Central Bank of MyanmarBank of Myanmar
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Myanmar's central bank (Burma: ??????????????????????????; MLCTS: m?? CBM) is the central bank of Myanmar (formerly Burma). Myanmar's central bank became an autonomic and sovereign regulator under the Law of the Central Bank of Myanmar, adopted by the Myanmar Parliament in 2013.
Myanmar's central bank was established on April 3, 1948 as the Union Bank of Burma by Union Bank of Burma law in 1947 and took over the function of the Reserve Bank of India branch in Rangoon. 2 ] The Union Bank of Burma was opened at the intersection of Merchant Road and Sule Pagoda Road and had a exclusive right to exchange rates.
The CBM has liberalized the finance organizations for competitiveness, effectiveness and inclusion in the local finance system. At the end of December 2007 there were 15 German retail banking institutions and 13 representations of non-German banking institutions as well as three representations of non-German insurers in Myanmar. In line with the changed business demands of the state, the key interest has been raised from 10 per cent to 12 per cent since 1 April 2006.
In order to increase privately owned involvement in trading in agricultural produce and resources, the authorities are now promoting the exports of plants that are in excess on local market or are cultivated on brownfield or brownfield sites, which offers possibilities to farmers and individual produce. Under the direction of the Ministry of Finance and Revenue, the CBM is in charge of the country's fiscal and supervisory governance of the finance industry.
Myanmar's regulatory institutions include state and retail bankers. There are currently two major initiatives (on-site audit and off-site monitoring) used to monitor, regulate and monitor fiscal soundness. The on-the-spot audit comprises the assessment of the bank's finance activity and the bank's in-house governance, the identification of areas where correction measures are necessary and the analysis of its operations and finances to ensure that they comply with applicable legislation, policies and guidelines and the CBM's instruction using CAMEL.
External supervision is generally on the basis of the bank's submission of a report to the BCM on a regular basis on a week, month, quarter and yearly basis. It has also adopted directives on the legal minimum reserves requirements, equity requirements, N.P.L.'s solvency, N.P.L.'s credit rating and irrecoverable and doubtful debt reserves, the uniform credit line and so on.
Minimum reserves, cash and equity requirements of banks are regulated by the Bank for International Settlements (BIS) as well. "Union of Myanmar" (PDF). Research and training centre of the Southeast Asia central banks.