Myanmar Military Coup: 'They Have Kicked Out The Central Bank Governor As Well'

[G.L.R.]

Myanmar coup removes central bank chief, alarming global financiers

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Myanmar soldiers walk near the legislature in Naypyitaw. The military junta has replaced those in many key leadership positions, including the governor of the central bank.

As news of the military coup in Myanmar reached the halls of the Bank of Japan, staff raced to gather information about the ongoing developments. "They have apparently kicked out the central bank governor as well." The shocking news was passed up the command chain at the head office in Tokyo's Nihonbashi district. On Feb.1, Myanmar's military took control of the country's administrative, legislative and judicial branches, detaining de facto leader State  Counselor Aung San Suu Kyi ... It is unclear what happened to former central bank chief Kyaw Kyaw Maung, but deputy governor Bo Bo Nge has been detained, according to media reports. Than Nyein, who served as central banker under the previous junta ... The period of isolation began to change when the military embraced reforms at the beginning of the last decade, with foreign investors flooding into the largely untapped market rich with natural resources.

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Public and private Japanese players helped Myanmar build its financial and market infrastructure. The Japan International Cooperation Agency contributed to the core systems at the Central Bank of Myanmar ...The BOJ shares deep connections to the Central Bank of Myanmar as well. The currency swap agreement, designed so members assist each other with liquidity in times of crisis, originally launched with Japan, China, South Korea and five countries in Southeast Asia. The ADB on Feb. 2 issued a statement saying it was "deeply concerned about the current situation in Myanmar, which could constitute a serious setback to the country's transition and development prospects." The U.S. has decided to impose sanctions on Myanmar military officials over the coup, while China, a major economic partner for Myanmar, has largely kept silent. Read more ...

Myanmar coup removes central bank chief, alarming global financiers -
Nikkei Asia
https://asia.nikkei.com/Spotlight/Myanmar-Coup/Myanmar-coup-removes-central-bank-chief-alarming-global-financiers