Central Bank of Myanmar
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| Headquarters | Naypyidaw | ||
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| Established | 2 July 1990 | ||
| Governor | Kyaw Kyaw Maung | ||
| Central bank of | Myanmar (Burma) | ||
| Currency |
Myanmar kyat MMK (ISO 4217) |
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| Preceded by | Union Bank of Burma People’s Bank of Union Bank of Burma |
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| Website | www |
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The Central Bank of Myanmar (Burmese: မြန်မာနိုင်ငံတော်ဗဟိုဘဏ်; MLCTS: myan ma naing ngam taw ba ho bhan IPA: [mjəmà nàinŋàndɔ̀ bəhòʊbàn]; abbreviated CBM) is the central bank of Myanmar (formerly Burma). It was established under the Central Bank of Myanmar Law in 1990.
Its headquarter located in Naypyidaw, and it has branches in Yangon and Mandalay. The Governor is Kyaw Kyaw Maung and three Vice Governors are Set Aung, Khin Saw Oo and Soe Min. The Central Bank of Myanmar became an autonomous and independent regulatory body by the Central Bank of Myanmar Law which was enacted by the Myanmar Parliament in 2013.
CBM has liberalised the financial organisations for competition, efficiency and integration into the regional financial system. As of the end of December 2007, there are 15 domestic private banks and 13 representative offices of foreign banks and three representative offices of foreign insurance companies in Myanmar. According to the changes in the economic requirements of the country, the Central Bank rate has been increased from 10 percent to 12 percent since 1 April 2006.
Agricultural liberalisation speeded up after the elimination of the government procurement system of the main agricultural crops such as rice, pulses, sugarcane, cotton, etc., in 2003–04. The state also reduced the subsidised agricultural inputs, especially fertiliser. With an intention to enhance private participation in trade of agricultural products and inputs, the government is now encouraging export of crops which are in surplus in domestic markets or grown on fallow or waste land, giving opportunities to farmer and private producers.
Upon the guidance of the Ministry of Finance & Revenue, the CBM is responsible for financial stability and supervision of the financial sector in Myanmar. The institutional coverage of the financial supervisory authority includes state-owned banks and private banks in Myanmar. Two main approaches (on-site examination and off-site monitoring) are currently used for supervision, regulation and monitoring of financial stability.
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