1.
The Union Bank of Burma was established on 3rd April 1948 by the Act of
Union Bank of Burma 1947 and took over 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.
2. The Union Bank of Burma was established with an authorized capital of 40 million Kyats and a paid-up capital of 10 million Kyats by the Government. The People’s Bank of the Union of Burma Act was enacted in 1967 and a monolithic bank known as the People’s Bank of the Union of Burma was established in 1969 with the initial paid-up capital of 200 million Kyats that was fully contributed by the State.
3. After Myanmar adopted the socialist economic system in 1962, all banks were nationalized. Under the People’s Bank of the Union of Burma Act 1967, a monolithic bank was formed. After reformed the administrative system in 1972, the Union Bank of Burma Law of 1975 was promulgated and the banking system was recognized. The name of the People’s Bank of Union Bank of Burma was changed to the Union of Burma Bank. Consequently, four banks, namely the Union of Burma Bank, Myanma Economic Bank, Myanma Foreign Trade Bank and Myanma Agriculture Bank had emerged. Accordance with the 1975 Bank Law, initial paid-up capital of the Union Bank of Burma was 200 million Kyats that was fully contributed by the State.
4. After 1988, Myanma economic system has been transformed from the planned economic system to market oriented system. To develop the financial system which is in line with the market oriented by the Government, and to promote the efficiency of financial activities, the Central Bank of Myanmar Law was enacted in 2nd July 1990. The Central Bank of Myanmar was established with the paid-up capital of 500 million Kyats and of which 200 million Kyats were fully paid-up by the State. According with the new government, was formed on March30, 2011, Central Bank of Myanmar have to become independently to laid down the policies. Central Bank of Myanmar needs to enact monetary policy independently to control the price stability in domestic market and to preserve the internal and external value of the Myanmar currency the kyat. According to the new law of Central Bank (Draft), Central Bank of Myanmar will set up with paid up capital of 300 Billion kyat and of which 100 billion kyat.
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2. The Union Bank of Burma was established with an authorized capital of 40 million Kyats and a paid-up capital of 10 million Kyats by the Government. The People’s Bank of the Union of Burma Act was enacted in 1967 and a monolithic bank known as the People’s Bank of the Union of Burma was established in 1969 with the initial paid-up capital of 200 million Kyats that was fully contributed by the State.
3. After Myanmar adopted the socialist economic system in 1962, all banks were nationalized. Under the People’s Bank of the Union of Burma Act 1967, a monolithic bank was formed. After reformed the administrative system in 1972, the Union Bank of Burma Law of 1975 was promulgated and the banking system was recognized. The name of the People’s Bank of Union Bank of Burma was changed to the Union of Burma Bank. Consequently, four banks, namely the Union of Burma Bank, Myanma Economic Bank, Myanma Foreign Trade Bank and Myanma Agriculture Bank had emerged. Accordance with the 1975 Bank Law, initial paid-up capital of the Union Bank of Burma was 200 million Kyats that was fully contributed by the State.
4. After 1988, Myanma economic system has been transformed from the planned economic system to market oriented system. To develop the financial system which is in line with the market oriented by the Government, and to promote the efficiency of financial activities, the Central Bank of Myanmar Law was enacted in 2nd July 1990. The Central Bank of Myanmar was established with the paid-up capital of 500 million Kyats and of which 200 million Kyats were fully paid-up by the State. According with the new government, was formed on March30, 2011, Central Bank of Myanmar have to become independently to laid down the policies. Central Bank of Myanmar needs to enact monetary policy independently to control the price stability in domestic market and to preserve the internal and external value of the Myanmar currency the kyat. According to the new law of Central Bank (Draft), Central Bank of Myanmar will set up with paid up capital of 300 Billion kyat and of which 100 billion kyat.
