The Myanmar Retailers Association (MRA) has requested the government to deal with the scarcity of a lower denomination kyat notes at the 18th regular meeting held between the Vice President U Myint Swe and businessmen on 6 July.
“The scarcity of small currency notes can scale up the commodity prices somehow. Exchange for notes of a lower denomination can be made at the Central Bank of Myanmar (CBM). However, there are many difficulties on the ground. Bank staff often respond by saying there is a shortage of small notes. We cannot exchange them at the same value, but purchase a bundle of Ks200 notes, giving extra money depending on the market price,” said U Myo Min Maung, MRA vice chair.
At present, retailers need to exchange lower denominations from YBS bus owners. However, it does not provide a solution to this problem due to the high demand for small notes.
“We hope private banks provide small notes when withdrawing money. It will help solve this problem to a certain extent. Money exchange at CBM is limited for them,” U Myo Min Maung maintained.
The MRA has submitted many reports to deal with this problem.
An official from the CBM responded to the MRA request at the meeting between the Vice President and traders, saying they will print new small notes, and that money exchange can be made at the CBM.
By May Thet Hnin