 1978 | Jul 27, 1979 | 30.00 | 30.00 |
| Stand-By | May 06, 1977 | May 05, 1978 | 35.00 | 35.00 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | Jun 12, 1981 | Jun 11, 1982 | 27.00 | 27.00 |
| Stand-By | Jul 28, 1978 | Jul 27, 1979 | 30.00 | 30.00 |
| Stand-By | May 06, 1977 | May 05, 1978 | 35.00 | 35.00 |
Overdue Obligation and Projected Payments to the Fund1 (SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 2.70 | 2.71 | 2.71 | 2.71 | 2.71 |
| Total | 2.70 | 2.71 | 2.71 | 2.71 | 2.71 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 2.70 | 2.71 | 2.71 | 2.71 | 2.71 |
| Total | 2.70 | 2.71 | 2.71 | 2.71 | 2.71 |
Implementation of HIPC Initiative: Not Applicable
Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
Implementation of Catastrophe Containment and Relief (CCR): Not Applicable
Exchange Rate Arrangement
The kyat had been pegged to the SDR at K 8.5057 per SDR since May 2, 1977. On April 1, 2012, the authorities replaced the official peg to the SDR with a managed float. The Central Bank of Myanmar (CBM) started daily two-way multiple-price foreign currency auctions with technical assistance (TA) provided by the Monetary and Capital Markets Department (MCM). The auctions provided a mechanism for the market to determine an exchange rate that the CBM could use to set its new reference rate. However, in 2016 problems in operating the auction led to a sharp decline in traded auction volumes. In 2018, the CBM made progress in allowing market forces to play a bigger role in determining the exchange rate. The FX reference rate largely followed a formula consisting of a weighted average of FX interbank and bank-customer market rates, with occasional small deviations. As a result, the exchange rate depreciated by 14.5 percent between April and December. The CBM also abolished the trading band (reference rate +/- 0.8 percent) in August 2018, which clarified the current system and should lead to an increase in the volume and representativeness of the formal market. The CBM issued on February 4, 2019, a formal regulation announcing the transaction-based exchange rate, as the new reference rate. The CBM reserves the right to intervene to moderate excessive exchange rate volatility in the foreign exchange market. The de jure exchange rate arrangement is classified as managed float, and the de facto exchange rate regime is classified as other managed, effective April 20, 2018.
Myanmar continues to avail itself of transitional arrangements under Article XIV, although it has eliminated all Article XIV restrictions. Myanmar has made significant progress toward satisfying Article VIII obligations. However, Myanmar maintains a Multiple Currency Practice subject to the IMF’s jurisdiction under Article VIII, Section 3. The authorities have removed the exchange restriction arising from the tax certification requirement for transfers of net investment income abroad by revising the relevant provision in the new investment law and rules and by confirming that the practice conforms with the new provision.
Article IV Consultation
Myanmar is on the standard 12-month Article IV consultation cycle. The last Article IV consultation discussions were conducted on November 29- December 13, 2018 in Yangon and Nay Pyi Taw. The Executive Board concluded the 2018 Article IV consultation on March 15, 2019.
Technical Assistance
Myanmar is one of the largest recipients of IMF technical assistance (TA). Delivery is through a mix of resident advisors; regional advisors based in the IMF Capacity Development Office in Thailand (CDOT) and short-term HQ and expert missions. The key areas of focus are:
Central Banking: a resident foreign exchange advisor and a monetary operations advisor based in CDOT provided frequent responsive advice, supported by HQ missions. In addition, regular expert missions were conducted in order to assist the CBM strengthen its accounting framework and systems.
Financial Sector Supervision: work in this area is led by a resident advisor in Yangon supported by HQ and expert missions. AML/CFT TA is delivered by HQ staff and short-term expert.
Revenue Reform: a resident tax administration advisor is supported by HQ and expert missions aimed at modernizing the Internal Revenue Department (IRD), including to support the preparation of a Medium-Term Revenue Strategy. A resident custom advisor supports the Myanmar Customs Department (MCD) on compliance measurement, management control, risk Management and the development of MCD audit and anti-smuggling strategies. Work on tax policy is delivered through HQ missions, and include the preparation of the new income tax law (LEG) and modernization of the tax regime for extractive industries.
Public Financial Management: the focus is on capacity development of the Treasury Department, following its establishment in September 2014, which was led by PFM advisors based in CDOT and supported by HQ and expert missions. Work on public investment management, budgeting and fiscal risks from PPPs is delivered through HQ missions.
Statistics: the work plan in this area has been developed following a multi-sector diagnostic mission in 2013. As a result, external sector and government finance statistics advisors have taken up duties in CDOT and expert visits continue to assist in the development of price statistics. A rebased CPI was released in August 2016.
