Tag: CBM

US dollar exchange rate against Kyat rises to 1,400

State media reported that the Central Bank of Myanmar (CBM) sold USD 3 million from the state’s foreign reserves on 14 December, making the US dollar reach MMK 1,400 on December 15th in the local forex market. Coupled with the vaccine development a

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CBM takes steps towards smoother financial management

This week the Central Bank of Myanmar (CBM) made 2 important announcements aiming to improve everyday’s life of banking citizens. First it said that it had “upgraded its payment and settlement system to facilitate transactions between fin

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Central Bank purchases record amounts of USD

State-media reported that the Central Bank of Myanmar (CBM) purchased record amounts of USD currency in September and October 2020, respectively USD 44.2 and 43 million, to try and maintain the MMK exchange rate as steady as possible. “The instabil

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Thai SCB granted license to setup local bank in Myanmar

The Bangkok Post reported that Siam Commercial Bank (SCB), Thailand’s fourth-largest commercial lender by assets, has set up a bank in Myanmar. It received a subsidiary business licence from the Central Bank of Myanmar, aiming to expand via off

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Central Bank of Myanmar (CBM) bans commercial banks from using digital currencies

In its most drastic move on the matter, the CBM has banned the use of digital currencies (such as Bitcoin, Litecoin, Ethereum, Perfect Money) and other currencies of a similar nature in the country. It stated that it doesn’t recognize digital curre

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CBM cuts interest rates for the 3rd time to support economy

The Central Bank of Myanmar (CBM) will cut interest rates for the third time this year to support the country’s economy amid the COVID-19 outbreak, state-run media quoted a statement of the central bank on Wednesday. According to the statement,

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