Burma To Revamp Central Bank With New Law

Burma’s government will soon reform its central bank, allowing the bank to adjust monetary conditions independently, Dow Jones Newswires reported Saturday. Khin Saw Oo, deputy director general of the bank’s regulation and anti-money laundering department, told the business news agency that she was confident Burma’s President Thein Sein would sign a new central bank law before July. She said the new law, which is seen as a step to boost foreign investment, would also stop the bank from financing the government’s debt. The bank currently finances about 40 percent of the government’s deficit.