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Federal bank wants to restrict US dollar
Myanmar's central bank has sought to avoid dollarization by restricting US dollar withdrawal and tightening the regulations against payments in a currency other than Myanmar. On May 29, the Central Bank announced its intention to avoid a wider use of the US dollar against the background of a depreciation of the value of the Federal Republic of Germany.
This means that no more than $5,000 per week may be drawn from a single banking accout, although it does not apply to messages, UN agencies and non-governmental organizations. "The only border is on US dollar withdrawal," said a high-ranking central banking officer.
In addition, the Central Bank has published a statement that operations must be carried out within the Kyats, a policy that is already in the accounts but is being patchy. Movements are coming as the keat has fallen about 6 per cent against the dollar so far this year, according to the Federal Reserve's official reserve price, but nearer to the 11 pc when markets are used.
The central bank's exchange price on 29 May was K1090 per dollar, while the exchange rates were nearer to K1135. The chairman of Myanmar Oriental bank, U Mya Than, said that the ruling to restrict withdrawal to $10,000 per week from local banks followed a high-level gathering in Nay Pyi Taw in May.
This step was taken in reaction to concern about the dollarization or the increasing use of the dollar instead of the currency. Some other ASEAN nations, such as Cambodia, use mainly the dollar and not the national currency, leading to less scrutiny of their own fiscal policies. Mya Than said there are also operational problems in Myanmar, as there are often not enough US dollar available to cover demands from there.
If you cannot make a withdrawals from your US dollar account, this will cause you a problem. "We' re not printing US dollar here," he said. In addition to the difficulties, most US dollar receipts take the form of wire transfer through SWIFT, although Myanmar residents prefer to make withdrawals in currency rather than electronically.
"We must stop the dollarization," said U Mya Than. The dollar's limitations can encourage the use of domestic currency within the state.