Read more
Interest Rate(%)
| Central Bank Rate | 10% pa |
| Minimum Bank Deposit Rate | 8%pa |
| Maximum Bank Lending Rate | 13%pa |
Economic Indicators (%)
| GDP Growth | 5.90 % |
| Annual Rate of Inflation | 4.79 % |
| Year on Year Inflation | 4.47 % |
State owned banks
| Sr.N0 | Name of Bank | Head-Office Address |
| 1. | Myanma Foreign Trade Bank | No 80/86 Maharbandoola Park Street, Yangon |
| 2. | Myanma Investment and Commercial Bank | N0 170/176 Bo Aung Kyaw Street, Botadaung Township, Yangon |
| 3. | Myanma Economic Bank | Building 26/ Myatpanthazin Street, Near the Hotel Zone, Nay Pyi Taw |
| 4. | Myanma Agriculture and Development Bank | No-26/42 Pansodan Road, Yangon |
PRIVATE BANKS OF MYANMAR.
Sr.No
|
Name of Bank
|
Date of Licence Issued
|
Head-Office Address
|
1
|
Myanmar Citizens Bank Ltd | 25.5.1992 | No- 256/260, Sule Pagoda Road,Kyauktada Township, Yangon |
2
|
First Private Bank Ltd | 25.5.1992 | No-619/621 Merchant Road , Pabedan Township,Yangon |
3
|
Co-operative Bank Ltd |
3.8.1992 |
No-334/336 Corner of Strand Road and 23rd street, Latha Township, Yangon |
4
|
Yadanabon Bank Ltd |
27.8.1992 |
No-58(A) 26 Bayintnaung Street Between 84*85 Street, Aung Myay Tharzan Township, Mandalay |
5
|
Myawaddy Bank Ltd |
1.1.1993 |
Plot B-1 Near Thiriyadana Super Market, Hotel Zone, Naypyitaw |
6
|
Yangon City Bank Ltd |
19.3.1993 |
Coner of the Settyon Street & Banyerdala Street Mingalar Taung Nyunt Township,Yangon |
7
|
Yoma Bank Ltd |
26.7.1993 |
No-1, Kungyan street Mingalar Taung Nyunt Township,Yangon |
8
|
Myanmar Oriental Bank Ltd |
26.7.1993 |
No-166/168 Pansodan Road Kyauktada Township, Yangon |
9
|
Asia Yangon Bank Ltd |
17.3.1994 |
No-319/321 Mahabandoola Road Botadaung Township Yangon |
10
|
Tun Foundation Bank Ltd |
8.6.1994 |
No-165/167 Bo Aung Kyaw Road(Middle), Kyauktada Township Yangon |
11
|
Kanbawza Bank Ltd |
8.6.1994 |
615/1, Pyay Road, Kamayut Township, Yangon |
12
|
Small & Medium Industrial Development Bank Ltd |
12.1.1996 |
Plot No-2, Oktayathiri Quarter, Naypyitaw |
13
|
Global Treasure Bank Ltd |
9.2.1996 |
No-654/666 Merchant Road Pabedan Township, Yangon |
14
|
Rual Development Bank Ltd |
26.6.1996 |
Plot-2, Compound of Thiriyadanar Super Market, Naypyitaw |
15
|
Innwa Bank Ltd | 15.5.1997 | No-550/552 Corner of Merchant Road and 35th Street Kyuktada Township, Yangon |
16
|
Asia Green Development Bank Ltd | 2.7.2010 | No-168, Thiri Yatanar Shopping Complex, Zabu Thiri Township, Nay Pyi Taw |
17
|
Ayeyarwaddy Bank Ltd | 2.7.2010 | Block (111, 112), High Grade Market, Datkhina Thiri Township, Nay Pyi Taw |
18
|
United Amara Bank Ltd | 2.7.2010 | Block (2), Asint Myint Zay, Yaza Thingaha Road, Oattara Thiri Township, Nay Pyi Taw |
19
|
Myanma Apex Bank Ltd | 2.7.2010 | Block (10), Asint Myint Zay, Yaza Thingaha Road, Oattara Thiri Township, Nay Pyi Taw |
| 20 | Naypyitaw Sibin Bank Limited |
28.2.2013 |
Shopping Complex No(25/26), Yazathingaha Road, Oaktarathiri Township, Nay Pyi Taw |
| 21 | Myanmar Microfinance Bank Limited | 2.7.2013 | Sayar San Plaza, Corner of New University Avenue & Sayar San Road, Bahan Township, Yangon |
