Uncertain Political Landscape Causes Further Instability to Kyat

RANGOON — An already-unstable exchange rate dropped again this week in the local market due to less demand, a change observers attributed to uncertainty ahead of Burma’s presidential nominations in Parliament. While the Central Bank’s rate remains at 1,230 kyats to one US dollar, the unofficial rate on the local market has dropped from 1,240 […]

Lenders Urge Central Bank to Be More Flexible on Regulations

Bankers are urging the Central Bank of Myanmar to reconsider a recent regulation that might leave many of Burma’s commercial lenders struggling in the market. On Nov. 16, private lenders, officials from the Central Bank and President’s Office Minister Soe Thane met to discuss the state of Burma’s banking industry and its future when a […]

Burmese Kyat Weakens in Light of Trade Deficit, Shortfall of USD

RANGOON — A shortfall of US currency and a growing trade deficit has weakened the Burmese kyat, bankers and businesspeople said, warning that demand for the dollar has pushed the country’s limited foreign currency into the hands of black market traders. Burma’s Central Bank has set the country’s exchange rate at 1,082 kyats to the […]

Myanmar-made VISA cards set for SEA Games debut

Consult-Myanmar welcome you to the 27th SEA Games Myanmar, 11-22 Dec 2013 Privately owned Co-Operative Bank plans to manufacture and issue prepaid VISA cards in Myanmar ahead of December’s SEA Games, CB Administrative Managing Director Pe Myint told Mizzima yesterday. The cards will allow users to withdraw cash from ATMs in Euros, and US and […]

CB Bank to Issue Prepaid Debit Cards for Domestic, International Use

Burma’s Central Bank has given private lender Cooperative Bank the green light to issue internationally accepted prepaid debit cards, a senior Central Bank official said this week, in a first for the country’s antiquated financial system. The “Easi Travel” prepaid card was made available this week for pre-order, and holders-in-waiting are being told the cards […]

Banks Wait for Central Bank to Give Go-Ahead to International Cards

Two of Burma’s leading private banks want to begin issuing debit cards that can be used all over the world, but are waiting for the green light to do so from Central Bank, bankers said. Both the Cooperative Bank (CB Bank) and the Asian Green Development (AGD) Bank have teamed up with United States-based bank […]