UMFCCI calls on Myanmar gov’t to stabilize exchange rate

YANGON, Aug. 30 (Xinhua) — The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) has submitted a plan to the government for stabilizing the rising exchange rate, the official Global New Light of Myanmar reported Thursday. The four-point plan, submitted to State Counselor Aung San Suu Kyi during a recent meeting with […]

CBM permits trading of dollar swaps, says local banks reason for kyat drop

The Central Bank of Myanmar (CBM) will this week launch a new currency swap facility in efforts to stabilise the value of the Myanmar kyat, U Bo Bo Nge, deputy governor of CBM, told The Myanmar Times on August 19. The move follows a 6 percent deprecation in the value of the Myanmar kyat versus […]

Kyat rebounds after re-export activities suspended

The spike in the exchange rate between the US dollar and Myanmar kyat appears to have tapered after the Ministry of Commerce (MOC) on August 17 temporarily suspended re-exports of sugar and diesel. “We suspended re-exports of sugar and diesel because the cash flows involved are huge enough to influence the exchange rate,” said U […]

Kyat stabilises after CBM pumps US$4 million into economy

The dollar tapered against the kyat on August 16 after the Central Bank of Myanmar (CBM) sold a record US$4 million to local private banks. That helped ground the exchange rate, which is up by around 10 percent since May. To place a floor under the depreciating kyat, the CBM has sold US$100,000 per day […]

CBM intervenes in forex market, considers liquidity measures

Despite attempts to inject liquidity into the foreign exchange market and stabilise the dollar-kyat exchange rate by the Central Bank of Myanmar (CBM), the dollar has continued to appreciate against the kyat. On August 14, the CBM set its reference at a high of K1,460 to the dollar. Since May, the dollar has risen by […]

Dollar hits record high against depreciating kyat

The dollar to kyat reference exchange rate, which is fixed by the Central Bank of Myanmar (CBM), hit a record high of K1,429 on August 2. At private banks and money changers, the exchange rate was as high as K1,445. On the face of it, the depreciating value of the kyat bodes well for exporters, […]

Business community ‘shocked’ to see central bank chief stay

The re-appointment of the long-time Central Bank of Myanmar (CBM) governor U Kyaw Kyaw Maung has caused widespread disbelief and disappointment among the business community. The incumbent was re-appointed governor on July 31. On July 26, President U Win Myint sent the nomination to Pyidaungsu Hluttaw. U Mahn Win Khaing Than, speaker of Pyidaungsu Hluttaw, […]

Myanmar urged to fix key issues for industrial revamp

MYANMAR’S potential to become a regional investment hub would be realised only if the government manages to address major challenges businesses are facing in the nation, a banking expert has warned. Than Lwin, a senior consultant at KBZ Bank Ltd and former deputy governor of the Central Bank of Myanmar (CBM) stressed the importance of […]

Myanmar govt asked to urgently address forex instability

Following the daily fluctuation of Myanmar’s exchange rate over the past three months, economists and business people have urged the government to urgently address the problem of violatility. Economist Maung Aung said the Central Bank of Myanmar (CBM) must come up with effective measures to rein in the forex market, in order to create a […]

Concern among traders mounts as dollar continues rise against kyat

Local traders who import goods are concerned about the recent spike in the value of US dollar versus the Myanmar kyat. The exchange rate, which recently rose above K1,400, was fixed by the Central Bank of Myanmar (CBM) at K1,399 yesterday. The last time the dollar reached similar levels against the kyat was in 2016. […]