This pagoda is one of the oldest in Shwebo. It is supposed to have been built by King Alaung Sithu of the Bagan Dynasty. The important aspect with a famous image of Buddha carved out of a very fragrant wood. This image is called the Shwe Tazar means Ornament of Beatitude and the pagoda derives its’ name from this image. The image is so famous that Kings of Myanmar had vied for it and had taken it to the different capitals viz., Inwa, Hantha Waddy, Taungoo and back to Inwa, Sagaing and finally to Shwebo.

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