Central Bank allows exchange counters to exchange kyat for two more foreign currencies

A security guard stands near a digital signboard displaying the currency exchange rates at Thain Phyu Money Changer Centre in Yangon. Photo: Mizzima

The Central Bank of Myanmar issued an announcement dated May 27 that it has allowed domestic currency exchange centres to exchange kyat for two more foreign currencies - Malaysian Ringgit and Thai Baht.

The announcement says that domestic currency exchange centres can now exchange Myanmar currency not only with US dollars, Singapore dollars, and Euros, but also for Thai Baht and Malaysian Ringgit.

An official at the Theinbyu Money Exchange Centre said, “It is a move we must welcome. The more international businesses enter the country the more foreign currencies should be allowed to be exchanged, especially, currencies of those countries that have connections with Myanmar.”

In the foreign exchange market of Myanmar, the Central Bank’s daily reference exchange rateand the privately-owned money exchange counters’ exchange rates are different, and the demand for US dollars is huge, so importers have encountered difficulties, said U Min Oo, a car importer.

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