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Central Bank of Myanmar Law (Pyidaungsu Hluttaw Law No

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Central Bank of Myanmar Law (Pyidaungsu Hluttaw Law No Unofficial Translation Central Bank of Myanmar Law (Pyidaungsu Hluttaw Law No. 16 / 2013) The 4th Waxing Day of Waso, 1375 M.E. (11th July, 2013) Pyidaungsu Hluttaw hereby enacts this Law. CHAPTER I Title and Definition 1. This Law shall be called the Central Bank of Myanmar Law. 2. The following expressions contained in this Law shall have the meanings given hereunder:- (a) State means the Republic of the Union of Myanmar; (b) Government means the Union Government of the Republic of the Union of Myanmar; (c) Ministry means the Union Ministry of Finance and Revenue; (d) Central Bank means the Central Bank of Myanmar established under this Law; (e) Bank means a bank established under the Financial Institutions of Myanmar Law;; (f) Financial Institution means a financial institution established under the Financial Institutions of Myanmar Law; CBM Law unofficial translation (29-7-2013) 2 (g) Currency Notes means the currency notes issued by the Central Bank under the provisions of this Law or legal tender currency notes previously issued; (h) Coin means coins issued by the Central Bank under the provisions of this Law and coins previously issued; (i) Foreign Exchange includes the following: (i) foreign currency in cash; (ii) payment instruments payable in foreign currency cash or payable abroad; (iii) deposits in intergovernmental financial institutions, central banks, treasuries and commercial banks abroad; (iv) instruments used for the international transfer of funds: (v) foreign currency accounts opened and maintained in domestic banks. (j) Gold means gold bars, bullion and gold coins of certified fineness acceptable in the international transactions; (k) Currency in Circulation means the currency in circulation with the exception of currency notes and coins held by the Central Bank; (l) General Reserve Fund Account means an account created with an initial contribution from the State and at the end of each year, a certain portion of net profit shall be allocated to the account until it amounts to 100 per cent of the paid- up capital of the Central Bank (m) Special Reserve Fund Account defines as an account created by the Central Bank for some specific purpose. (n) Discount Rate means the interest rate charged by the Central Bank on the short-term loans borrowed by the eligible banks and 3 financial institutions at the discount window facility against the securities as collateral. (o) Reserve Requirement or Reserve Ratio defines a Central Bank regulation that sets the minimum fraction of customer deposits that commercial banks and saving banks are required to deposit at the Central Bank; (p) Year means the financial year of the State; (q) Person includes any individual, or organization incorporated. CHAPTER II Establishment, Aim and Objective 3. The Central Bank of Myanmar is established under this Law as a legal entity having perpetual succession, capable of suing and being sued in its own name. 4. The Head Office of the Central Bank shall be in Nay Pyi Taw. The Central Bank may, with the approval of Board of Directors, open branches and agencies inside or outside the State. 5. The aim of the Central Bank shall be to preserve and maintain the domestic price stability. 6. The Central Bank shall, in accordance with its aim, also endeavor to attain the following objectives: (a) to promote monetary stability (b) to enhance financial system stability; (c) to develop efficient payments and settlement system, (d) to support the general economic policy of the Government conducive to the sustained economic development. 4 7. For the successful achievement of its aim and objectives, the Central Bank shall have autonomy and may exercise all the powers conferred upon in carrying out the functions under this Law. CHAPTER III Organization and Management 8. The Central Bank shall be governed by a Board of Directors. 9. (a) The Board shall be constituted with nine members appointed by the President with the consent of Pyidaungsu Hluttaw as follow: (1) the Governor of the Central Bank Chairman (2) three Deputy Governors of the Central Bank Member (3) five other persons of recognized professional Member appointed by the Government (b) The term of office of the Governor shall be 5 years. The term of office of the other members shall be 4 years. Such Chairman and members of the Board shall not be eligible for serving more than two consecutive terms; (c) The Governor and the Deputy Governors shall devote their whole time to the functions and duties of the Central Bank and shall not engage in any other remunerated employment; (d) The Board shall assign an officer of the Central Bank as Secretary of the Board. (e) The Governor, the Deputy Governor and members shall have experience and professional standing in the field of central banking, economics, money and banking, law , accounting and auditing; 5 (f) The Board members shall disclose fully to the Board their pecuniary or business interest and those of the members of their families. 