Myanmar Central Bank RateBurma Central Bank interest rate
Myanmar's central bank and authorised local merchant bank auctioned the currency's base rate for movements of accounts against the US currency. For other specific currrencies, indicator currency conversions. Under the terms of offer and demands of the markets, the benchmark price is disclosed for information purposes only.
Exchanges are quoted at the Thomson Reuters share prices. Intersection prices for these commodities are quoted on the basis of oanda.com's benchmark prices. It is denominated in this foreign-currency currency at the base rate issued by the central bank.
Bank of Myanmar
Union Bank of Burma was founded on April 3, 1948 by the law of the Union Bank of Burma in 1947 and took over the function of the branch offices of the Reserve Bank of India in Yangon. She didn't have the full clout of a central bank. On July 1, 1952, the Union Bank of Burma law was passed.
Pursuant to this law, the Burma Foreign Exchange Board was repealed and the Union Bank of Burma Act, 1952, transferred all the normal central bank duties to the Union Bank of Burma. Union Bank of Burma opened at the intersection of Merchant Road and Sule Pagoda Road and had exclusive rights to issuing Forex.
With effect from July 1, 1952, it was assigned by the Burma Currency Board to the Union Bank of Burma's new monetary department. In 1967 the People's Bank of the Union of Burma Act was passed and a monumental bank, known as the People's Bank of the Union of Burma, was founded in 1969 with the originally paid-up 200 million Kyats, fully funded by the state.
When Myanmar took over the communist economy in 1962, all of Myanmar's commercial institutions were nationalised. The People' s Bank of the Union of Burma Act 1967 established a monumental bank. Following the reform of the administration system in 1972, the Union Bank of Burma Act of 1975 was enacted and the bank system was recognised.
People' s Bank of Union Bank of Burma has been renamed Union of Burma Bank. Four of them were created: the Union of Burma Bank, Myanma Economic Bank, Myanma Foreign Trade Bank and Myanma Agriculture Bank. In accordance with the 1975 Banking Act, the originally paid-up shareholding of the Union Bank of Burma amounted to 200 million Kyats, all of which was provided by the state.