The Central Bank of Myanmar was founded as the Union Bank of Burma on 3 April 1948 by the Union Bank of Burma Act, 1947 and took over the functions of the Rangoon branches of the Reserve Bank of India.
The Central Bank of Myanmar emerged from the Union Bank of Burma, established in 1948 by the Union Bank of Burma Act of 1947, which absorbed the functions of the Reserve Bank of India's branches in Rangoon.