Macroeconomic Management: an advisor based in CDOT leads the work on developing a macroeconomic framework and other analytical tools, which is closely integrated with the broader IMF training program.
In all areas, the IMF coordinates closely with other development partners. In the financial sector, the IMF team has assisted the Central Bank of Myanmar in developing a framework for coordination of international technical assistance.
Resident Representative
Mr.Yasuhisa Ojima has been the Resident Representative of the country and stationed in Yangon, since September 2015.
IMF Capacity Development Office in Thailand (CDOT)
Mr. David Cowen, Director, has headed the office since September 2015. CDOT (formerly TAOLAM) provides technical assistance and training in macroeconomic management and statistics, supported by resources from the Government of Japan and the Bank of Thailand. Currently, six TA advisors are based in the office, covering public financial management (PFM), monetary and foreign exchange operations, macroeconomic management, government financial statistics, and external sector statistics for Myanmar, as well as Cambodia, Lao P.D.R., and Vietnam under most of CDOT’s capacity development projects.
Myanmar: Key Technical Assistance by the Fund During 2018
Myanmar: Key Technical Assistance by the Fund During 2018
| Department | Topic | Period |
|---|---|---|
| FAD | MCD: HR development (training policy) | January-18 |
| FAD | TA on Petroleum fiscal regime (FARI model) | January-18 |
| CDOT | TA on Coordinated Direct Investment Survey (CDIS) | January-18 |
| LEG | WS on National Risk Assessment (NRA) | January-18 |
| CDOT/FAD | FMIS follow-up mission | January-18 |
| FAD | IRD: Medium Taxpayer Office | January-18 |
| FAD | IRD: Operational Management | January-18 |
| CDOT | Monetary Operations | January-18 |
| STA | GFS (Government Finance Statistics) | January-18 |
| MCM | BFRIC Meeting (Presentation on IFRS) | January-18 |
| CDOT | Monetary Operations in Yangon | February-18 |
| MCM | Introducing LTX candidate on FM | February-18 |
| LEG | Income Tax Law | February-18 |
| FAD | IRD: Design and Monitoring | February-18 |
| FAD/CDOT | FIRST follow-up mission | February-18 |
| CDOT | Macroeconomic Core Group + BOP compilation | February-18 |
| FAD | Petroleum fiscal regime (Income Tax Law) | February-18 |
| STA | Tailored GFS and Public Debt Statistics Course (NPT) | March-18 |
| CDOT/STA | ESS (External Sector Statistics) | March-18 |
| FAD | IRD: Policy and Legal Directorates | February-18 |
| FAD | Tax administration (IT system support) | February-18 |
| MCM | STX on banking supervision (off-site inspection) | March-18 |
| FAD | Budgeting and Planning | March-18 |
| CDOT | Monetary Operations / COFTAM | March-18 |
| FAD | IRD: Medium Taxpayer Office | March-18 |
| FAD | IRD: Medium Taxpayer Office (Greg Topping) | March-18 |
| FAD | MCD: HR development and law enforcement (revising Customs technical manuals, + WS) | March-18 |
| FAD | MCD: HQ staff visit (work program) + WS | March-18 |
| OAP | JISPA (interviews with candidates) | March-18 |
| FAD/CDOT | Introductory Mission (for Chita) | March-18 |
| MCM | CO FT AM | March-18 |
| CDOT | ESS: FET data (debt data) + estimation of remittances | April-18 |
| MCM | STX on credit risk management | April-18 |
| STA | PPI (Producer Price Index) (weights, questionnaire etc) | April-18 |
| FAD/CDOT | FIRST follow-up mission | April-18 |
| FAD | IRD: Policy and Legal Directorates | April-18 |
| CDOT/STA | GFS follow-up mission (GFS WS) | May-18 |
| CDOT | Monetary Operation (Yangon) | May-18 |
| CDOT | WS on Quantitative Methods for FPP (QMS) | May-18 |
| FAD | FAD HQ Staff Visit (Mid-review) | May-18 |
| FAD | MCD: Recruitment and Temporary Employment Policy | May-18 |
| CDOT | Treasury (Financial Reporting) | May-18 |
| CDOT | Monetary Operation (Nay Pyi Taw) | May-18 |
| CDOT | Training on FDI Survey (for DICA) | May-18 |
| CDOT | ESS (for CBM) | June-18 |
| FAD | Installation of regional resident advisor | June-18 |
| FAD | Recruitment & Temporary Employment Policy | June-18 |
| CDOT/STI | Course on Financial Programming and Policies | June-18 |
| CDOT | Monetary Operation (NPT for 12–15, YGN for 20–22) | June-18 |
| MCM | Banking S/V (off-site + on-site) | June-18 |
| CDOT/STA | GFS/PFM WS for JPAC/MOPF | June-18 |
| FAD | IRD: ITAS Stage 2 Bid Evaluation | June-18 |
| CDOT | Macroeconomic Core Group | June-18 |
| FAD | Treasury Strategic Review | July-18 |
| WB/FAD | WS on Revenue Forecasting | July-18 |
| MCM/CDOT | WS on Monetary and FX policy (Jul 11–12) | July-18 |
| MCM | Financial Management | July-18 |
| CDOT | Treasury Operation (Accounting /Reporting) | July-18 |
| CDOT | Monetary Operation (interbank transaction etc) Yangon | July-18 |
