Central Bank purchases record amounts of USD

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
Thai SCB granted license to setup local bank in Myanmar

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

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

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,
Inflation hits year-high in December 2019

Inflation hits year-high in December 2019

Myanmar’s Central Statistical Organization (CSO) released the latest inflation figures for 2019 showing that the annual rate of inflation in Myanmar, based on the Consumer Price Index, stood at 8.81 percent in December. The average inflation ra
Central Bank removes trading band

Central Bank steps into currency issue

The Central Bank of Myanmar (CBM) has announced that it has removed a 0.8 percent trading band around a reference rate for the Myanmar kyat in moves that have been welcomed by the business community, according to an article in Frontier. The trading b