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CHAPTER XII Miscellaneous

91. Notwithstanding anything contained in the existing laws, the Ministry may, with the approval of the Government, permit the Central Bank to engage in operations relating to financial sector.

92. Offences prosecuted under this Law are prescribed as cognizable offenses.

93. In taking legal actions under section 87 or section 88 prior sanction of the Central Bank shall be obtained.

94. Notwithstanding anything contained in any existing law, debts owed to the Central Bank shall be given priority over all other claims except those of the State.

95. The provisions of the Myanmar Companies Act shall not apply to the Central Bank.

96. Article 149 of the First Schedule to the Limitation Act shall apply to all legal proceedings instituted by the Central Bank.

97. Movable and immovable properties belonging to the Central Bank of Myanmar established under the Bank Law (Pyithu Hluttaw Law No.9, 1975), operations in the process of execution, operations which have been completed, assets and liabilities shall devolve respectively on the Central Bank.

98. The contracts entered into or executed by the Central Bank of Myanmar established under the Bank Law (Pyithu Hluttaw Law No.9, 1975), shall be deemed to be enter into or executed by the succeeding Central Bank under this Law.

99. The Bank Law (Pyithu Hluttaw Law No.9, 1975) is hereby repealed. Although the said Law is repealed, the Board of Directors of the Central Bank of Myanmar established under the said Law shall have the right carry out the operations until the day the duties and responsibilities are handed over to the succeeding Board of Directors under this Law.

100. The Central Bank may continue to exercise the powers and perform the duties and responsibilities in accordance with the provisions of the Bank Law (Pyithu Hluttaw Law No.9, 1975) within the transitory period, in cases where it cannot commence the exercise of powers conferred and performance of duties and responsibilities assigned under this Law. Provided that such transitory period shall be as determined by the Ministry.

101. Rules, regulations, bye-laws, orders and directives made or issued under the repealed Bank Law (Pyithu Hluttaw Law No.9, 1975) or under any other power shall, in so far as they are not inconsistent with the provisions of this Law, or are not repealed or superseded, continue to have effect and be deemed to have been made or issued in accordance with this Law.

102. For the purpose of carrying out the provisions of this Law: —
(a) the Ministry of Planning and Finance may, with the approval of the Government, issue rules and procedures;
(b) the Central Bank may issue regulations, bye-laws, orders and directives.

Date : 20th Oct 2017

 

1362.0 / USD

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Source : forex.cbm.gov.mm

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 4.70 %
Year on Year Inflation 2.40 %

     Source : Ministry of Planning and Finance