| FAD | IRD: Policy and Legal Directorates | July-18 |
| FAD | IRD: MTO (amalgamation, taxpayer services) | July-18 |
| FAD | TA on FARI (design of an R-Factor production sharing mechanism + methods for the determination of midstream pipeline tariffs) | July-18 |
| CDOT | GFS (Bridge Table, Quarterly GFS etc) | August-18 |
| FAD | MCD: Promotion Policy | August-18 |
| CDOT/STA | DICA (FDI Statistics) | August-18 |
| MCM | Introduction of Resident Advisor (Banking S/V) | August-18 |
| FAD | Preliminary Discussion on MTRS with the Minister | August-18 |
| CDOT/STA | WS on External Debt Statistics | August-18 |
| CDOT | Monetary Operation (interbank transaction etc) Yangon | August-18 |
| CDOT | Monetary Operation Nay Pyi Taw | August-18 |
| FAD | Risk Management and Intelligence Unit | August-18 |
| FAD | MCD: Human Resource Management (Tr Manuals) | September-18 |
| MCM | Banking S/V (off-site monitoring etc) | September-18 |
| CDOT | Monetary Operation Nay Pyi Taw | September-18 |
| CDOT/FAD | Treasury Automation System | September-18 |
| CDOT | Monetary Operation (interbank transaction etc) Yangon | September-18 |
| CDOT | Macroeconomic Core Group Meeting etc | September-18 |
| FAD | IRD: Policy and Legal Directorates | September-18 |
| FAD | IRD: Centralized Data Processing | October-18 |
| CDOT/STA | GFS (Government Financial Statistics) | October-18 |
| CDOT/FAD | Treasury (Cash Management, Accounting etc) | October-18 |
| CDOT/FAD | Treasury Automation System -Technical Review | October-18 |
| CDOT/MCM | Monetary Operations (Yangon) | October-18 |
| FAD | MCD – Follow-up Mission | October-18 |
| CDOT/STA | ESS (External Sector Statistics) | October-18 |
| MCM | Quick Review on Monetary/FX issues | October-18 |
| CDOT/MCM | Monetary Operation Issues (NPT) | October-18 |
| STA | PPI (Producer Price Index) | October-18 |
| FAD | MTRS Mission | October-18 |
| MCM/LEG | TA on FEML (Foreign Exchange Management Law) | November-18 |
| FAD | IRD: Policy and Legal | November-18 |
| FAD | MCD: Human Resource Management | November-18 |
| FAD | IRD: Risk Management | November-18 |
| FAD | TA on PPP fiscal risk assessment | November-18 |
| MCM | Building bank S/V and regulations | November-18 |
| CDOT/STA | ESS (follow-up with DICA) | December-18 |
| CDOT/FAD | Treasury System (FIRST) | December-18 |
| CDOT | GFS follow-up with AIV mission | December-18 |
| CDOT | ESS follow-up with AIV mission | December-18 |
| CDOT | Monetary Operations (in Yangon) | December-18 |
| MCM | Financial Management (Accounting, Internal Audit) | December-18 |
| CDOT | Macro-core group issues etc. | December-18 |
| CDOT | Treasury Operations (Financial Reporting, COA) | December-18 |
| LEG | AML-CFT | December-18 |
| CDOT | Monetary Operations (in Nay Pyi Taw) | December-18 |
| CDOT/FAD | Treasury Automation System -Technical Review | October-18 |
| CDOT/MCM | Monetary Operations (Yangon) | October-18 |
| FAD | MCD – Follow-up Mission | October-18 |
| CDOT/STA | ESS (External Sector Statistics) | October-18 |
| MCM | Quick Review on Monetary/FX issues | October-18 |
| CDOT/MCM | Monetary Operation Issues (NPT) | October-18 |
| STA | PPI (Producer Price Index) | October-18 |
| FAD | MTRS Mission | October-18 |
| MCM/LEG | TA on FEML (Foreign Exchange Management Law) | November-18 |
| FAD | IRD: Policy and Legal | November-18 |
| FAD | MCD: Human Resource Management | November-18 |
| FAD | IRD: Risk Management | November-18 |
| FAD | TA on PPP fiscal risk assessment | November-18 |
| MCM | Building bank S/V and regulations | November-18 |
| CDOT/STA | ESS (follow-up with DICA) | December-18 |
| CDOT/FAD | Treasury System (FIRST) | December-18 |
| CDOT | GFS follow-up with AIV mission | December-18 |
| CDOT | ESS follow-up with AIV mission | December-18 |
| CDOT | Monetary Operations (in Yangon) | December-18 |
| MCM | Financial Management (Accounting, Internal Audit) | December-18 |
| CDOT | Macro-core group issues etc. | December-18 |
| CDOT | Treasury Operations (Financial Reporting, COA) | December-18 |
| LEG | AML-CFT | December-18 |
| CDOT | Monetary Operations (in Nay Pyi Taw) | December-18 |
Myanmar: Key Technical Assistance by the Fund During 2018
| Department | Topic | Period |
|---|---|---|
| FAD | MCD: HR development (training policy) | January-18 |
| FAD | TA on Petroleum fiscal regime (FARI model) | January-18 |
| CDOT | TA on Coordinated Direct Investment Survey (CDIS) | January-18 |
| LEG | WS on National Risk Assessment (NRA) | January-18 |
| CDOT/FAD | FMIS follow-up mission | January-18 |
| FAD | IRD: Medium Taxpayer Office | January-18 |
| FAD | IRD: Operational Management | January-18 |
| CDOT | Monetary Operations | January-18 |
| STA | GFS (Government Finance Statistics) | January-18 |
