Myanmar to join Russia’s financial messaging system

Saint Petersburg [Russia]: As Myanmar intends to join Russia’s financial messaging system (FMS), the central banks of the two countries are negotiating, U Aung Naing Oo, Minister of investment and foreign economic relations of Myanmar, said on Saturday. “Yes, we have already started negotiations with Russian banks. In particular, our delegation includes an adviser to […]

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. […]

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, […]

First modern credit bureau launched in Myanmar

Myanmar Credit Bureau Limited (MMCB) on December 30 launched the country’s first and only modern credit bureau. MMCB, which is licensed by the Central Bank of Myanmar (CBM), will provide Myanmar with a modern credit reporting system that will enable lenders to expand the financing options available for individuals and businesses. It will also encourage […]

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 […]

Credit Bureau Asia’s IPO receives strong investor interest

Credit Bureau Asia (CBA), which owns a 40 percent stake in Myanmar Credit Bureau, received 60.8 times more in applications from retail investors than the number of shares available in the public portion of its initial public offering (IPO) on December 2. CBA said it received more than 4,000 valid applications for about 91.3 million […]

SCB wants Myanmar licence

Siam Commercial Bank is seeking approval from the Central Bank of Myanmar (CBM) to upgrade SCB’s representative office to operate under a bank subsidiary licence in the neighbouring country. The subsidiary model would offer SCB greater opportunities to do banking business in Myanmar, said chief executive Arthid Nanthawitthaya. Among the three options that the CBM […]

Authorities crack down on zero-dollar tourists

The government has instructed souvenir shops to transact with zero-dollar tourists in cash only, Yangon Region Hotels and Tourism Minister Daw Naw Pan Thuzar Myo said on December 16. The decision was made after investigations at souvenir shops located in Hlaing Tharyar township, East Dagon township and People’s Park in Dagon township, where zero-dollar tourists […]

Better Bank Services, Enforcement Needed for Remittance Licences to Work

In an attempt to shrink the volume of illegal money transfers between Myanmar and its neighbours, the Central Bank of Myanmar (CBM) last week announced the availability of official remittance licences. The move, which commenced on November 15, is aimed at facilitating the legal movement of money by traders and migrant workers based overseas into […]