Myanmar forex reserve

Myanmar announces figures of gold, forex reserves.

The Central Bank of Myanmar announced that the country had 7.1539 tons of gold reserve and 8. 19 billion U. S. dollars worth of foreign exchange reserve as of the end of October 2013, the state media reported Wednesday.

Daw Khin Saw Oo, vice governor of the bank, told the parliament that the 7.1539 tons of pure gold were kept at the central bank, while the 8.13 billion dollars were either kept at the central bank and local banks in cash or being deposited with foreign banks that have links with their Myanmar counterparts.

It is the first time in many years that the bank of the Finance Ministry disclosed such figures to the public in a transparent manner, local media commented.

Source: Mizzima News Myanmar.

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Myanmar Has Over $8b in Forex Reserves.

The Central Bank of Myanmar last week announced the figure of Myanmar’s foreign exchange and gold reserves at the parliament, state-run media reported.

Myanmar holds $8.19 billion in foreign exchange reserves and 7.15 tonnes of gold reserves as of October 29, central bank vice-governor Khin Saw Oo told the Pyidaungsu Hluttaw, according to the New Light of Myanmar.

Khin Saw Oo told the parliament that the 7.15 tonnes of pure gold were kept at the central bank, while the forex reserves are kept at the central bank and local banks in cash, and at foreign banks that have links with their Myanmar counterparts.

This is the first time in many years that the central bank disclosed such figures to the public.

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CHAPTER IX Foreign Exchange and International Reserves Management.

75. The Central Bank shall be responsible for the following functions with the approval of the Government: —

(a) formulating policies and prescribing regulations relating to gold and foreign exchange transactions conducted in the State;

(b) determining the exchange rates at which the Central Bank is to conduct its foreign exchange transactions;

(c) publishing daily the exchange rates of the Central Bank.

76. The Central Bank may, subject to such terms and conditions as prescribed from time to time, carry out the following: —

(a) buying, holding, selling and dealing in gold or other precious metals;

(b) buying, holding, selling and dealing in foreign currencies, using any instrument which is generally used in foreign exchange transactions;

(c) buying, holding, selling and dealing in treasury bills and other securities issued or guaranteed by foreign governments or intergovernmental financial institutions;

(d) opening and maintaining accounts with intergovernmental financial institutions, central banks, monetary authorities, and financial institutions outside the State;

(e) opening and maintaining accounts and acting as agent or correspondent for intergovernmental financial institutions, central banks, monetary authorities and financial institutions outside the State, and foreign governments and their agencies;

(f) borrowing, with the approval of the Government, in any foreign currency on such terms and conditions as it considers appropriate, and also giving security for such loans.

77. The Central Bank may, with the approval of the Government purchase, hold or sell shares or securities of intergovernmental financial institutions and of international associations of financial institutions.

78. (a) Any net gains in any year of the Central Bank arising from changes in the valuation of the Central Bank’s assets or liabilities in, or denominated in gold, special drawing rights, or foreign currencies as a result of any change in the values or exchange rates of gold, special drawing rights, internationally recognized units of account, or foreign currencies in terms of the domestic currency shall be credited to a special reserve account;

(b) Any net losses in any year of the Central Bank arising from any change mentioned in sub-section (a) shall be set off against any credit balance in the special reserve account. If such balance is insufficient to cover such losses, the Government shall issue to the Central Bank sufficient government securities to prevent an occurrence of a debit balance;

(c) The net gains referred to in sub-section (a) and the net losses referred to in sub-section (b) shall not be included in the computation of the annual net profits of the Central Bank.

(d) Any credit balance in the special reserve account of the Central Bank, at the end of each year shall be paid to a blocked government account. Such credit balance shall earn interest at the same rate of interest as the Government pays on Central Bank advances. The principal may only be used to retire government securities issued under sub-section (b);

(e) No credits or debits shall be made to the special reserve account except in accordance with the provision of this section.

79. The Central Bank may, in its own name or on behalf of the Government or for the account of and by order of the Government, enter into clearing and payments agreements or any other contracts with the same purpose with similar public and private financial institutions established abroad.

80. The Central Bank shall be responsible for establishing and maintaining, on such terms and conditions as it may from time to time determine, and having due regard to the liquidity and risk associated with the relevant assets, international reserves which shall consist of some or all of the following: —

(b) foreign exchange;

(c) bills of exchange and promissory notes payable in such foreign currencies and in such places as the Central Bank may, for the purposes of this section approve;

(d) any internationally recognized reserve asset, including the following: —

(i) the option to make a reserve tranche purchase from the International Monetary Fund;

(ii) holdings of special drawing rights.

81. (a) The Central Bank shall use its best endeavours to maintain the international reserve established under section 80 at a level which the Central Bank considers is adequate for the State’s international transactions;

(b) If the international reserve has declined or if the Central Bank considers that it is in danger of declining to such extent as to jeopardize its adequacy in terms of the State’s international transactions, the Central Bank shall submit to the Government a report on the international reserve position and the causes which have led or may lead to such a decline including such proposals as it considers necessary to remedy the situation;

(c) Until such time as, in its opinion the situation has become normal, the Central Bank shall continue to submit reports and proposals at intervals not exceeding three months.

82. The Central Bank may advise the Government as to the measures to be taken, the terms and conditions, and other facts relating to the external indebtedness that the State may from time to time incur. The Central Bank shall obtain from the Ministry, upon request up-to-date inventory of all the foreign indebtedness contracted or guaranteed by the State so as to be able to advise.

83. The Central Bank shall, as the agent of the Government, administer the laws relating to the control of foreign exchange. In so administering, it shall have the right to carry out the following functions: —

(a) licensing, revoking the licences of, inspecting, supervising and regulating persons who deal in foreign currencies;

(b) determining limits on foreign exchange assets which persons authorized to deal in foreign exchange may hold;

(c) determining limits on the net foreign asset position of persons dealing in foreign exchange, in each and all currencies, the amount of the external indebtedness of such persons as well as the terms and conditions as may be necessary.

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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.