Myanmar all moveAll Myanmar are moving
Change to US dollar attracts resistance
Myanmar sites of The Pizza and Swensen's have started to show US dollar pricing, although there will be changes in Myanmaryat. This move was criticized by clients and people using corporate communications who wonder why the price is in a different one. Corporate officers accused fluctuations in the domestic currencies as profit-eaters, which necessitated the changes in policies.
According to officials, Myanmar-Kyat has lost around 23.5 per cent against the US dollar this year. Formerly the K1266 per US Dollard was the formal currency quote. This step by the two groups, which are sharing a joint regional operating company, has met with resistance from the consumer. Kos Htet Wai considers himself a Swensen icecream enthusiast, but said that switching to paying US bucks means the articles are potentially more costly now.
"They should be able to view the prize in Myanmar Kyoto and modify it as they wish," he said. Mr. Ko Htet Wai said he would now keep an eye out for the currency rates when he plans an icecream trip. All Swensen's and The Pizza Company stores in Myanmar have published notifications of this new guideline.
Mr Ko Zaw Paing, Swensen, Myaynigone site executive, said the business relies on import and faces a difficult and volatile environment of currencies. "The US Dollars do not fluctuate so much in other currencies, but in Myanmar the currencies fluctuate frequently," he said. Notice from the firm, so his clients could be alert to the new policy, he said.
When clients want to make payments in Myanmar, they can do so at the Myanmar Central Bank's officially quoted price, which is generally slightly lower than the price on the subprime mortgage-exchanges. While The Pizza Company is a Bangkok-based food and beverage company, Swensen's was established in the United States but has since relocated its head office to Canada.
The two Myanmar based companies belong to EFG Co., a subsidiary of RMA Group. Nevertheless, the enterprise with its current sites had to accept casualties, so that it had to change its mode of paying.