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Our Ministry |
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Myanmar Statistics |
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National Archives |
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Privatization |
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International Relations |
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Equipment Control |
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| 1. |
Types of Bank |
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Central Bank of Myanmar (CBM)
operates as a central bank and is the authority to oversee and
regulate the financial institutions both State and private owned.
Four major specialized banks; the Myanma Economic
Bank (provides countrywide domestic banking and saving services),
the Myanma Investment and Commercial Bank (handles both domestic
and foreign exchange transactions), the Myanma Foreign Trade
Bank (deals in foreign exchange transactions) and the Myanma
Agricultural and Rural Development Bank (provides seasonal and
term loans for agriculture and livestock breeding) are the state
owned financial institutions.
Fifteen domestic private banks are now operating
banking services and fifteen foreign banks have opened representatives
offices in Yangon.
Apart from the above Institutions, Myanma
Insurance is the sole insurance organization and underwrites
various classes of insurance.
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2. |
Exchange Arrangement |
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The Kyat is officially pegged
to the SDR at ks. 8.50847 per SDR 1 within the margins of 2%.
The exchange rates of the Kyats for the Euro, Singapore Dollar,
Pound Sterling, Yen, United States Dollar, Indian Rupee, Pakistan
Rupee, Sri Lanka Rupee and Swiss franc are determined by daily
calculations on the basis of the value of these currencies against
the SDR issued by IMF. The other currencies are determined on
the basis of the daily FX rates of Singapore market. Exchange
control is administered by CBM in accordance with instructions
from the Ministry of Finance and Revenue (MFR).
Foreign Exchange Certificates (FECs) are issued
by the Central Bank of Myanmar (CBM) in denominations of 1,5,10
and 20 units and are exchangeable with Euros, Yen, Pounds Sterling,
Swiss franc and US dollars or with authorized traveler's checks
at the rate of FEC 1 per US $ 1.
All payments
for invisibles outside the public sector are subject to approval,
which is granted on a case-by-case basis.
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