U Kyaw Kyaw Maung, the incumbent Central Bank Governor, has been nominated for another five-year term by President U Win Myint. The governor’s current term is due to expire on 31st July. Under the 2013 Central Bank Law, the governor can serve two consecutive terms. A report in Frontier said that the president informed parliament of the nomination this morning and lawmakers are expected to approve it in the coming days. U Kyaw Kyaw Maung had already served 10 years in this role from 1997 to 2007, a period marked by a major financial crisis that critics say he did little to avert before he was nominated again by U Thein Sein in 2013. After returning to the post, he was soon attacked for continuing with policies reminiscent of the junta-era. However, since 2016 Kyaw Kyaw Maung appears to have become more reform-minded. Last July, the Central Bank released a set of modern prudential regulations which, while signed by Kyaw Kyaw Maung, were closer to International Monetary Fund blueprints than junta-era edicts, said Frontier. However, critics say that the regulations have been enforced without any proper transition period, potentially destabilizing banks in the process.
