fbpx

Chinese bank promotes RMB financial express services in Myanmar

A workshop to promote Myanmar-China RMB financial express services was held here on Wednesday by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and the Industrial and Commercial Bank of China Limited (ICBC), Yangon Branch. “It will be beneficial to everyone if we could get financing services for project financing and […]

Central bank to issue official remittance licences soon

The Central Bank of Myanmar (CBM) will grant official remittance Llicences to authorised money changers within two months, CBM Deputy Governor U Bo Bo Nge told the media on Wednesday. The move is expected to curb illegal remittances and the informal flow of foreign currency into the country under the Hundi, U Bo Bo Nge […]

Central Bank Allows Yen, Yuan Transactions

The Central Bank of Myanmar on Wednesday announced that it will now allow the Japanese yen and Chinese yuan to be used as a settlement currency for international payments and transfers. The move came after Chinese investors urged the Ministry for Investment and Foreign Economic Relations to reform Myanmar’s foreign currency exchange policies during the […]

Falling kyat may put pressure on foreign debt

The falling value of the Myanmar kyat versus the US dollar could make repaying external debt harder for the government in the coming fiscal year. In 2018-19, it is expected to repay K877 billion out of the $9 billion Myanmar owes to foreign creditors, according to the budget submitted for the period. That amount may […]

Rubber market back to normal in northern Shan State from the rise of Chinese Yuan

The rubber market has been brought back to normal in Northern Shan State, resulting from a rise in the price of the Chinese Yuan, it is learnt. The price of rubber remained unchanged in 2015 and 2016 at 9,000 Chinese Yuan (CHY). The merchants stored the rubber in September watching the CHY exchange rate. The […]