| 22 | Construction and Housing Development Bank Limited | 12.7.2013 | No.(60), Shwedagon Pagoda Road, Dagon Township, Yangon |
| 23. | Shwe Rural and Urban Development Bank Limited | 28-7-2014 | No.(420), Merchant Road, Botataung Township, Yangon |
| 24. | Ayeyarwaddy Farmers Development Bank Limited (A Bank) | 17-11-2015 | No. (33), Corner of Mahar Bandoola Road and Myaing Haymar Road, Ward (3), Pathein |
List of branches of private banks
| 1. | Myanmar Citizens Bank's Branches List | Detail | |
| 2. | First Private Bank's Branches List | Detail | |
| 3. | Yadanabon Bank's Branches List | Detail | |
| 4. | Myawaddy Bank's Branches List | Detail | |
| 5. | Yangon City Bank's Branches List | Detail | |
| 6. | Yoma Bank's Branches List | Detail | |
| 7. | Myanmar Oriental Bank's Branches List | Detail | |
| 8. | Asia Yangon Bank's Branches List | Detail | |
| 9. | Tun Foundation Bank's Branches List | Detail | |
| 10. | Kanbawza Bank's Branches List | Detail | |
| 11. | Small & Medium Industrial Development's Branches List | Detail | |
| 12. | Global Treasure Bank Limited Branches List | Detail | |
| 13. | Rual Development Bank Limited Branches List | Detail | |
| 14. | Innwa Bank's Branches List | Detail | |
| 15. | Co-operative Bank's Branches List | Detail | |
| 16. | Asia Green Development Bank's Branches List | Detail | |
| 17. | Ayeyarwaddy Bank's Branches List | Detail | |
| 18. | United Amara Bank's Branches List | Detail | |
| 19. | Myanma Apex Bank's Branches List | Detail | |
| 20. | Myanmar Microfinance Bank Limited | Detail | |
| 21. | Naypyitaw Sibin Bank Limited | Detail | |
| 22. | Construction and Housing Development Bank Limited | Detail | |
| 23. | Shwe Rural and Urban Development Bank Limited | ||
| 24. | Ayeyarwaddy Farmers Development Bank Limited (A Bank) |
Non Bank Financial institutions
| Sr-No | Name of Bank | Date of Licence Issued | Head –Office Address |
| 1. | Oriental Leasing Company Ltd | 8.1.1996 | No-37, Latha Street, Latha Township, Yangon |
| 2. | Myat Nan Yone Finance Company Ltd | 25.1.2013 | No.66, Lanthit Street(Maw Tin Street), Ward 4, Lanmadaw Township, Yangon |
| 3. | National Finance Company Ltd | 22.2.2013 | No. (886/888), Pyay Road, Mayangone Township, Yangon |
| 4. | Ryuji Finance Company Ltd | 28.5.2013 | No.250, Anawrahta Road, Lanmadaw Township, Yangon |
| 5. | Mahar Bawga Finance Company Ltd | 23.4.2014 | No.285, U WiZaRa Road, North Myaynigone Ward, San Chaung Township, Yangon |
| 6. | Jewel Spectrum Company Ltd | 8.5.2014 | No.111, Nga Dat Kyi Pagoda Road, Bahan Township, Yangon |
| 7. | Century Finance Company Ltd | 5.6.2014 | No. 33, Pyay Road, 6.5 Miles, Hlaing Township, Yangon |
| 8. | Win Progress Services Company Ltd | 11.6.2014 | Building No.(C), Room No.(402/403), Mindama Housing, Mayangone Township, Yangon |
| 9. | Z Corporation Company Ltd | 25.6.2014 | No.20, White House, Mya Yeik Nyo Royal Compound, Pale Road, Bahan Township, Yangon |
| 10. | Global Innovations Finance Company Ltd | 4.8.2014 | Building No. 16, 4-01, MICT Park, Hlaing Township, Yangon |
| 11. | Mother Finance Company Limited | 18.1.2016 | No.44-46, Street 2, Ward 1, Lanmadaw Township, Yangon |
