Chairman of the Presidium J.J. Hakimoto made several appointments today, completing the executive framework set out in the May market reforms legislation.
The market reforms, passed 26 May after a month of drafting and deliberation in the Supreme People's Assembly, provided for several new government entities to oversee monetary policy, maintain state-run financial services, and enforce regulations. The Treasury of Yurtyzstan and the Yurtyzstani National Bank and Reserve are the two main bodies; also established were a national financial insurance company, a wire transfer agency, and a network of local banks.
Hakimoto, in a brief meeting with press in Yurtpyitaw, announced the appointment of Yurt Myaung-hye as Chairman of the Treasury and James Hlako Yurt as Chairman of the National Bank and Reserve. Yurt Myaung-hye heads the minority Social Democratic Party, but has been widely regarded as an expert in economic policy since his success in developing East Yurtyzstan after the July 2012 government collapse. James Hlako Yurt is a major Yurtyzstani literary figure and a high-ranking member of Prosperity for Yurtyzstan.
The two will collaborate closely over the coming months to ensure the enforcement of regulations, particularly those enacted 2-5 August as a result of the Weekend for Workers demonstrations. They will also give final approval to the proposed design for the national currency and begin limited printing later this month.
