Central Bank manoeuvres rise in kyat value

The value of the Myanmar kyat has risen due to the efforts of the Central Bank of Myanmar, according to Xinhua News Agency. The kyat value rose gradually starting from the beginning of this year following a year of declining value compared to the US dollar, according to local money changers. On 2 April, US$1 […]

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, […]

Tourism companies still accepting USD

Tourism-related companies say they are still accepting US dollar cash payments as normal, despite a Central Bank decision to revoke foreign currency acceptor and holder licences last week. The Central Bank statement, published on October 13, recalled foreign exchange licences held by all companies except banks and money changers – including airlines, hotels and tour […]

Mandalay firms fight forex their own way

Betting the US dollar will continue to strengthen against the kyat, importers and distributors are raising prices to beat the exchange rate. “We set the price higher, but then offer promotions for our customers to encourage them to continue buying,” said U Hla Phone Kyaw, director of Rainbow Bridge Distribution Company, which imports high-end brands […]

Myanmar gold price soars in August

Domestic gold prices have risen by up to K50,000 over the past three weeks. Buyers clocked that the price of gold in Myanmar was lower than in the international market, due to currency volatility, and rushed to take advantage of the opportunity, said traders. The kyat has depreciated by 24 percent this year versus the […]

Myanmar central bank mulls new move to stem kyat fall

The Central Bank of Myanmar is stepping up its efforts to discourage the domestic use of US dollar, with the plan to illegalise dollar-denominated transactions. According to Win Thaw, deputy director-general with the foreign currency management department of the CBM, the directive demanding all local transactions completed in Myanmar kyat would be issued by the […]

CBM continues raising currency exchange rate

The Central Bank of Myanmar (CBM) has increased its official reference exchange rate from Ks 1,246 to Ks 1,266 per US dollar over the last five days. This week, foreign currency exchange rates at currency exchange booths were set around Ks 1,275 per dollar, despite the official reference rate. The exchange rate of kyats per […]

Car imports decline as Thai currency rises

As the value of the Thai baht increases along with the US dollar, the cost of importing a car from Thailand has risen by up to Ks 1 million. Therefore, the number of legal car imports over the Thai border has become remarkably low, according to import-export businesspeople. “When purchasing cars from Thailand, the price […]

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 […]

OCBC receives final approval to open branch in Myanmar

OCBC Bank is one of the first three foreign banks to receive final approval to open a branch in Myanmar, and will offer corporate internet banking in the country. SINGAPORE: OCBC Bank is one of the first three foreign banks to have received final regulatory approval from the Central Bank of Myanmar to open a […]