CNI News
22 January 2024
If the Central Bank of Myanmar wanted expatriate Myanmar nationals to use legal money transfer activity more rather than using illegal hundi system, money transferred should be managed freely, banking experts told CNI News.
At present, expatriate Myanmar people have used the hundi system more and the price of foreign currencies are always going up, so the money transferred from foreign countries should be freely managed by the owners, U Htay Aung Kyi, a banking expert, told CNI News.
" When you conduct a transaction, you'll want to manage it without worrying freely. People work only when there is an incentive. Myanmar migrant workers have to work hard to earn money abroad whatever they are blue or white collars. If the banks want the workers to transfer money from them, they need to give incentives to the workers. Incentives contain allowing the remitters to freely manage their money. If so, there'll be no problem." he said.
While exchanging Myanmar kyats to dollars
In the past, when the sailors transfer money to Myanmar from abroad, they were given car permits. At present, although the government was not able to issue car permits to them, if they are allowed to freely manage their money, they can use legal remittance system rather than illegal hundi activity.
" It should be performed systematically to earn the national income from the money transferred by the workers abroad. For example, how should the government provide what kind of service to the worker who who will transfer money? Is the amount of money transferred equal to the amount the families will receive? It depends on them." said U Min Oo, in charge of labor affairs from the Foundation for Education and Development (FED) to CNI News.
Checks and arrests are being conducted by the Central Bank with a view to making illegal hundi agents die out. In most cases, there are illegal enterprises. So, when trying to reduce or put down illegal enterprises, economic ideologies should be considered, U Htay Aung Kyi, a banking expert, told CNI News.
while seeing the Central Bank
" In relation to the informal sector, it's necessary to consider both to make them benefit and to make the country benefit instead of restricting them. when approaching like this, public administration idea alone cannot be reliable. Economic ideologies should be considered. Informal sector is a kind of economy. An economic ideology is needed to make those included in the informal sector benefit. An administration point alone cannot be reliable." he said.
Because illegal hundi enterprises have existed since many years ago, it doesn't seem to be effective, pointed out businessmen.
