Myanmar Banks ‘Facing Five Key Challenges’

YANGON – MYANMAR’S HOPE of becoming an investment destination in Asean may fade away if the country fails to address five major challenges in its financial sector, experts said at the launch of a GIZ banking report titled “Myanmar’s Financial Sector: A Challenging Environment for Banks” last week. During a PowerPoint presentation and a panel […]

Depreciation of Myanmar kyat in 2014-15 Due to Surging US Dollar

A strong US dollar and the trade deficit resulted in the depreciation of the kyat by 12.7 per cent, Deputy Governor Daw Khin Saw Oo of the Central Bank of Myanmar was quoted as saying at Pyidaungsu Hluttaw Session yesterday. She was submitting the report on implementation of fiscal policies and measures for financial stability […]

US dollar exchange rate hits the highest at Ks 1,323

The exchange rate stood at its highest point of Ks1,323 per US dollar on 19th November, according to the black market of foreign exchange , after reaching a 14-year record high on 18th November on global market. The dollar price has been on the rise for 10 consecutive days at the local foreign exchange market, […]

CBM likely to pave way for new mobile money services

The Central Bank of Myanmar will allow money services on mobile devices, according to Director- General Daw Than Than Swe of the CBM. “We are trying to implement effective financial services for the public” said Daw Than Than Swe. “The services aim to provide convenient services for people in rural areas who do not have […]

Foreign Exchange Rate Reaches Ks1,285 Per US Dollar, Local Gold Price Rises

The foreign exchange rate has risen up to Ks1,285 per US dollar and the local gold price raised its head at over Ks863,000 per tickle despite the stable world gold’s price on the decline, it is learnt from the foreign currency’s black market and the gold dealers. The foreign exchange rate at the black market […]

CBM plans to practice RTGS online

The Central Bank of Myanmar (CBM) has planned to practice Real Time Gross Settlement (RTGS) online to transfer money between banks and customers, according to a CBM representative. The online system can save time, but according to the report, banks must build trust between one another. Currently, a small number of banks use the system […]

Central Bank Looks to Mobile Banking to Ramp Up Financial Inclusion

RANGOON — The Central Bank of Myanmar (CBM) revealed on its website on Monday the official rules and regulations for mobile financial service providers (MFSPs), seen by observers as a way to reach more rural customers throughout Burma. The regulations detail the application requirements, such as how to acquire a registration certificate and pay relevant […]

Sri Lanka’s Commercial Bank begins Myanmar operations with opening of Yangon office

June 10, Yangon: The Commercial Bank of Ceylon opened its representative office in Yangon on Monday, 8th June, formally launching its operations in Myanmar, initially to offer Advisory Services to Sri Lankan and Bangladeshi businesses wishing to enter that country, and to arrange Banking and Advisory facilities, funds transfer and encashment services. Commercial Bank is […]

Central Bank to limit payments to only the kyat

The Central Bank of Myanmar is moving to strengthen the kyat’s use in the local economy, eventually pushing the country’s hotels, restaurants and shops to list prices only in the local currency. It has issued a letter directed at government ministries and regional governments, stating they must use only local currency for charges as well […]

Dollar reaches Ks1,171

The dollar has now reached Ks1,171 on the unofficial markets, sources report. The rate of the dollar increased on June 2, leaping from Ks1,152 on June 3 to the current value. The Central Bank increased its reference rate to Ks1,105 from Ks1,097. It installed a limiter on May 27 that restricted exchanges to US$5,000 per […]