| MCM | BFRIC Meeting (Presentation on IFRS) | January-18 |
| CDOT | Monetary Operations in Yangon | February-18 |
| MCM | Introducing LTX candidate on FM | February-18 |
| LEG | Income Tax Law | February-18 |
| FAD | IRD: Design and Monitoring | February-18 |
| FAD/CDOT | FIRST follow-up mission | February-18 |
| CDOT | Macroeconomic Core Group + BOP compilation | February-18 |
| FAD | Petroleum fiscal regime (Income Tax Law) | February-18 |
| STA | Tailored GFS and Public Debt Statistics Course (NPT) | March-18 |
| CDOT/STA | ESS (External Sector Statistics) | March-18 |
| FAD | IRD: Policy and Legal Directorates | February-18 |
| FAD | Tax administration (IT system support) | February-18 |
| MCM | STX on banking supervision (off-site inspection) | March-18 |
| FAD | Budgeting and Planning | March-18 |
| CDOT | Monetary Operations / COFTAM | March-18 |
| FAD | IRD: Medium Taxpayer Office | March-18 |
| FAD | IRD: Medium Taxpayer Office (Greg Topping) | March-18 |
| FAD | MCD: HR development and law enforcement (revising Customs technical manuals, + WS) | March-18 |
| FAD | MCD: HQ staff visit (work program) + WS | March-18 |
| OAP | JISPA (interviews with candidates) | March-18 |
| FAD/CDOT | Introductory Mission (for Chita) | March-18 |
| MCM | CO FT AM | March-18 |
| CDOT | ESS: FET data (debt data) + estimation of remittances | April-18 |
| MCM | STX on credit risk management | April-18 |
| STA | PPI (Producer Price Index) (weights, questionnaire etc) | April-18 |
| FAD/CDOT | FIRST follow-up mission | April-18 |
| FAD | IRD: Policy and Legal Directorates | April-18 |
| CDOT/STA | GFS follow-up mission (GFS WS) | May-18 |
| CDOT | Monetary Operation (Yangon) | May-18 |
| CDOT | WS on Quantitative Methods for FPP (QMS) | May-18 |
| FAD | FAD HQ Staff Visit (Mid-review) | May-18 |
| FAD | MCD: Recruitment and Temporary Employment Policy | May-18 |
| CDOT | Treasury (Financial Reporting) | May-18 |
| CDOT | Monetary Operation (Nay Pyi Taw) | May-18 |
| CDOT | Training on FDI Survey (for DICA) | May-18 |
| CDOT | ESS (for CBM) | June-18 |
| FAD | Installation of regional resident advisor | June-18 |
| FAD | Recruitment & Temporary Employment Policy | June-18 |
| CDOT/STI | Course on Financial Programming and Policies | June-18 |
| CDOT | Monetary Operation (NPT for 12–15, YGN for 20–22) | June-18 |
| MCM | Banking S/V (off-site + on-site) | June-18 |
| CDOT/STA | GFS/PFM WS for JPAC/MOPF | June-18 |
| FAD | IRD: ITAS Stage 2 Bid Evaluation | June-18 |
| CDOT | Macroeconomic Core Group | June-18 |
| FAD | Treasury Strategic Review | July-18 |
| WB/FAD | WS on Revenue Forecasting | July-18 |
| MCM/CDOT | WS on Monetary and FX policy (Jul 11–12) | July-18 |
| MCM | Financial Management | July-18 |
| CDOT | Treasury Operation (Accounting /Reporting) | July-18 |
| CDOT | Monetary Operation (interbank transaction etc) Yangon | July-18 |
| FAD | IRD: Policy and Legal Directorates | July-18 |
| FAD | IRD: MTO (amalgamation, taxpayer services) | July-18 |
| FAD | TA on FARI (design of an R-Factor production sharing mechanism + methods for the determination of midstream pipeline tariffs) | July-18 |
| CDOT | GFS (Bridge Table, Quarterly GFS etc) | August-18 |
| FAD | MCD: Promotion Policy | August-18 |
| CDOT/STA | DICA (FDI Statistics) | August-18 |
| MCM | Introduction of Resident Advisor (Banking S/V) | August-18 |
| FAD | Preliminary Discussion on MTRS with the Minister | August-18 |
| CDOT/STA | WS on External Debt Statistics | August-18 |
| CDOT | Monetary Operation (interbank transaction etc) Yangon | August-18 |
| CDOT | Monetary Operation Nay Pyi Taw | August-18 |
| FAD | Risk Management and Intelligence Unit | August-18 |
| FAD | MCD: Human Resource Management (Tr Manuals) | September-18 |
| MCM | Banking S/V (off-site monitoring etc) | September-18 |
| CDOT | Monetary Operation Nay Pyi Taw | September-18 |
| CDOT/FAD | Treasury Automation System | September-18 |
| CDOT | Monetary Operation (interbank transaction etc) Yangon | September-18 |
| CDOT | Macroeconomic Core Group Meeting etc | September-18 |
| FAD | IRD: Policy and Legal Directorates | September-18 |
| FAD | IRD: Centralized Data Processing | October-18 |
| CDOT/STA | GFS (Government Financial Statistics) | October-18 |
| CDOT/FAD | Treasury (Cash Management, Accounting etc) | October-18 |
| CDOT/FAD | Treasury Automation System -Technical Review | October-18 |
| CDOT/MCM | Monetary Operations (Yangon) | October-18 |
| FAD | MCD – Follow-up Mission | October-18 |
| CDOT/STA | ESS (External Sector Statistics) | October-18 |
| MCM | Quick Review on Monetary/FX issues | October-18 |
| CDOT/MCM | Monetary Operation Issues (NPT) | October-18 |
| STA | PPI (Producer Price Index) | October-18 |
