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 […]

Stronger kyat threatens exports, but presents import opportunities

Myanmar’s exports have come under pressure as a result of the weakening US dollar, which has made key exports such as rice more expensive in overseas markets, said U Soe Tun, a committee member of the Myanmar Rice Federation. While the weaker exchange rate has made prices more attractive to local farmers, falling demand from […]

Banks in Myanmar ease repayment policy to help clients

The Central Bank of Myanmar (CBM) has permitted local banks to restructure and reschedule existing loan repayments to help their clients, CBM Deputy Governor U Soe Min, told The Myanmar Times. While the economic impact of the COVID-19 pandemic has yet to be quantified, it is expected that businesses will bear the brunt of a […]

Myanmar central bank reinstates banking hours after complaints emerge

The Central Bank of Myanmar (CBM) has reinstated banking hours to 9.30am-3pm starting May 12, after businesses and the public urged it to reconsider the current hours in the country. The CBM on April 28 instructed local banks to open from 10am to 2pm for the duration of COVID-19 to prevent the spread of the […]

Banking hours now 10am-2pm starting April 28

All banks in Myanmar will open from 10am to 2pm starting April 28 and last for the duration of COVID-19, the Central Bank of Myanmar (CBM) said on April 24. The decision was made after a video conference between the CBM and private banks on April 21 with the aim of controlling the spread of […]

Myanmar Central Bank Cuts Rates by Another 1.5 Percentage Points Amid COVID-19 Slowdown

YANGON—The Central Bank of Myanmar (CBM) has cut its key interest rates by a further 1.5 percentage points as the global COVID-19 pandemic continues to take a toll on the country’s economy. This is the third time the CBM has reduced rates since it announced a 0.5 percentage point cut on March 12, followed by […]

Insurers authorised to provide bancassurance in Myanmar

Prudential Myanmar Life Insurance Limited, a subsidiary of UK-based Prudential plc, has signed a partnership with Yoma Bank to provide Myanmar customers with life insurance solutions. The two firms signed a memorandum of understanding allowing Yoma Bank to distribute Prudential Myanmar’s savings and protection products at its branches across the country, according to a release […]