Dollar black market undermines Burma’s banks
Lenders say they have been forced to turn to unlicensed brokers for scarce dollars to keep the wheels of trade turning.
Lenders say they have been forced to turn to unlicensed brokers for scarce dollars to keep the wheels of trade turning.
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This week’s business news: rice exports suspended; foreign firms bid for gas venture; first Malaysian bank opens; Japan pledges to Rangoon rail project.
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This week in business; Myanmar Brewery in deal dispute, Mercedes releases new car for Rangoon traffic, and a Thai telecoms firm ventures into the Burmese market.
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As Burmese kyat falls, the Central Bank of Myanmar warns foreign currency exchange operators to sell foreign bank notes only within official rates.