Page 2 - Win Thaw News Today

The kyat has tumbled about 50% since the military seized power in February.

COVID restrictions and a civil disobedience movement have hit normal economic activities and are hurting exports.

The plunging kyat is already taking its toll on the economy, with some businesses shutting down because they are unable to cope with rising costs of imports and raw materials.

A Central Bank of Myanmar official says a new rule requiring exporters to sell excess foreign exchange to banks within 30 days of receipt is helping to bring the exchange rate down

New restrictions are announced after Myanmar’s shadow government launches a lottery campaign.

In addition, a bank must obtain authorisation 30 days before hiring a foreign national and some senior posts must be held by local citizens.

Message : Required fields BANGKOK (Reuters) - Myanmar is limiting the number of foreign staff allowed to work in domestic banks, a move that industry sources warn could further impede financial development in a country that had seen a boom in foreign investment before the military coup. A letter dated Aug. 2 and posted on the central banks website said major banks can now employ no more than 25 foreign staff, 15 at a medium-sized bank and eight at small lenders. In addition, a bank must ob...

Banks now set limits on amounts that can be withdrawn, as the Central Bank makes fewer disbursements and ATMs run short of cash.

YANGON (Bloomberg): The Central Bank of Myanmar said bank deposits are safe as people continued to form long queues outside banks and automated teller machines amid curbs on cash withdrawals imposed in the wake of nationwide anti-coup protests. Banking operations are gradually returning to normal after being disrupted by a civil disobedience movement launched by pro-democracy supporters, according to central bank Deputy Governor Win Thaw. "No one will lose his or her money at the banks, we guar...