Regime’s Central Bank announces use of only Myanmar currency for payments

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Yangon, May (27)

On May 25, the central bank instructed departments to use only Myanmar currency ‘kyat’ in payments due to rising domestic demand for foreign currency and volatile exchange rates.

The Central Bank of the Union of Myanmar (CBM) has said that foreign currency is being used more widely in the country as trade and services are paid in foreign currency.

Therefore, ministries; regional and state governments; subordinate organizations; private companies and organizations have been instructed to pay only in kyats for the purchase and sale of goods and services.

The military council’s directive may not affect businesses, however, as shipping and air transport use only dollars for payment, there may be some inconvenience.

At present, hotels, restaurants, international schools and accommodation for foreigners, souvenir shops are said to be paying in US dollars instead of kyats, said the central bank.

The statement also said that some organizations and departments under the Ministries were accepting foreign currency.

The central bank has ordered region and state authorities, City Development Committees from Nay Pyi Taw, Yangon and Mandalay to issue additional instructions as necessary to thir subordinates.

News – Than Lwin Times

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