Myanmar (Burmese) state media on September 24 announced the distribution of new currency notes from the central bank of Myanmar. The new notes are in 5000 kyat denomination, and will be started distribution on first October. The new note will be the same size as other notes currently in use in Myanmar. Currently, the largest currency note in Myanmar is 1000 kyat, which is approximately US$ 0.90. Rumors of new 5000 kyat notes had been circulating in Myanmar since 2006. Due to massive inflation
According to some observers from Yangon, most official overseas job agencies will not extend their license this year. There are currently 132 officially registered overseas employment agencies operating in Yangon. Among them, at least half are probably not going to extend their license this year, according to one overseas job agent from Kyauktada Township in Yangon. The reason, he said, is difficulty finding jobs for the workers overseas. All of them have to extend their license every year.
According to the official figure from Myanmar Hotel and Tourism Ministry, the arrival of foreign tourists to Myanmar drop by 25 percent compared to 2007. The foreign tourist arrival to Myanmar in 2007 was 248,076 while the arrival in 2008 was only 193,319, down by about 50,000 visitors.
“Major port of arrival to Myanmar is through Yangon Airport. During and after the Cyclone Nargis, the airport had to be closed down. Recently, the Suwannabumi Airport in Bangkok was also closed due to demonstrations
In recent months, some of the consultants and specialists in Myanmar increase their consultation fees in the private hospitals in Myanmar. This causes some dismay among their patients who find it more and more difficult to find money to pay for the increasing health care cost.
Last year, in tandem with the increase in general consumer prices, consultation fees of doctors, consultants and specialist also increased. Although some of the prices of commodities and food already fall down a little, the
In a secretly circulated document, Myanmar’s Central Bank in Naypyitaw has acknowledged that fake 500 kyat currency notes were circulating in the market and it has sent an eight-point guideline to all financial institutes to check for fake notes.
The document, a copy of which is in Mizzima’ possession, said a study in the wake of the seizure of fake 500 kyat notes in Nam Hkam township in Northern Shan State in November 2008 reveals that the fake notes are waxed and it is extra-smooth to the
Rice prices in Myanmar are falling. However, fall in price is mainly in the price paid to the rice farmers for rice grain. The price of polished rice sold in the domestic market remains high. Current grain price for low grade rice is 250,000 kyat (about US$ 250) per 100 tin (Burmese system for measuring rice and grain, equivalent to 66 sacks), while the price for high grade rice is currently at 450,000 kyat (US$ 450) per 66 sacks. (Rice in Burma is usually sold in sack). This is the price paid to rice farmers by the millers.
Polished rice at the wholesale market is currently at 14,000 to 16,000 kyat (US$ 130 – 150) per sac for low grade rice, while high grade rice is sold at more than 24,000 kyat per sac. Usually, 66 sacks of grain will yield 32 sacks of polished rice after milling. At this rate, 66 sacks of grain (bought at 250,000 kyat would yield more than 500,000 kyat (double the buying price).........
As of 1 April 2012, Central Bank of Myanmar has officially float the kyat in the market. Currently, there is not much difference between the official rate and black market. Official rate now reflects the actual market rate.
Be very careful of using unofficial money exchanges. There are several incidents where customers are cheated by these unofficial money exchangers. If possible, use only official licensed money exchanges. You can find them at the airport,