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Myanmar warns against dollarization

Xinhua, January 3, 2017 Adjust font size:

The Central Bank of Myanmar (CBM) has warned the private sector against cash payment in U.S dollars in order to prevent dollarization, Director General of CBM U Win Thaw told Xinhua Tuesday.

The CBM also instructed related ministries and regional governments in December to reduce the local demand of U.S. dollars as the country's foreign exchange rates were unstable.

According to the instruction, local cash payments by such businesses as education services, airlines and hotels shall use kyats only.

U Win Thaw said that the CBM will take measures on businesses which do not follow the instruction.

The CBM once issued a similar warning in late 2015 when U.S. dollar exchange rate surged high. However, it did not do well due to the weakness of the enforcement by ministries and the private sector.

The local foreign exchange rate broke the 10-year record in December as the demand was suddenly ascending. Endit