Central Bank of Myanmar Act of Union Bank of Burma 1947" and took over the functions of the Rangoon branches of the Reserve Bank of India. The Union Bank of Burma was opened at the corner of Merchant Road and Sule Pagoda Road and had a sole right of currency issue. CBM has liberalised the financial organisations for competition, efficiency and integration into the regional financial system. As of the end of December 2007, there are 15 domestic private banks and 13 representative offices of foreign banks and three representative offices of foreign insurance companies in Myanmar. According to the changes in the economic
Communist insurgency in Myanmar led by trade union leaders Thakins Lwin and Chit Maung, and dubbed 'crypto-communists' or 'red socialists' by the Rangoon press. They tried unsuccessfully to bring the communists back into mainstream politics, and in 1956 formed an alliance called the National United Front to contest the election on a 'peace ticket' winning 35% of the vote though only a small number of seats. The politburo's decision to fight 'for the very existence of our party' at a clandestine central committee meeting in April 1948 in Rangoon was confirmed the following month by the full plenum of the CC at Hpyu 120