| FAD | MTRS Mission | October-18 |
| MCM/LEG | TA on FEML (Foreign Exchange Management Law) | November-18 |
| FAD | IRD: Policy and Legal | November-18 |
| FAD | MCD: Human Resource Management | November-18 |
| FAD | IRD: Risk Management | November-18 |
| FAD | TA on PPP fiscal risk assessment | November-18 |
| MCM | Building bank S/V and regulations | November-18 |
| CDOT/STA | ESS (follow-up with DICA) | December-18 |
| CDOT/FAD | Treasury System (FIRST) | December-18 |
| CDOT | GFS follow-up with AIV mission | December-18 |
| CDOT | ESS follow-up with AIV mission | December-18 |
| CDOT | Monetary Operations (in Yangon) | December-18 |
| MCM | Financial Management (Accounting, Internal Audit) | December-18 |
| CDOT | Macro-core group issues etc. | December-18 |
| CDOT | Treasury Operations (Financial Reporting, COA) | December-18 |
| LEG | AML-CFT | December-18 |
| CDOT | Monetary Operations (in Nay Pyi Taw) | December-18 |
| CDOT/FAD | Treasury Automation System -Technical Review | October-18 |
| CDOT/MCM | Monetary Operations (Yangon) | October-18 |
| FAD | MCD – Follow-up Mission | October-18 |
| CDOT/STA | ESS (External Sector Statistics) | October-18 |
| MCM | Quick Review on Monetary/FX issues | October-18 |
| CDOT/MCM | Monetary Operation Issues (NPT) | October-18 |
| STA | PPI (Producer Price Index) | October-18 |
| FAD | MTRS Mission | October-18 |
| MCM/LEG | TA on FEML (Foreign Exchange Management Law) | November-18 |
| FAD | IRD: Policy and Legal | November-18 |
| FAD | MCD: Human Resource Management | November-18 |
| FAD | IRD: Risk Management | November-18 |
| FAD | TA on PPP fiscal risk assessment | November-18 |
| MCM | Building bank S/V and regulations | November-18 |
| CDOT/STA | ESS (follow-up with DICA) | December-18 |
| CDOT/FAD | Treasury System (FIRST) | December-18 |
| CDOT | GFS follow-up with AIV mission | December-18 |
| CDOT | ESS follow-up with AIV mission | December-18 |
| CDOT | Monetary Operations (in Yangon) | December-18 |
| MCM | Financial Management (Accounting, Internal Audit) | December-18 |
| CDOT | Macro-core group issues etc. | December-18 |
| CDOT | Treasury Operations (Financial Reporting, COA) | December-18 |
| LEG | AML-CFT | December-18 |
| CDOT | Monetary Operations (in Nay Pyi Taw) | December-18 |
Relations with Other International Financial Institutions
World Bank: http://www.worldbank.org/en/country/myanmar
Asian Development Bank: https://www.adb.org/countries/myanmar/main
Main Websites of Data
Central Statistical Organization (www.csostat.gov.mm)
Consumer Price Index
Myanmar Statistical Information Service (www.mmsis.gov.mm)
National accounts
Population census
Labor and employment
Socioeconomic survey
Household income and expenditure survey
Ministry of Commerce (https://www.commerce.gov.mm)
Foreign trade
Statistical Issues
As of January 31, 2019
| I. Assessment of Data Adequacy for Surveillance | |
|---|---|
| General: Data provision has serious shortcomings that significantly hamper surveillance. Data are not provided in a timely manner, and official and independent estimates of key macroeconomic variables differ widely. | |
| National Accounts: Myanmar’s national accounts follow the 1968 System of National Accounts. National accounts data are only available on an annual basis. Quarterly data are also compiled but are not disseminated. Gross Domestic Product (GDP) estimates are compiled at current and constant prices by production and expenditure approaches with 2010/2011 as base year. Significant discrepancies exist between the two approaches. GDP is estimated at producer prices, instead of the internationally recommended market prices. The quality of the GDP measures is hampered by inadequate source data and the lack of relevant price indexes, such as the producer price index. National accounts estimates do not completely account for informal sector activity. Estimates of some economic activities, particularly in agriculture, construction, and public administration, need major improvement. Resource constraints at the Planning Department and the Central Statistical Organization, along with the lack of interagency coordination and a clear delineation of responsibilities, limit the conduct of surveys and other data collection. Technical assistance (TA) is being provided by the Asian Development Bank (AsDB) to improve the national accounts and to implement the 2008 SNA. | |
| Price Statistics: The IMF Statistics Department (STA) has been providing TA to develop a new CPI since March 2013. The new CPI covering the whole country was released in August 2016. The new CPI is based on the 2012 Household Income and Expenditure Survey (HIES), and is according to international standards and best practices. The new index includes 274 products and services, compared to 158 in the previous one. For further improvement of price statistics, Myanmar should start to develop a producer price index. | |