| 12. | Morganite Finance Company Limited | 18.3.2016 | No. 173/175, Room No.301, Pansodan Road, Kyauktada Township, Yangon |
| 13. | Best Merchant Finance Company Limited | 18.3.2016 | No. A/10, Mindhama Housing, Mindhama Road, Mayangone Township, Yangon |
| 14. | Myanma Ruby Hill Finance Company Limited | 22.6.2016 | No. 117, Wardan Street, Lanmadaw Township, Yangon |
| 15. | A1 Capital Company Limited | 23.6.2016 | No. 33/49, Second Floor, Strand Condo, Corner of Maharbandoola Road and Bank Street, Kyauktada Township, Yangon |
| 16. | Pristine Global Finance Company Limited | 3.11.2016 | No. A-9, Shwe Kabar Housing, Mindama Road, Mayangone Township, Yangon |
| 17. | Maha Agri Finance Company Limited. | 5.7.2017 | No.95-A, Kyaik Wine Pagoda Road, 8 Mile, Mayangone Township, Yangon |
| 18. | First Collaborative Finance(FCF) Company Limited. | 25.7.2017 | No.(31/32), Pyinmana-Taungnyo Road, Opposite ACE Villas, Nyaung Pin Wine Ward, Zabuthiri Township, Nay Pyi Taw |
| 19. | Thiri Zawtika Company Limited. | 22.8.2017 | No.(561/567), Room No.404, MAC Tower(1), Merchant Street, Kyauktada Township, Yangon |
| 20. | Excellent Fortune Finance Company Limited. | 23.11.2017 | No.(5-A), Pyay Road, Ward (10), Hlaing Township,Yangon |
| 21. | Imperial Myanmar Finance Company Limited. | 23.11.2017 | No. (20), Myaing Marlar Street, Yankin Township, Yangon |
| 22. | Pacific-AA Finance Limited | 23.11.2017 | No. (242), Upper Pazundaung Road, Satsun Ward, Mingalar Taung Nyunt Township, Yangon |
Myanmar allowed for mobile financial services organizations
Sr.No.
|
Name of Company
|
Date of Registration CertificateIssued
|
Head-Office Address
|
1.
|
Digital Money Myanmar Limited (Brand Name-Wave Money) |
28.9.2016
|
No.84, 7th Floor, Uni Team Marine Building, Pan Hlaing Street, Sanchaung Township, Yangon. |
2.
|
Ooredoo Myanmar Fintech Limited (Brand Name-M-Pitesan) |
26.7.2017
|
Myanmar Center Tower 1, No. 192, Kabaraye Pagoda Road, Bahan Township, Yangon. |
| 3. | Internet Wallet Myanmar Limited (Brand Name-OK$) |
31.8.2017 | No.(321), Bogyoke Aung San Road, Kyauktada Township, Yangon. |
List of Foreign Banks Branches
Sr No.
|
Bank Name
|
License Date
|
Date of business Commencement
|
1.
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd |
2-4-2015
|
22-4-2015
|
2.
|
Oversea-Chinese Banking Corporation Ltd |
2-4-2015
|
23-4-2015
|
3.
|
Sumitomo Mitsui Banking Corporation |
2-4-2015
|
23-4-2015
|
| 4. | United Overseas Bank Limited | 30-4-2015 | 4-5-2015 |
| 5. | Bangkok Bank Public Company Limited | 26-5-2015 | 2-6-2015 |
| 6. | Industrial and Commercial Bank of China | 26-5-2015 | 1-7-2015 |
| 7. | Malayan Banking Berhad (Maybank) | 27-7-2015 | 3-8-2015 |
| 8. | Mizuho Bank Limited | 27-7-2015 | 3-8-2015 |
| 9. | Australia and New Zeland Banking Group Limited | 29-9-2015 | 2-10-2015 |
| 10. | The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) | 30-6-2016 | 1-7-2016 |
| 11. | Shinhan Bank | 15-9-2016 | 20-9-2016 |
| 12. | E.Sun Commercial Bank Limited | 27-9-2016 | 3-10-2016 |
| 13. | State Bank of India | 27-9-2016 | 3-10-2016 |
