Central Bank of Myanmar

The Union Bank of Burma was established on 3rd April 1948 by the Act of Union Bank of Burma 1947 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. In 1st July 1952, 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, 1952, conferred on the Union Bank of Burma all the usual functions of a central bank. 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 1990. The Central Bank of Myanmar was established with the paid-up capital of 500 million Kyats and of which 200 million Kyats were fully paid-up by the State.