| Government Finance Statistics: There is no comprehensive monthly or quarterly compilation of fiscal data. Monthly cash-based budget execution data are available in local language but are not published. Annual comprehensive data with a public sector coverage are being compiled in the GFSM format, but financing data are incomplete, and some transactions of state economic enterprises are recorded partly on an accrual and partly on a cash basis. Fiscal and monetary data are not consistent. In addition, recording of debt statistics is not comprehensive. Myanmar is participating in a three-year program funded by the government of Japan designed to improve government finance statistics in the Asia and Pacific Region with a long-term GFS based in CDOT. Regular TA visits to the country are undertaken by the GFS Advisor. In late 2017, the authorities established a fiscal reporting team who compiled annual GFS data with a wide coverage of the public sector for a 6-year period and reported these data to the Fund; and in 2018 have disseminated these data domestically on the Ministry of Finance website. | |
| Monetary and Financial Statistics: The monetary survey compiled by the Central Bank of Myanmar (CBM) covers the central bank and all commercial banks (public and private), including foreign bank branches that commenced their operations in 2015. Reporting of monetary data in the Standardized Report Forms, which accord with the Monetary and Financial Statistics Manual classification principles, was established in January 2012. Nine finance companies and a multiple of deposit taking microfinance institutions have been established in 2013–14, but they are not included in the monetary statistics. The quality of monetary statistics could be further improved by: (i) expanding the coverage of institutions; (ii) monitoring the consistency of the reciprocal/interbank accounts that show positions between the CBM and the commercial banks; and initiating data review and resolution of large inconsistencies; (iii) using electronic means to capture and share data to minimize mistakes; and (iv) in due course, adopting market or fair value-based valuation of financial instruments. | |
| Financial sector surveillance: The authorities submitted quarterly financial soundness indicators (FSI) to STA for dissemination in March 2017, with data back to beginning of 2016. FSIs are critical for effective surveillance of the financial sector. The CBM is currently implementing regulatory prudential measures, which will improve the FSI data quality. The CBM reports nine core and four encouraged FSIs for deposit takers for posting on the IMF’s FSI website with a lag of more than one quarter. However, the reporting of one core and three encouraged FSIs was discontinued since the third quarter of 2016. | |
| External sector statistics: The balance of payments (BOP) and international investment position (IIP) are compiled on the basis of the sixth edition of the IMF Balance of Payments and International Investment Position Manual (BPM6) since 2016 and quarterly figures are reported to STA. Myanmar has participated in the Coordinated Direct Investment Survey (CDIS), beginning its first data submission to STA in November 2017. Although recent revisions have resulted in more accurate classifications of transactions and positions, the coverage of some key components should be further reviewed and enhanced (particularly, trade in goods, remittances, and private non-bank financial transactions and positions). The revaluation of the national currency in April 2012 resulted in a large break in the balance of payments and IIP series. Myanmar continues to be one of the beneficiary countries in the current STA three-year project on the Improvement of External Sector Statistics in Asia-Pacific Region (August 2017–July 2020). Under the project, TA is provided by the external sector statistics advisor in CDOT and external sector statistics short-term experts reporting to STA. | |
| II. Data Standards and Quality | |
| Myanmar began participating in the IMF’s General Data Dissemination System (GDDS) in November 2013, which was superseded by the enhanced GDDS (e-GDDS) in 2015. A Fund mission on e-GDDS to Myanmar in early 2016 under a Japan government-funded project for enhancing data dissemination in the Asia and Pacific region facilitated the authorities’ progress in implementing the e-GDDS. | No data ROSC is available. |
| I. Assessment of Data Adequacy for Surveillance | |
|---|---|
