Central Bank Plans Level Playing Field for Foreign Payment Firms

​​ CB Bank and KBZ have both partnered with Visa following the Central Bank’s decision to allow foreign payment firms to operate independently in Myanmar. But the Central Bank has clarified that this is a select response to requests from four specific firms, not an official shift in policy. Visa and KBZ issued a joint […]

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 […]

Central Bank Exchange Rate Reforms to Start From January Next Year

​​ After years of complaints that its US dollar reference rate fails to reflect market reality, the Central Bank has announced a shift in how it determines the figure. In an effort to narrow the gap between the bank’s rate and that of the wider market, the regulator has announced it will start basing its […]

Asia’s New Tiger Economy Fears Currency Slide

​​ Myanmar’s central bank is braced for a deeper slide in the nation’s currency and has little scope to tackle the decline after the kyat fell the most in Southeast Asia, according to one of the monetary authority’s top officials. The kyat has weakened about 10 percent against the dollar in the past six months, data […]

Central Bank Official Urges Import Restrictions to Combat Weakening Kyat

With the kyat near record highs against the US dollar the business community is demanding that the Central Bank and the government take action to stem the slide and protect the currency from future volatility. U Win Thaw, director general of the Central Bank’s Foreign Exchange Management Department, spoke to The Myanmar Times about the factors he […]

OCK secures US$40.2mil financing for Myanmar telco project

KUALA LUMPUR: OCK Group Bhd, which in December inked a deal with Telenor Myanmar Ltd to build 920 telecommunications towers in Myanmar, has clinched a syndicated term loan facility of up to US$40.2mil (RM163.9mil) for the project. The telecommunications network service provider said in a statement that its unit OCK Yangon Pte Ltd had signed […]

Central Bank eyes electronic auctions

  The Central Bank is hoping to move its daily foreign exchange auctions to an electronic system before the end of the year, according to U Win Thaw, head of the bank’s Foreign Exchange Management Department. Myanmar’s private sector lenders bid to buy or offer to sell dollars in exchange for kyat at daily auctions. […]

CBM to monitor Myanmar investment overseas

The Central Bank is hoping the new government will support a law that requires all residents with overseas bank accounts to submit regular reports to the monetary authority, which would allow it to collect better data on capital flows, offshore holdings and Myanmar investment overseas. Under the Foreign Exchange Management Law, residents and companies are […]

Surging kyat closes foreign exchange desks

  Local banks suspended foreign currency exchange services yesterday as the kyat surged in value against the dollar, with financial industry sources variously pointing the finger at political speculation, market rumours and a lack of clear Central Bank policy. The kyat strengthened to K1248 against the dollar yesterday, according to the Central Bank’s rate, after […]

Central Bank of Myanmar prepares action plan to stop dollar payments

While the kyat predominates in most domestic transactions, foreign currencies are still widely used. Many tourism businesses targeting foreigners deal in foreign currency, while importers and exporters make extensive use of dollars, and international companies often prefer their own currencies. Letter 904/2015 from the Central Bank of Myanmar’s Foreign Exchange department posted to its website […]