Representative offices foreign banks
| Sr.N0 | Name of Bank/Finance Company | Date of Registration Certificate Issued | Date of Commencement | |
| 1. | DBS Bank Limited | 10.11.93 | 29.3.94 | |
| 2. | National Bank Limited | 6.7.95 | 16.7.96 | |
| 3. | First Overseas Bank Limited | 30.4.96 | 15.5.96 | |
| 4. | CIMB Bank Berhad (New Licence for Name of Change) | 19.2.2008 | 19.2.2008 | |
| 5. | Arab Bangladesh (AB)Bank Limited | 10.12.2010 | 6.6.2012 | |
| 6. | Siam Commercial Bank Public Company Limited | 23.4.2012 | 23.12.2012 | |
| 7. | Krung Thai Bank Public Company Limited | 14.6.2012 | 20.12.2012 | |
| 8. | United Bank of India | 19.6.2012 | 5.12.2012 | |
| 9. | Kasikornbank Public Company Limited | 18.7.2012 | 9.1.2013 | |
| 10. | Woori Bank | 25.10.2012 | 15.11.2012 | |
| 11. | Vietin Bank | 12.12.2012 | 1.3.2013 | |
| 12. | Korea Development Bank | 27.12.2012 | 12.6.2013 | |
| 13. | Standard Chartered Bank | 27.12.2012 | 5.2.2013 | |
| 14. | Industrial Bank of Korea | 14.3.2013 | 23.4.2013 | |
| 15. | First Commercial Bank (New Licence for Change of Management Office) | 18.3.2013 | 30.4.2013 | |
| 16. | Bank of India (BOI) | 7.5.2013 | - | |
| 17. | Kookmin Bank | 4.6.2013 | 19.12.2013 | |
| 18. | Export-Import Bank of India | 14.6.2013 | 9.9.2013 | |
| 19. | The Export-Import Bank of Korea | 16.12.2013 | 20.1.2014 | |
| 20. | Eastern Bank Limited | 26.3.2014 | - | |
| 21. | Bank of Ayudhya Public Company Limited | 26.3.2014 | - | |
| 22. | RHB Bank Berhad | 26.3.2014 | - | |
| 23. | Commercial Bank of Ceylon PLC | 12.11.2014 | - | |
| 24. | Cathay United Bank | 11.4.2014 | - | |
| 25. | State Bank of Mauritius | 11.4.2014 | - | |
| 26. | BRED Banque Populaire | 11.6.2014 | - | |
| 27. | Busan Bank Co., Ltd | 23-6-2015 | - | |
| 28. | AEON Credit Service Company | 20.7.2012 | 21.9.2012 | |
| 29. | PT. Bank Negara Indonesia (Persero)Tbk | 23.6.2015 | - | |
| 30. | Bank of Taiwan | 23.6.2015 | - | |
| 31. | Taishin International Bank Co., Ltd | 23.6.2015 | - | |
| 32. | Taiwan Shin Kong Commercial Bank Co., Ltd | 23.6.2015 | - | |
| 33. | CTBC Bank Co., Ltd | 23.6.2015 | - | |
| 34. | Yuanta Commercial Bank Co., Ltd | 23.6.2015 | - | |
| 35. | Taiwan Cooperative Bank Limited | 23.6.2015 | - | |
| 36. | Taiwan Business Bank Limited | 23.6.2015 | - | |
| 37. | Mega International Commercial Bank Co., Ltd | 23.6.2015 | - | |
| 38. | Ho Chiminh City Development Joint Stock Commercial Bank | 23.6.2015 | - | |
| 39. | Qatar National Bank | 26.7.2015 | - | |
| 40. | Sampath Bank PLC | 26.7.2015 | - | |
| 41. | Bank of China | 12.8.2015 | - | |
| 42. | KEB Hana Bank (New Licence for Change of Name) | 18.12.2015 | 18.12.2015 | |
| 43. | BTMU Leasing (Thailand) Co., Ltd | 7.4.2016 | - | |
| 44. | ACLEDA Bank Plc. | 7.4.2016 | - | |
| 45. | SATHAPANA Bank PLC.(New Registration Certificate for Change of Name) | 7.5.2012 | 28.7.2012 | |
| 46. | Chang Hwa Commercial Bank Limited | 21.11.2016 | - | |
| 47. | Hua Nan Commercial Bank Limited | 21.11.2016 | - | |
| 48. | Export-Import Bank of Thailand | 6.3.2017 | - | |
| 49. | KB Kookmin Card Company Limited | 14.9.2017 | - |
