Foreign Exchange Rate Reaches Ks1,285 Per US Dollar, Local Gold Price Rises

The foreign exchange rate has risen up to Ks1,285 per US dollar and the local gold price raised its head at over Ks863,000 per tickle despite the stable world gold’s price on the decline, it is learnt from the foreign currency’s black market and the gold dealers. The foreign exchange rate at the black market […]

CBM plans to practice RTGS online

The Central Bank of Myanmar (CBM) has planned to practice Real Time Gross Settlement (RTGS) online to transfer money between banks and customers, according to a CBM representative. The online system can save time, but according to the report, banks must build trust between one another. Currently, a small number of banks use the system […]

Central Bank Looks to Mobile Banking to Ramp Up Financial Inclusion

RANGOON — The Central Bank of Myanmar (CBM) revealed on its website on Monday the official rules and regulations for mobile financial service providers (MFSPs), seen by observers as a way to reach more rural customers throughout Burma. The regulations detail the application requirements, such as how to acquire a registration certificate and pay relevant […]

Sri Lanka’s Commercial Bank begins Myanmar operations with opening of Yangon office

June 10, Yangon: The Commercial Bank of Ceylon opened its representative office in Yangon on Monday, 8th June, formally launching its operations in Myanmar, initially to offer Advisory Services to Sri Lankan and Bangladeshi businesses wishing to enter that country, and to arrange Banking and Advisory facilities, funds transfer and encashment services. Commercial Bank is […]

Central Bank to limit payments to only the kyat

The Central Bank of Myanmar is moving to strengthen the kyat’s use in the local economy, eventually pushing the country’s hotels, restaurants and shops to list prices only in the local currency. It has issued a letter directed at government ministries and regional governments, stating they must use only local currency for charges as well […]

Dollar reaches Ks1,171

The dollar has now reached Ks1,171 on the unofficial markets, sources report. The rate of the dollar increased on June 2, leaping from Ks1,152 on June 3 to the current value. The Central Bank increased its reference rate to Ks1,105 from Ks1,097. It installed a limiter on May 27 that restricted exchanges to US$5,000 per […]

K10,000 Notes to Get a Makeover, CBM Move Stokes Inflation Worries

A new series of 10,000 kyat notes will be issued starting July 1, according to an announcement by the Central Bank of Myanmar (CBM). The new notes have been designed to improve quality, raise security standards, and prevent counterfeiting, according to CBM. A new shade of reflective green will be used for the numeral 10,000, […]

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, […]

Local banks fret foreign rivals

Domestic banks fear that international lenders opening branch offices in Myanmar will pursue an aggressive strategy and poach the best local clients, but commentators believe this is unlikely to happen, for now. Between April and September, nine global banks will open branch offices in Yangon, becoming the first foreign institutions to undertake active commercial operations […]

Dollar rise increases budget woes

Myanmar will have to sell treasury bonds again due to the consecutive budget deficits, according to the Ministry of Finance. The government is looking to take loans from home and abroad to solve the deficit. All the regional and state administrations face similar problems as the union government struggles to devolve investment. Maung Maung Win, […]