Banks Reminded to Accept Foreign Currency in ‘All’ Conditions

RANGOON — The Central Bank of Myanmar is encouraging patrons to lodge complaints if they have been turned away by banks for trying to exchange US dollars that are not in mint condition, according to an official from the Foreign Exchange Management Department. Until recently, currency exchange points would only accept US bank notes if […]

Central Bank eyes electronic auctions

  The Central Bank is hoping to move its daily foreign exchange auctions to an electronic system before the end of the year, according to U Win Thaw, head of the bank’s Foreign Exchange Management Department. Myanmar’s private sector lenders bid to buy or offer to sell dollars in exchange for kyat at daily auctions. […]

Surging kyat closes foreign exchange desks

  Local banks suspended foreign currency exchange services yesterday as the kyat surged in value against the dollar, with financial industry sources variously pointing the finger at political speculation, market rumours and a lack of clear Central Bank policy. The kyat strengthened to K1248 against the dollar yesterday, according to the Central Bank’s rate, after […]

Central Bank urges government to reduce dollar use

The Central Bank is urging government organisations to only use kyat payments to reduce US dollar demand and prevent dollarisation of the economy. The Foreign Exchange Management Department of the Central Bank last week announced that the kyat only should be used in domestic payments at national, regional and state-level organisations. “Using foreign currencies in […]