The Central Bank of Myanmar (Burmese: မြန်မာနိုင်ငံတော်ဗဟိုဘဏ်; MLCTS: myan ma naing ngam taw ba ho bhan IPA: [mjəmà nàinŋàndɔ̀ bəhòʊbàn]; abbreviated CBM) is the central bank of Myanmar (formerly Burma). The Central Bank of Myanmar was founded as the Union Bank of Burma on 3 April 1948 by the Union Bank of Burma Act, 1947and 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.