10. A persons shall not be appointed as a member of the Board if the person is: (a) a person who is not a citizen; (b) the spouse, parent, son, daughter, brother and sister of a board member; (c) staff and directors of a company or a partnership firm, or a principal shareholder who owns more than 5 per cent of total equity interest in a company or a partnership firm; (d) staff and directors of a bank or a financial institution , or a principal shareholder who owns more than 5 per cent of total equity interest in a bank or financial institution. 11. The Governor and the Deputy Governor shall be entitled to receive remuneration and allowances prescribed by the Board. Such remuneration and allowances shall be borne by the Central Bank. 12. The other non-executive members shall be also entitled to receive remuneration and allowances prescribed by the Board. Such remuneration and allowances shall be borne by the Central Bank. 13. If a Hluttaw representative or salaried personnel of the Government is appointed as a member of the Board of Directors, such person shall be deemed to have resigned from his or her seat in that Hluttaw, or retired from his or her office in accordance with the civil service rules from the day of appointment. Members of the Board shall not be a member of political party and shall not be involved in the activities of such parties. 6 14. The Governor shall serve as chief executive officer of the Central Bank and be responsible to the Board for the management and the implementation of the policy of the Central Bank. 15. The Governor shall have the powers to enter into contracts, and sign instruments and documents on behalf of the Central Bank. He may, in accordance with the resolution of the Board, delegate such powers to the officers of the Central Bank. 16. A member shall cease to be a member if he or she: (a) infringes the restrictions mentioned in section 10; (b) has been convicted with a sentence of imprisonment; (c) has obtained permission of the resignation from the appointed authority ; (d) is adjudged incapable of performing duties by the President; (e) has failed to attend the Board meetings for three consecutive months without leave from the Board. 17. Any vacancy occurring by reason of the resignation or termination or death of any member of the Board shall be filled with any suitable person who meets the requirements under this law for the unexpired period of the term of office of the member concerned. Such vacancy shall be filled within three months from the date of occurrence of the vacancy. 18. The Board may establish committees with suitable persons for the effective performance of the functions and duties of the Central Bank. In so doing, the duties and powers of such committees shall be determined. 19. The Board shall prepare an organizational set-up for the performance of the functions and duties of the Central Bank. Officers and staff within such organizational set-up shall be appointed. 7 20. The Board shall prescribe the Central Bank Service Regulations relating to the personnel, and their benefits. 21. The Central Bank may carry out the followings with the approval of the Board:- (a) granting different types of loans and advances to its staff with or without guarantee; (b) establishing the welfare and provident funds or similar funds for its staff, family members and beneficiaries of the staff. 22. (a) The regular meeting of the Board shall be convened at least once a month. Provided that special meeting may be convened at any time call upon by the Governor or at the request of majority of the members; (b) Half or more than half of the members attending the meeting shall constitute a quorum; (c) The Governor or the authorized Deputy Governor in the absence of the Governor shall preside at the Board meeting; (d) At the meetings of the Board, decisions shall be adopted by the majority of the votes of the members present. In the event of an equality of votes, the decision shall be adopted by the casting vote of the Chairman of the meeting. (e) Deputy Minister for Ministry of Finance and Revenue and the Deputy Minister for the Ministry of National Planning and Development shall be invited to attend the meetings of the Board as observers. 23. A member shall refrain from voting on any matters related to his business interest which become the subject of Board action. 8 CHAPTER IV Capital and Profit Allocation 24. The State shall be the sole shareholder of the Central Bank. The authorized capital of the Central Bank shall be three hundred billion kyats, of which one hundred billion kyats shall be fully paid up by the State.
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