Myanmar is close to reaching a position valued by investors across the globe – an independent central bank but this issue it intself riases questions: where does money come from? Where does it go? And what is really meant by the term autonomous?
The Washington Street Journal has reported that Khin Saw Oo, deputy director of the central bank’s regulation and anti-money-laundering department, confirmed in an interview that she was confident that the country’s president, Thein Sein, would sign a new law to create an autonomous central bank before the next parliamentary session concludes at the end of July.
Presently, the central bank forms part of a department in the Finance Ministry, which means it can impact on monetary policies. It also means more money can be printed as and when it is required to pay off debts.
Chaninat and Leeds specializes in business law in Thailand
Having an independent central bank is considered by analysts as a significant means of improving a country’s economic performance. The End the Fed movement objects to a federal reserve that it is private and not controlled by the people of the USA. The same could be said for the UK. By being controlled by a private banking cartel, it is working against the interests of ordinary citizens ……and in the favor of bankers. The movement believes that historical links can be drawn between the establishment of central banks and war, and some consider that inflation and devaluations have been used as means of financing war in the past by many governments .
This leaves us with the question: is the autonomous bank of Myanmar a foreign owned private banking cartel? Is this why Burma’s sanctions are being eased? We look forward to learning more.
Related Articles: The Opening Up of Burma: Burma’s Foreign Investment Law
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