Myanmar Bans Public Sector’s Use of Dollar for Local Payments
- Central bank asks ministries to use kyat instead of dollar
- Domestic use of dollar leads to exchange rate fluctuation: CBM
A man counts Myanmar kyat banknotes at a market in Yangon.
Photographer: Brent Lewin/Bloomberg
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Myanmar’s military government asked the public sector to stop using dollars for domestic payments in an effort to reduce the use of foreign currencies in the country.
The Central Bank of Myanmar sent a notification on Wednesday to all ministries, provincial governments and municipal bodies to use only kyat, the national currency, for domestic consumption and payments of government agencies and enterprises. Deputy Governor Win Thaw told the ministries and local authorities to report to the central bank about the circulation of the instructions among respective departments.