Mobile money transfer accounts will be cancelled unless they are Level 2: CBM

THE Central Bank of Myanmar (CBM) announced on Friday that the mobile money transfer accounts will be cancelled if they are not upgraded to Level 2. The CBM makes efforts for the emergence of a secure and quality national payment system, as the technologies are well developed, the money transfer services can be made easily […]

Myanmar relaxes currency conversion order for traders at China, Thailand borders

The Central Bank of Myanmar (CBM) has extended the time span of compulsorily converting foreign currencies into kyats for exporters trading at the borders with China and Thailand. According to a directive issued by the central bank on Tuesday (April 26), exporters trading under China-Myanmar and Thai-Myanmar border trade programmes no longer need to compulsorily […]

Myanmar Names Foreign Businesses Exempt From Exchange Regulations

The Central Bank of Myanmar (CBM) has named those exempt from its controversial regulation that foreign exchange earned by citizens must be converted into kyats at the official rate within one working day. It said foreign direct investments approved by the Myanmar Investment Commission, investments operating in special economic zones, foreign diplomats in Myanmar, their […]

Central Bank of Myanmar requires foreign currency to be converted into Myanmar Kyat

On 3 April 2022, the Central Bank of Myanmar (“CBM”) issued a directive and a notification relating to the conversion of foreign currency income into Myanmar Kyats. This is applicable to all authorised dealer licence banks (“AD Banks”). Both Directive No. 4/2022 and Notification No. 12/2022 came into immediate effect upon their issuance. Directive No. […]

The use of Thai baht and Myanmar Kyat for direct payment at Myanmar-Thai border

Central Bank of Myanmar issued notification dated March 3 on the use of Thai baht and Myanmar kyat for direct payment at Myanmar-Thai border. CB stated that in its effort to facilitate bilateral trade, flow of goods, payment and settlement system and to promote the use of local currency according to the objectives of Asean […]

Myanmar accepts yuan as official settlement currency for border trade with China

Myanmar has accepted the Chinese yuan as an official settlement currency for border trade with China, in a move that aims to address its shortage of US dollars and other foreign currencies, as the Southeast Asian country faces economic challenges amid political instability, sources close to the matter told the Global Times on Wednesday. China, […]

US dollar value against Kyat rises to K1,400 on 15 December

The US dollar against Kyat gained to K1,400 on 15 December in the local forex market as the vaccine development news brightened the global economic forecast. Following the vaccine optimism, hopes for the global economy and trade recovery triggered high global demand for the dollar, U Than Lwin, senior consultant to Kanbawza Bank shared his […]

Central Bank issues official remittance licenses to money changers

The Central Bank of Myanmar (CBM) has issued remittance licenses to five Myanmar-registered companies, permitting them to handle overseas money transfers, and plans to issue more licenses to those that meet the requirements, said U Soe Min, Vice Governor of the CBM.The licenses, issued with the aim of discouraging illegal retail cross border transfers, have […]

Myanmar exporters concerned over falling dollar rate

Traders are concerned about international demand and export revenues in Myanmar, which have taken a hit as a result of lower demand and a weaker dollar exchange rate. The Central Bank of Myanmar’s (CBM) reference exchange rate was set at K1287.4 per dollar on November 3, its lowest level in two years. “The dollar price […]

Dollar exchange rate in Myanmar hits two-year low

The exchange rate in Myanmar has reached its lowest level this year, with the kyat now trading for less than K1280 per US dollar in the local market. On October 9, the Central Bank’s reference exchange rate was K1279.50 to the dollar. The dollar has been weakening against the Myanmar kyat due to a fall […]