Myanmar bans use of foreign currency for local payments

YANGON, May 26 (Bernama) — The Central Bank of Myanmar (CBM) Wednesday banned international foreign money for native funds to stabilise the international change price within the nation.

The financial institution requested authorities businesses to pay with solely Myanmar kyat, saying the usage of foreign exchange for home funds may result in greater demand for {dollars} and trigger change price instability, reported Xinhua.

The transfer got here after the CBM came upon that some authorities businesses and organisations had been utilizing foreign exchange for native funds, the central financial institution mentioned in an announcement on Wednesday.

“Some government agencies were using and accepting foreign currencies in some of their activities including renting lands, capital investments for insurance business and income from joint ventures,” Win Thaw, deputy governor of the central financial institution, mentioned within the assertion.

He added that the CBM has came upon the US greenback was additionally being utilized in some accommodations, eating places, worldwide colleges, memento outlets and renting of properties to foreigners within the nation.

It already despatched the notification to all ministries, area and state governments and municipal committees of Nay Pyi Taw, Yangon and Mandalay cities to make use of solely kyat for the acquisition and gross sales of products and companies and funds within the nation, the central financial institution mentioned.

The CBM final month ordered all native holders of foreign exchange, excluding some international organisations and merchants that had been later exempted from it, to compulsorily convert them into kyat inside one working day after receiving the foreign exchange.



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