Written by Admin on July 15, 2013. Posted in Business, News, Top Stories
Myanmar parliament Thursday enacted the landmark central bank law crucial for monetary reforms of the country.
The law would make the bank an independent monetary body apart from the ministry of finance.
It would be formed with one chairman, two vice-chairmen and five economists nominated by the president with the approval of the parliament. The term of the members of board is four years and they are not allowed to hold office for two consecutive terms.
According to the new legislation, the bank is mandated to adopt the monetary policy of the country.
The bank will also serve as the short-term creditor to private banks according to the law.
It is also empowered to supervise the monetary market and foreign exchange market of the country.
It is also allowed to grant or revoke or reject licenses to monetary organizations for stability of the monetary market.
http://www.information.myanmaronlinecentre.com/myanmar-enacts-central-bank-law/
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