Exporters ask for exchange solution
Yangon business leaders have joined a call for the new government to address exchange rate regulations, which they say are causing difficulties for exporters trying to convert their earnings back into Myanmar kyat. The problem is that the Central Bank only allows lenders to conduct foreign exchange transactions within a band set at 0.8 percent above or below the Central Bank’s daily reference date. Banks have long chafed at this restriction, because, they say, the reference rate often fails to reflect market reality and when it does customers turn to the informal market.
