About 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. 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, 1952.
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. The People’s Bank of the Union of Burma Act was enacted in 1967 and a monolithic bank known as the People’s Bank of the Union of Burma was established in 1969 with the initial paid-up capital of 200 million Kyats that was fully contributed by the State… Continue reading about Central Bank of Myanmar here.