Myanmar central bank governor removed in coup, global financial community worried

Thousands of people gathered in Yangon on Feb. 6 to protest a coup by the Burmese military.

The media reported that Kyaw Kyaw Maung, the governor of the central bank, was replaced after the coup and his current status is unknown, while Bo Bo Nge, the deputy governor, was detained.

Myanmar’s military took over the country’s executive, legislative and judicial branches on Feb. 1, detaining senior state minister and substantive leader Aung San Suu Kyi (also known as Aung San Suu Kyi), as well as several other elected officials.

Than Nyein, who served as governor of the central bank under the previous military government, has been reappointed.

Nikkei Asia reports that the change of governor of Myanmar’s central bank has brought back memories of decades of self-imposed isolation under military rule. The situation did not change until the military embraced reforms about 10 years ago, and foreign investors flocked to the virgin economic land, which is rich in natural resources.

Over the past decade, Japanese companies and financial institutions have moved into Myanmar in large numbers, expecting the local market to grow rapidly as the country moves toward democracy. The Bank of Japan, which is also the central bank, was shocked when news broke of the dismissal of the governor of Myanmar’s central bank.

Burmese authorities continue to arrest critics of the military government, adding to public anger over the arrest of Ung San Suu Kyi. Anti-coup activists held a mass protest for the eighth consecutive day today (Feb. 13).

Reuters reported that thousands of people gathered in Yangon, a major commercial city, today after the largest protest to date in Myanmar yesterday (Feb. 12). Protesters also took to the streets in the capital Naypyitaw (also known as Naypyidaw), the second largest city of Wa (Mandalay) and other towns.

Protesters in Yangon carried signs saying “Stop night-Time abductions” in response to raids and arrests by authorities in recent days.

The UN Human Rights Council said yesterday that more than 350 people, including officials, social activists and monks, have been arrested since the 1 January coup, and some have been charged with criminal offences on dubious grounds.