The Union Bank of Burma was established on 3rd April by the Act of Union Bank of Burma and took over the functions of the Yangon branches of the Reserve Bank of India. It did not have the full power of a central bank.

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In 1st July , the Union Bank of Burma Act was enacted. In accordance with this Act Burma Currency Board was abolished and the Union Bank of Burma Act, , conferred on the Union Bank of Burma all the usual functions of a central bank.

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The Union Bank of Burma was opened at the corner of Merchant Road and Sule Pagoda Road and had a sole right of currency issue. It was transferred from the Burma Currency Board to the newly created Currency Department of the Union Bank of Burma with effect from 1st July, The Union Bank of Burma was established with an authorized capital of 40 million Kyats and a paid-up capital of 10 million Kyats by the Government.

After Myanmar adopted the socialist economic system in , all banks were nationalized.

After reformed the administrative system in , the Union Bank of Burma Law of was promulgated and the banking system was recognized. Consequently, four banks, namely the Union of Burma Bank, Myanma Economic Bank, Myanma Foreign Trade Bank and Myanma Agriculture Bank had emerged.

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Accordance with the Bank Law, initial paid-up capital of the Union Bank of Burma was million Kyats that was fully contributed by the State. After , Myanma economic system has been transformed from the planned economic system to market oriented system.

To develop the financial system which is in line with the market oriented by the Government, and to promote the efficiency of financial activities, the Central Bank of Myanmar Law was enacted in 2nd July The Central Bank of Myanmar was established with the paid-up capital of million Kyats and of which million Kyats were fully paid-up by the State. According with the new government, was formed on March30, , Central Bank of Myanmar have to become independently to laid down the policies.

Central Bank of Myanmar needs to enact monetary policy independently to control the price stability in domestic market and to preserve the internal and external value of the Myanmar currency the kyat. According to the new law of Central Bank Draft , Central Bank of Myanmar will set up with paid up capital of Billion kyat and of which billion kyat.

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According to the new law of Central Bank Draft , Central Bank of Myanmar will set up with paid up capital of Billion kyat and of which billion kyat Read more. Latest News Activities of Interbank Foreign Exchange Market for Auction Result for Activities of Interbank Foreign Exchange Market for Related Websites Contact Us Sitemap.

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