Black market for currency exchange in the crosshairs

Experts say that distrust over formal currency exchange dating back to the previous military government and more recent problems with exchange rates has kept the black market alive – though authorities are claiming they are preparing to take action. The government is planning a crackdown on those continuing to trade currencies without licences in an […]

Flooding not putting a dent in tourist agendas

Despite flooding occurring in 11 of Myanmar’s 14 states and regions, tourism to the country has not been affected and travellers are still visiting the most popular destinations, tour operators say. U Myat Thu, operations manager for Columbus Travel and Tours, told The Myanmar Times that flooding has not impacted major tourist destinations. “Everything is […]

Myanmar conglomerate asks Singapore court to enforce F&N brewery stake sale

SINGAPORE — A Myanmar conglomerate has asked Singapore High Court to order food and drink company Fraser and Neave Limited (F&N) to transfer its 55 per cent stake in Myanmar’s biggest brewery to the Myanmar firm by Aug 20 in a dispute over a deal dating back to 2013 over the holding’s value. Government-backed Myanmar […]

Exchange rate fluctuation smooth as USD falters

Moderate depreciation of the US dollar against Asian currencies over the past three months has resulted in marked improvements for the kyat, which has appreciated as much as 2.42 percent against the greenback since mid-February. According to official exchange rates in Yangon, the value of the kyat against the dollar has grown from K988 on […]

Private banks impose extra charge on international money transfers

YANGON—Several of Myanmar private banks are charging nearly Ks 15 (US$0.015) per US dollar on international money transfers in addition to the transfer service fee, raising concerns among the local business people. “I usually work with my export earnings deposited in United Amara Bank, Asia Green Development Bank and Kanbawza Bank, especially for importing cars,” […]