Kyat appreciates as imports slow ahead of Chinese New Year

As trade and other businesses wind down in the run-up to the Chinese New Year festival, and sentiment about the political transition improves, the kyat has strengthened in value to a three-month high against the US dollar. The value of Myanmar’s currency has fallen more than 25 percent to the dollar over the past year, […]

Forex-starved lenders ask Central Bank for policy shift

Private financial institutions want the use of Nostro accounts — held in a foreign country and denominated in the currency of that country — to become mandatory for banks making import payments on behalf of clients, according to sources at private banks. The Yangon Foreign Exchange Market Committee submitted the policy request to the Central […]

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 […]

Foreign exchange gap widens

The official reference rate for dollar-kyat exchange maintained by the Central Bank of Myanmar and the rate charged by unofficial moneylenders are increasingly diverging. While the Central Bank’s reference figure has sat at K1027 per dollar since the end of February, at many informal traders the kyat has depreciated to around K1075 per dollar. Divergent […]