Central Bank of Myanmar


Central Bank of Myanmar

The Central Bank of Myanmar (MYname|MY=မြန်မာနိုင်ငံတော်ဗဟိုဘဏ်|MLCTS=mran ma nuing ngam taw ba hui bhan IPA2|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. [cite web|url=http://www.etrademyanmar.com/Bank/#Central_Bank_of_Myanmar |title=Myanmar Bank Information |accessdate=2006-07-02 |publisher=eTrade Myanmar] Its headquarters are in Yankin Township, Yangon, Yangon Division and is headed by a 17-member board of directors, headed by Than Nyein. The Central Bank of Myanmar is operated by the Ministry of Revenue and Finance, which is a government ministry headed by Major-General Hla Tun. Deputy Minister of Revenue and Finance is Colonel Hla Thein Swe.

The Central Bank of Myanmar (CBM) has liberalised the financialorganisations for competition, efficiency and integration into theregional financial system. As of end-December 2007, there are15 domestic private banks and 13 representative offices of foreignbanks and 3 representative offices of foreign insurance companiesin Myanmar. According to the changes in the economicrequirements of the country, the Central Bank rate has beenincreased from 10 percent to 12 percent since April 1, 2006.Agricultural liberalisation speeded up after the elimination of thegovernment procurement system of the main agricultural cropssuch as rice, pulses, sugarcane, cotton, etc., in 2003-04. TheState also reduced the subsidised agricultural inputs, especiallyfertiliser. With an intention to enhance private participation in tradeof agricultural products and inputs, the Government is nowencouraging export of crops which are in surplus in domesticmarkets or grown on fallow or waste land, giving opportunities tofarmer and private producers.Upon the guidance of the Ministry of Finance & Revenue, the CBM isresponsible for financial stability and supervision of the financial sector inMyanmar. The institutional coverage of the financial supervisory authorityincludes State-owned banks and private banks in Myanmar.Two main approaches (on-site examination and off-site monitoring) arecurrently used for supervisory/regulation and monitoring of financialstability. On-site examination involves assessing banks’ financial activitiesand internal management, to identify areas where corrective action isrequired and to analyse their banking transactions and financial conditions,ensuring that they are in accordance with existing laws, rules andregulations and the instructions of the CBM by using CAMEL.Off-site monitoring operations are normally based on the weekly, monthly,quarterly and annually reports which are submitted by the banks to theCBM. The Central Bank has also issued guidelines on the statutory reserverequirement, capital adequacy, liquidity, classification of N.P.L. andprovision for bad and doubtful debts, single lending limit, etc. The reserverequirement, liquidity and capital adequacy required to be maintained byfinancial institutions have been prescribed according to the standards ofthe Bank for International Settlements (BIS). However, theimplementation of Basel II will still take a few more years.

As of end of April 2007, its current members are as follows:
*Governor
**Than Nyein
*Deputy Governor
**Maung Maung Win
*Directors
**Ohmar Sein (Research and Training Department)
**Maung Maung (Internal Audit and Bank Supervision Department)
**Nay Aye ( Security Department)
**Hla Myint (Currency Department)
**Tin Htoo (Administration Department)
*Deputy Directors
**Myint Myint Tin (Foreign Exchnage Management Department)
**Khin Saw Oo (Research and Training Department/Bank Regulation Department)
**Naw Eh Hpaw (Accounts Department)
**Kyaw Win Tin (Currency Department)
**Thein Zaw (Administration Department)
**Aung Kyaw Than (Security Department)
*Assistant Directors
**Hla Nyunt (Administration Department)
**Maung Maung Than (Currency Department)
**Aung Kyaw Htoo (Currency Department, Upper Myanmar)
**Myint Myint Than (Currency Department)
**Kyu Kyu Thein (Internal Audit and Bank Supervision Department)
**Than Than Swe (Accounts Department)
**Khin Cho Cho (Research and Training Department)
**Thida Myo Aung (Foreign Exchnage Management Department)
**May Malar Maung Gyi (Research and Training Department)
**Myo Min (Security Department)

ee also

* Myanmar kyat
* Economy of Burma

References

*cite web|url=http://www.seacen.org/bankwatch/myanmar.pdf |title=The Union of Myanmar |accessdate=2006-07-02 |year=2005 |format=PDF |publisher=South East Asian Central Banks Research and Training Centre |pages=45-49

Footnotes


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Central Bank of Iraq — البنك المركزي العراقي The Central Bank of Iraq, guarded by U.S. troops in …   Wikipedia

  • Central Bank of the Dominican Republic — The Central Bank of the Dominican Republic (Spanish: Banco Central de la República Dominicana, BCRD) was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the country s… …   Wikipedia

  • Central Bank of Nigeria — Central Bank of Nigeria …   Wikipedia

  • Central Bank of Cyprus — Kεντρική Τράπεζα Κύπρου (Greek) Kıbrıs Merkez Bankası (Turkish) …   Wikipedia

  • Central Bank of Montenegro — Centralna Banka Crne Gore …   Wikipedia

  • Central Bank of the Democratic People's Republic of Korea — 조선민주주의인민공화국중앙은행 Joseon Minjujueui Inmin Gonghwaguk Jungang Eunhaeng Headquarters Pyongyang Central bank of Democratic People s Republic of Korea Currency North Korean won ISO 4217 Code …   Wikipedia

  • Central Bank of Somalia — Bankiga ee Dhexe ee Soomaaliya البنك المركزي في الصومال Headquarters …   Wikipedia

  • Central Bank of Azerbaijan — Azərbaycan Mərkəzi Bankı Central Bank of Azerbaijan Headquarters …   Wikipedia

  • Central bank — Part of a series on Government Public finance …   Wikipedia

  • Central Bank of Iceland — The Central Bank of Iceland (Icelandic: Seðlabanki Íslands) is the central bank or reserve bank of Iceland. It has served in this capacity since 1961, when it was created by an act of the Alþingi out of the central banking department of… …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.