Myanmar bans use of foreign currency for local payments

Foreign-Currency

YANGON, May 27 (Bernama): The Central Bank of Myanmar (CBM) on Wednesday (May 26) banned foreign currency for local payments to stabilise the foreign exchange rate in the country.

The bank asked government agencies to pay with only Myanmar kyat, saying the use of foreign currencies for domestic payments could lead to higher demand for dollars and cause exchange rate instability, reported Xinhua.