The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) made a request to the Private Sector Development Committee chaired by Vice President U Myint Swe to allow providing exchange services for the Chinese Yuan and Korean Won.

U Kyaw Min Hlaing, President of Hotel and Tourism Working Committee of MBI under the UMFCCI, argued that, if Myanmar offers a visa free program to other countries with an aim of boosting tourists, we should provide a currency exchange for those countries too.

UMFCCI urged the government to allow exchanges for the currencies of the countries, which are enjoying visa free benefit granted by Myanmar, because there are illegal exchanges for those currencies.

“The authorities said that they are in talks with counterparts of the other countries and we will know about it soon,’’U Kyaw Min Hlaing added.

“A Chinese Yuan stands at about 220 Myanmar kyats. In Lasho in Northern Shan State, you can exchange Yuan at a highway station, but you can’t exchange a large amount, only a few thousand. Some businessmen send Myanmar kyat to Kokang in Northern Shan State, where they exchange for Yuan. In Mu-se, the border town, people are conducting a currency exchange from a simple chair and a table,’’said Ko Soe Min, a resident in Lasho.

Currently, Myanmar allows the U.S. dollar, Singapore dollar, Euro, Ringgit, and Baht in exchange centers, but does not allow other currencies. However, there are illegal exchanges for unapproved currencies.

In addition to currency exchange, UMFCCI also urged government to allocate a stable budget in order to boost tourism marketing activities, and to add inbound pilgrim tours into tourism by law while letting them to renew the license.

Source From Myanmar Business Today