Junta bans public sector’s use of US dollar for local payments

THE military government has asked the public sector to stop using dollars for domestic payments in a bid to reduce the use of foreign currencies.

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 on the circulation of the instructions among respective departments.

“Kyat must be inevitably used in domestic payments but we’ve found that the US dollar is being used in some hotels, restaurants, international schools, souvenir shops and lease of properties to foreigners,” Win Thaw said.

He added that government agencies were also using dollars in some activities, including land leases, capital investments for insurance businesses and income from joint ventures. — Bloomberg

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