Myanmar eyes junta’s old tricks to fight weaker currency

YANGON — Desperate to halt the severe depreciation of its national currency, Myanmar’s democratically elected government may revive drastic measures that were employed by the military junta. The kyat has lost about 20% of its value against the greenback in the past six months due to Myanmar’s growing fiscal and trade deficits stemming from lower […]

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, […]

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 […]

K10,000 Notes to Get a Makeover, CBM Move Stokes Inflation Worries

A new series of 10,000 kyat notes will be issued starting July 1, according to an announcement by the Central Bank of Myanmar (CBM). The new notes have been designed to improve quality, raise security standards, and prevent counterfeiting, according to CBM. A new shade of reflective green will be used for the numeral 10,000, […]