On May 25, local time, the Central Bank of Myanmar issued an announcement requiring all domestic transactions in the country to be paid in kyat. The announcement stated that due to the widespread use of foreign currency payments in the country, resulting in increased demand for foreign currency and unstable exchange rates, various companies such as insurance companies, hotels, restaurants and foreign-invested schools that were previously operating in foreign currency are required to be priced in foreign currencies. Payments must be made in kyat at the time of transaction, and all foreign currency income must be opened in a foreign currency account with a licensed bank and converted into kyat within one working day.
Source: CCTV News
