Myanmar officially the Republic of the Union of Myanmar and also known as Burma, is a sovereign state in South East Asia bordered by Bangladesh, India, China, Laos and Thailand. One-third of Myanmar's total perimeter of 1,930 km (1,200 miles) forms an uninterrupted coastline along the Bay of Bengal and the Andaman Sea. The country's 2014 census revealed a much lower population than expected, with 51 million people recorded. Myanmar is 676,578 square kilometers (261,227 sq mi) in size. Its capital city is Naypyidaw and its largest city is Yangon (Rangoon).
Banking in Myanmar started slowly at first, with domestic institutions not forming until very recently in the country’s history. In 1861 the Indian Presidency Banks of Bengal opened a branch in Yangon, and the government took over the right to print currency under the Paper Currency Act of 1861 and began issuing British India notes. The Indian Presidency Banks were merged into the Imperial Bank of India in 1921, which was the de facto central bank and handled cheque clearing.
The Reserve Bank of India was formed in 1935 and its Yangon branch was newly independent Myanmar’s first central bank. Foreign banks were also very active in the country from an early period. The Chartered Bank of India, Australia and China, now Standard Chartered Bank, arrived in 1862, while Hong Kong and Shanghai Banking Corporation (HSBC), founding member and now subsidiary of the HSBC Group, was in Myanmar by 1891. Other foreign banks in the country included National City Bank of New York (now Citibank), Yokohama Specie Bank (now the Bank of Tokyo-Mitsubishi), Lloyd's Bank, the Overseas-Chinese Banking Corporation and the Bank of China.
|Agriculture||Rice, wheat, vegetables.|
|Manufacture||Scrap iron, turbines and oil etc.|
|Services (Including financial)||39.9% (2017 est.)|
|Myanmar Brewery Ltd.||Production|
|Rothmans of Pall Mall Myanmar Pte. Ltd.||Production|
|Dagon Beverages Co. Ltd.||Production|
|International Beverages Trading Co. Ltd.||Trading|
|Myanmar CP Livestock Co. Ltd.||Production|
|City Mart Holding Co. Ltd.||Trading|
|Premier Coffee Co. Ltd.||Production|
|Yathar Cho Industry Ltd.||Industrial|
|Max Myanmar Manufacturing Co. Ltd.||Manufacturing|
|Straits Greenfield Ltd. (Sedona Hotel - Ygn)||Hotel|
The Myanmar Securities Exchange Center (MSEC), located in Yangon, Myanmar, is the country's only stock exchange. The exchange, a 50-50 joint venture between the state-owned Myanmar Economic Bank and the Daiwa Securities Group, currently lists only two securities, both of which are rarely traded. This over-the-counter (OTC) market is planned to be replaced by the Yangon Stock Exchange by 2015.
The 2003 banking crisis of Myanmar was a major bank run in private banking that hit Myanmar (Burma) in February 2003. It started with a decline in the trust for private financial institutions following the collapse of small financial enterprises and proliferating rumors about the liquidity of major private banks. Leading to a bank run on the Asia Wealth Bank, the crisis quickly spread to all major private banks in the country. It led to severe liquidity problems for private banks and scarcity of the kyat. Though exact data is not available, it is believed that the crisis caused major economic hardship for many in Myanmar.
Early civilizations in Myanmar included the Tibeto-Burman-speaking Pyu city-states in Upper Burma and the Mon kingdoms in Lower Burma. In the 9th century, the Bamar people entered the upper Irrawaddy valley and, following the establishment of the Pagan Kingdom in the 1050's, the Burmese language, culture and Theravada Buddhism slowly became dominant in the country. The Pagan Kingdom fell due to the Mongol invasions and several warring states emerged. In the 16th century, reunified by the Taungoo Dynasty, the country was for a brief period the largest empire in the history of Southeast Asia. The early 19th century Konbaung Dynasty ruled over an area that included modern Myanmar and briefly controlled Manipur and Assam as well. The British conquered Myanmar after three Anglo-Burmese Wars in the 19th century and the country became a British colony. Myanmar became an independent nation in 1948, initially as a democratic nation and then, following a coup d'état in 1962, a military dictatorship. For most of its independent years, the country has been engrossed in rampant ethnic strife and Burma's myriad ethnic groups have been involved in one of the world's longest-running ongoing civil wars. During this time, the United Nations and several other organisations have reported consistent and systematic human rights violations in the country In 2011, the military junta was officially dissolved following a 2010 general election, and a nominally civilian government was installed. While former military leaders still wield enormous power in the country, the Burmese military have taken steps toward relinquishing control of the government. This, along with the release of Aung San Suu Kyi and political prisoners, has improved the country's human rights record and foreign relations, and has led to the easing of trade and other economic sanctions. There is, however, continuing criticism of the government's treatment of the Muslim Rohingya minority and its poor response to the religious clashes. In the landmark 2015 election, Aung San Suu Kyi's party won a majority in both houses. Myanmar is a country rich in jade and gems, oil, natural gas and other mineral resources. In 2013, its GDP (nominal) stood at US$56.7 billion and its GDP (PPP) at US$221.5 billion. The income gap in Myanmar is among the widest in the world, as a large proportion of the economy is controlled by supporters of the former military government. As of 2013, according to the Human Development Index (HDI), Myanmar had a low level of human development, ranking 150 out of 187 countries.
U Ne Win
The kyat It is often abbreviated as "K" (singular or plural) or "Ks" (plural), which is placed before or after the numerical value, depending on author preference.
The kyat was a denomination of both silver and gold coinages in Burma until 1889. It was divided into 20 pe, each of 4 pya, with the mu and mat worth 2 and 4 pe, respectively. Nominally, 16 silver kyats equal 1 gold kyat. The silver kyat was equivalent to the Indian rupee, which replaced the kyat after Burma was conquered by the British.
When the Japanese occupied Burma in 1942, they introduced a currency based on the rupee. This was later replaced by banknotes in all kyat denominations. This kyat was subdivided into 100 cents. The currency became worthless at the end of the war when the Burmese rupee was reintroduced in 1945.
The present kyat was introduced on 1 July 1952. It replaced the rupee at par. Decimalization also took place, with the kyat subdivided into 100 pya.
|National Song||"Kaba Ma Kyei"|
|Currency||Burmese kyat (MMK)|
|GDP / GDP Rank||71543 Million USD|
|GDP Growth Rate||5.9 Percent|
|GDP Per Captial||$6,285 (PPP)|
President – Win Myint[α]
State Counsellor – Aung San Suu Kyi
|Website||Go to the web|
|Labor Force (Occupation)||-|