| General: Data provision has serious shortcomings that significantly hamper surveillance. Data are not provided in a timely manner, and official and independent estimates of key macroeconomic variables differ widely. | |
| National Accounts: Myanmar’s national accounts follow the 1968 System of National Accounts. National accounts data are only available on an annual basis. Quarterly data are also compiled but are not disseminated. Gross Domestic Product (GDP) estimates are compiled at current and constant prices by production and expenditure approaches with 2010/2011 as base year. Significant discrepancies exist between the two approaches. GDP is estimated at producer prices, instead of the internationally recommended market prices. The quality of the GDP measures is hampered by inadequate source data and the lack of relevant price indexes, such as the producer price index. National accounts estimates do not completely account for informal sector activity. Estimates of some economic activities, particularly in agriculture, construction, and public administration, need major improvement. Resource constraints at the Planning Department and the Central Statistical Organization, along with the lack of interagency coordination and a clear delineation of responsibilities, limit the conduct of surveys and other data collection. Technical assistance (TA) is being provided by the Asian Development Bank (AsDB) to improve the national accounts and to implement the 2008 SNA. | |
| Price Statistics: The IMF Statistics Department (STA) has been providing TA to develop a new CPI since March 2013. The new CPI covering the whole country was released in August 2016. The new CPI is based on the 2012 Household Income and Expenditure Survey (HIES), and is according to international standards and best practices. The new index includes 274 products and services, compared to 158 in the previous one. For further improvement of price statistics, Myanmar should start to develop a producer price index. | |
| Government Finance Statistics: There is no comprehensive monthly or quarterly compilation of fiscal data. Monthly cash-based budget execution data are available in local language but are not published. Annual comprehensive data with a public sector coverage are being compiled in the GFSM format, but financing data are incomplete, and some transactions of state economic enterprises are recorded partly on an accrual and partly on a cash basis. Fiscal and monetary data are not consistent. In addition, recording of debt statistics is not comprehensive. Myanmar is participating in a three-year program funded by the government of Japan designed to improve government finance statistics in the Asia and Pacific Region with a long-term GFS based in CDOT. Regular TA visits to the country are undertaken by the GFS Advisor. In late 2017, the authorities established a fiscal reporting team who compiled annual GFS data with a wide coverage of the public sector for a 6-year period and reported these data to the Fund; and in 2018 have disseminated these data domestically on the Ministry of Finance website. | |
| Monetary and Financial Statistics: The monetary survey compiled by the Central Bank of Myanmar (CBM) covers the central bank and all commercial banks (public and private), including foreign bank branches that commenced their operations in 2015. Reporting of monetary data in the Standardized Report Forms, which accord with the Monetary and Financial Statistics Manual classification principles, was established in January 2012. Nine finance companies and a multiple of deposit taking microfinance institutions have been established in 2013–14, but they are not included in the monetary statistics. The quality of monetary statistics could be further improved by: (i) expanding the coverage of institutions; (ii) monitoring the consistency of the reciprocal/interbank accounts that show positions between the CBM and the commercial banks; and initiating data review and resolution of large inconsistencies; (iii) using electronic means to capture and share data to minimize mistakes; and (iv) in due course, adopting market or fair value-based valuation of financial instruments. | |
| Financial sector surveillance: The authorities submitted quarterly financial soundness indicators (FSI) to STA for dissemination in March 2017, with data back to beginning of 2016. FSIs are critical for effective surveillance of the financial sector. The CBM is currently implementing regulatory prudential measures, which will improve the FSI data quality. The CBM reports nine core and four encouraged FSIs for deposit takers for posting on the IMF’s FSI website with a lag of more than one quarter. However, the reporting of one core and three encouraged FSIs was discontinued since the third quarter of 2016. | |
