doing business in myanmar – what you need to know as a singaporean
Shortage with lower denomination currency notes of kyat is occurring in Myanmar’s market, creating a possibility of scaling up the commodity prices, the official Global New Light of Myanmar reported Wednesday.
Despite allowing exchange for notes of lower denomination at the Central Bank of Myanmar, the Myanmar Retailers Association was blamed for failing to exchange them at the same value but buy a bundle of small notes such as 100-kyat notes or 200-kyat notes, giving extra money depending on the market prices as bank staff often respond by saying there is a shortage of small notes.
Currently, retailers have to exchange lower denominations from bus service owners, while proposing private banks to provide small notes when depositors withdraw their money to help solve the problem to a certain extent.
The authorities concerned made a promise with businessmen to print new small notes for the solution of the problem.
At present, there are seven types of Myanmar currency notes of kyat commonly in circulation in the market which are 50 kyat, 100 kyat, 200 kyat, 500 kyat, 1,000 kyat, 5,000 kyat and 10,000 kyat.
Although there are also smaller denomination currency notes of kyat such as 1 kyat and 10 kyat, they have been absent from the market for seldom use.
Source: Myanmar Business Today
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