VOA慢速英语2013 Banking Reform Is Central to Burma’s Economic Progress

 

Banking¹ Reform Is Central to Burma’s Economic Progress

 

From VOA Learning English, this is the Economics Report in Special English.

Burma's financial industry has suffered from years of mismanagement under military rule. But more recently, the government has pushed through economic reforms. Those measures are changing the nation’s banks and reenergizing businesses. There are even hopes that Burma could become one of Asia’s fast growing economies: an Asian Tiger.

Burma had the one of the best-performing economies in Southeast Asia before the military seized power in 1962. Many years of state control over the economy followed. Widespread corruption² and international sanctions left it one of the poorest countries in the area.

 Economist Sean Turnell says turning around the economy will require strong measures against corruption. That is why he says political change is important to economic reform. He says restrictive measures make it harder for Burmese to do business internationally.

"At present the most destructive regulation is the one that restricts access to foreign exchange and restricts access to import licenses³. Because the effect of that is not only to restrict the amount of imports that come into this country, and it really needs a lot of imports, but there’s an added effect to it and that is that keeps the exchange rate artificially high."

 The restrictions⁴ on foreign monetary⁵ exchange do not just hurt big business. They affect small businesses, too.

For example, Nyi Nyi owns a workshop in Rangoon. He and his family manufacture toys for buyers from as far away as Hong Kong. So his toy business is international, but Burma’s banks are not.

Nyi Nyi still depends on middlemen, called “hondis,” to process foreign money transactions. Foreign visitors to Burma once used “black market” money changers, and hondis are still the main method for international money transfers. But the government hopes this unsupervised, cash-based economy is ending. It plans to do this with new ATMs, Automated⁶ Teller⁷ Machines, and foreign exchange licenses for private banks.

The Burmese government has also reformed its monetary system. Burmese officials have ended the old official exchange rate. The old rate was 6 Kyat to one United States dollar. But the black market, or unofficial, exchange rate was over 800 Kyat to the dollar.

There are also plans to ease import restrictions and work continues on laws governing foreign investment.

Burma is seeking to fully⁸ link, or integrate, its economy with its neighbors in the ASEAN economic group by 2015. Foreign investors⁹, businesses and tourists are hoping that the new banking and other financial reforms will end years of corruption and mismanagement.

1 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

2 corruption   

n.腐败，堕落，贪污

参考例句：

• The people asked the government to hit out against corruption and theft.人民要求政府严惩贪污盗窃。
• The old man reviled against corruption.那老人痛斥了贪污舞弊。

3 licenses   

n.执照( license的名词复数 )v.批准，许可，颁发执照( license的第三人称单数 )

参考例句：

• Drivers have ten days' grace to renew their licenses. 驾驶员更换执照有10天的宽限期。 来自《现代汉英综合大词典》
• Jewish firms couldn't get import or export licenses or raw materials. 犹太人的企业得不到进出口许可证或原料。 来自辞典例句

4 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

5 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

6 automated   

a.自动化的

参考例句：

• The entire manufacturing process has been automated. 整个生产过程已自动化。
• Automated Highway System (AHS) is recently regarded as one subsystem of Intelligent Transport System (ITS). 近年来自动公路系统(Automated Highway System,AHS)，作为智能运输系统的子系统之一越来越受到重视。

7 teller   

n.银行出纳员；(选举)计票员

参考例句：

• The bank started her as a teller.银行起用她当出纳员。
• The teller tried to remain aloof and calm.出纳员力图保持冷漠和镇静。

8 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会