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Law to Establish Independent Central Bank Due Soon

17 June 2013

Burma’s Parliament is due to approve a new law next month that would establish the Central Bank as an independent body that determines monetary policy, Eleven Media reports. Economists said Burma needs the law and fiscal experts to develop a sound monetary policy that supports economic development. “It’s important that the Central Bank has its own policy, as the government has its own financial policy. So we need the new law, policy and skilled workers, which are expected to come in a year or so,” said Dr Zaw Oo, a local economist. Burma’s past military regime sought to directly influence the Central Bank and its policies.