by admin on June 11, 2013

How does money originate? And what is really meant by the term autonomous?

Myanmar is close to having an independent central bank something considered invaluable by investors worldwide.

The Washington Street Journal  has reported that the deputy director of the central bank’s regulation and anti-money-laundering department, Khin Saw Oo, explained in an interview that she was sure that the country’s president, Thein Sein, would sign a new law to pave the way for an autonomous central bank ahead of the parliamentary session finishing at the end of July.

Thailand Business Lawyer

Chaninat and Leeds specializes in business law in Thailand

Currently, the central bank is part of a department in the Finance Ministry. This in turn means it can impact on monetary policies, more seriously it also means more money can be printed as and when it is required to pay off debts.


Many economic analysts consider an independent central bank will help to improve a country’s economy.

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.  A private banking cartel can be argued to work against the interests of everyday citizens and in support of bankers. The movement further holds the opinion that links can be drawn between central banks and war, and some even go further and believe that inflation and devaluations have been used as means of financing war historically by many governments.

At this stage, we are left with more questions than answers:  who owns the autonomous bank of Myanmar? Is it a foreign owned private banking cartel?  Does this explain why Burma’s sanctions are being eased?

Read the full article here

Related Articles: The Opening Up of Burma: Burma’s Foreign Investment Law

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