Central Bank Turns to Interbank Transaction Rate

​​ The Central Bank of Myanmar will no longer fix the reference rates for currency exchange, said its vice-governor Set Aung. “Currently, the fixing of the reference exchange rate is based on the auction system. The reason is that currency exchange rates between the government and the private exchange counters differ. The central bank is […]

Central Bank May Liberalise Trade Financing for Foreign Banks

​​ The Central Bank of Myanmar may allow foreign banks to launch trading services if local banks are unable to facilitate trade financing for importers and exporters, Central Bank director general U Win Thaw told the Myanmar Times. “The Central Bank has already allowed local private banks to do trade financing. If they [local private […]

Cards to Adopt EMV to Meet ASEAN Standard

​​ The Central Bank of Myanmar has required local banks to upgrade the card payment technology, as a step toward integrating the payment system with the ASEAN region. Daw Than Than Swe, the director general of the Central Bank, told the Myanmar Times that all the payment cards issued by local banks will have to […]

Digital tech slowly seeping into Myanmar, but still a long way to go

Myanmar is trying to learn the ropes of recent advances in digitization that ease the often frustrating burden of manual, paper-based administrative and business procedures. The country’s first digital customs management system, the Myanmar Automated Cargo Clearance System, was launched on Nov. 15 at the customs offices near the Port of Yangon, the largest trading […]

Dollar Exchange Rate Climbs, Shakes Up Burma’s Business Community

RANGOON — The US dollar exchange rate—at its highest since the new government came to power in April—has Burma’s business community looking for better trade policy. “In the black market, the exchange rate is currently 1306 kyats [US$1] per dollar; it’s too high for importers. If the import demand increases, it could impact the prices […]

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 […]

Banks Reminded to Accept Foreign Currency in ‘All’ Conditions

RANGOON — The Central Bank of Myanmar is encouraging patrons to lodge complaints if they have been turned away by banks for trying to exchange US dollars that are not in mint condition, according to an official from the Foreign Exchange Management Department. Until recently, currency exchange points would only accept US bank notes if […]

Mobile money regulations released

The Central Bank of Myanmar has released regulations on mobile financial services, widening a market previously limited to banks to include non-banking financial institutions. The Central Bank announced yesterday that it had issued rules on mobile financial services at the end of last month to build an enabling regulatory framework for efficient and secure mobile financial services […]

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 […]