| External sector statistics: The balance of payments (BOP) and international investment position (IIP) are compiled on the basis of the sixth edition of the IMF Balance of Payments and International Investment Position Manual (BPM6) since 2016 and quarterly figures are reported to STA. Myanmar has participated in the Coordinated Direct Investment Survey (CDIS), beginning its first data submission to STA in November 2017. Although recent revisions have resulted in more accurate classifications of transactions and positions, the coverage of some key components should be further reviewed and enhanced (particularly, trade in goods, remittances, and private non-bank financial transactions and positions). The revaluation of the national currency in April 2012 resulted in a large break in the balance of payments and IIP series. Myanmar continues to be one of the beneficiary countries in the current STA three-year project on the Improvement of External Sector Statistics in Asia-Pacific Region (August 2017–July 2020). Under the project, TA is provided by the external sector statistics advisor in CDOT and external sector statistics short-term experts reporting to STA. | |
| II. Data Standards and Quality | |
| Myanmar began participating in the IMF’s General Data Dissemination System (GDDS) in November 2013, which was superseded by the enhanced GDDS (e-GDDS) in 2015. A Fund mission on e-GDDS to Myanmar in early 2016 under a Japan government-funded project for enhancing data dissemination in the Asia and Pacific region facilitated the authorities’ progress in implementing the e-GDDS. | No data ROSC is available. |
Myanmar: Table of Common Indicators Required for Surveillance
(As of January 31, 2019)
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds), state and local governments, and State economic enterprises (SEEs).
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Myanmar: Table of Common Indicators Required for Surveillance
(As of January 31, 2019)
| Date of Latest Observation | Date Received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | |
|---|---|---|---|---|---|
| Exchange Rates | 01/19 | 01/19 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities2 | 09/18 | 11/18 | M | M | I |
| Reserve/Base Money | 09/18 | 11/18 | M | M | M |
| Broad Money | 09/18 | 11/18 | M | M | M |
| Central Bank Balance Sheet | 09/18 | 11/18 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 09/18 | 11/18 | M | M | M |
| Interest Rates3 | 12/18 | 01/19 | M | I | M |
| Consumer Price Index | 12/18 | 01/19 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4―General Government5 | FY 2018 | 11/18 | A | I | NA |
| Revenue, Expenditure, Balance and Composition of Financing4―Central Government | FY 2018 | 11/18 | A | I | NA |
| Stocks of Central Government and Central Government―Guaranteed Debt6 | FY 2018 | 11/18 | A | I | NA |
| External Current Account Balance | Q3/18 | 11/18 | Q | Q | Q |
| Exports and Imports of Goods | 12/18 | 1/19 | M | M | M |
| GDP/GNP | FY 2018 | 11/18 | Q | A | A |
| Gross External Debt | FY 2018 | 11/18 | A | I | I |
| International Investment Position7 | Q2 2018 | 11/18 | Q | Q | Q |
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds), state and local governments, and State economic enterprises (SEEs).
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Myanmar: Table of Common Indicators Required for Surveillance
(As of January 31, 2019)
| Date of Latest Observation | Date Received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | |
|---|---|---|---|---|---|
| Exchange Rates | 01/19 | 01/19 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities2 | 09/18 | 11/18 | M | M | I |
| Reserve/Base Money | 09/18 | 11/18 | M | M | M |
| Broad Money | 09/18 | 11/18 | M | M | M |
| Central Bank Balance Sheet | 09/18 | 11/18 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 09/18 | 11/18 | M | M | M |
| Interest Rates3 | 12/18 | 01/19 | M | I | M |
| Consumer Price Index | 12/18 | 01/19 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4―General Government5 | FY 2018 | 11/18 | A | I | NA |
| Revenue, Expenditure, Balance and Composition of Financing4―Central Government | FY 2018 | 11/18 | A | I | NA |
| Stocks of Central Government and Central Government―Guaranteed Debt6 | FY 2018 | 11/18 | A | I | NA |
| External Current Account Balance | Q3/18 | 11/18 | Q | Q | Q |
| Exports and Imports of Goods | 12/18 | 1/19 | M | M | M |
| GDP/GNP | FY 2018 | 11/18 | Q | A | A |
| Gross External Debt | FY 2018 | 11/18 | A | I | I |
| International Investment Position7 | Q2 2018 | 11/18 | Q | Q | Q |
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds), state and local governments, and State economic enterprises (SEEs).
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.