Myanmar Labor Minister Commits to Working Toward Elimination of Child Labor

Half of Myanmar’s child laborers work in dangerous conditions for low minimum wages as the Southeast Asian country strives to eliminate the ubiquitous practice of employing young people, the country’s labor minister said Monday. “Half of Myanmar’s child laborers are working in dangerous conditions, but we can’t ask them to stop immediately,” Thein Swe, the […]

Counterfeit notes discovered in Ingapu

Local authorities seized 58 K 10,000 counterfeit notes in Ingapu Township in Ayeyawady Region on Tuesday, police reported yesterday. U Aung Min Htike, the administrator of Kwinkauk Village, sent the counterfeit notes to police on October 25. He collected them from residentsin different villages, including two bills from a monk at a monastery in Kungyangon […]

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, […]

Real Estate Deemed Safe Haven as Kyat Tumbles

The free-fall of the local currency Kyat in recent months is having an impact on the real estate market as buyers keep putting their money into properties to hedge inflation, realtors say. Kyat has fallen drastically since September last year – when it was trading around K970 for a US dollar – and was hovering […]

Central Bank Bites Down on Dollar Use, But Does it Have Teeth

The Central Bank of Myanmar (CBM) has recently issued a notice that requires businesses and government agencies to use Kyat for payments inside Myanmar, even for foreign investors. This move is intended to raise the value of the Kyat by restricting foreign currency use for internal payments, according to a CBM official. The currency has […]

Local banks fret foreign rivals

Domestic banks fear that international lenders opening branch offices in Myanmar will pursue an aggressive strategy and poach the best local clients, but commentators believe this is unlikely to happen, for now. Between April and September, nine global banks will open branch offices in Yangon, becoming the first foreign institutions to undertake active commercial operations […]

Central Bank urges government to reduce dollar use

The Central Bank is urging government organisations to only use kyat payments to reduce US dollar demand and prevent dollarisation of the economy. The Foreign Exchange Management Department of the Central Bank last week announced that the kyat only should be used in domestic payments at national, regional and state-level organisations. “Using foreign currencies in […]

A quiet ride turns tumultuous for forex

The kyat is set to depreciate about 6 percent against the US dollar in 2014, unless there’s another significant change in value before the end of the year. The first three-quarters of the year were quiet for the kyat. Experts say a sudden depreciation begun in October is due not just to the domestic economy […]

Devalued kyat blamed on dollar strength

The peak export season in the last four months of a calendar year normally sees the kyat strengthen against the US dollar, though this year the opposite is happening. Rising imports and a series of international events are being blamed for a weakening kyat, as the current has depreciated to a K988 to K978 gap […]

Central Bank VP paints picture of hi-tech Myanmar

Satt Aung, the vice-president of the Central Bank of Myanmar, has painted a rosy picture of the not-too-distant future in a modern Myanmar where mobile banking and electronic transactions will be the norm for shopping, making payments and even paying for taxis. Addressing the Union Parliament on Wednesday on the subject of foreign bank operations […]