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Central Bank of Myanmar

Central Bank of Myanmar

Office No. 26(A), Settmu Road

Tags: Bank, 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 tookover 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.

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