Central Bank allows exchange counters to exchange kyat for two more foreign currencies

The Central Bank of Myanmar issued an announcement dated May 27 that it has allowed domestic currency exchange centres to exchange kyat for two more foreign currencies – Malaysian Ringgit and Thai Baht.

The announcement says that domestic currency exchange centres can now exchange Myanmar currency not only with US dollars, Singapore dollars, and Euros, but also for Thai Baht and Malaysian Ringgit.

An official at the Theinbyu Money Exchange Centre said, “It is a move we must welcome. The more international businesses enter the country the more foreign currencies should be allowed to be exchanged, especially, currencies of those countries that have connections with Myanmar.”

In the foreign exchange market of Myanmar, the Central Bank’s daily reference exchange rateand the privately-owned money exchange counters’ exchange rates are different, and the demand for US dollars is huge, so importers have encountered difficulties, said U Min Oo, a car importer.

Source: Mizzima

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Dagon City", “MOGE”, “yangon stock exchange”,"MECTEL", "hydropower", etc.

To learn about the business opportunities in Myanmar click here

To evaluate the various segments of the market that you could possibly enter base on your competencies you can do a Custom Market Entry Strategy Research. You can see a sample report at page "Actual Sample of Client Report”. Click here to go to page.

Do you know that IE Singapore is giving up to SGD 20,000 support for Singapore company to venture into Myanmar? To learn more click here