• Burmese
Friday, July 11, 2025
No Result
View All Result
NEWSLETTER
The Irrawaddy
26 °c
Yangon
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
No Result
View All Result
The Irrawaddy
No Result
View All Result
Home News Burma

Car Policy Change Helps Push Exchange Rate to New High

Kyaw Hsu Mon by Kyaw Hsu Mon
December 21, 2015
in Uncategorized
Reading Time: 2 mins read
0 0
A A
Car Policy Change Helps Push Exchange Rate to New High

Cars wait at a traffic intersection in downtown Rangoon. (Photo: Steve Tickner / The Irrawaddy)

4.3k
VIEWS
Share on FacebookShare on Twitter

RANGOON — The Burmese government has altered the country’s car import policy, one of a number of recent developments to see the foreign exchange rate climb to an eight-year high against the greenback.

The new policy, set to come into effect on Jan. 1, stipulates that the only type of automobiles manufactured between 2006 and 2013 allowed for import are private passenger vehicles. Buses, trucks and other vehicles must be manufactured between 2014 and 2016 to qualify for import permission. Separate import permits have been created for the two categories, with importers required to pay taxes based on the vehicle’s list value.

Local sellers have until Dec. 24 to import automobiles under the current policy.

RelatedPosts

Drafting Voters as Cannon-Fodder; Rewarding Lackey Ladies; and More

Drafting Voters as Cannon-Fodder; Rewarding Lackey Ladies; and More

July 5, 2025
1k
To Belarus for Bullets and Ballot Scam; A Bogus Peace Forum; and More

To Belarus for Bullets and Ballot Scam; A Bogus Peace Forum; and More

June 28, 2025
1.1k
Trade and Traffic from Thai Border Region Dwindle as Checkpoints Multiply

Trade and Traffic from Thai Border Region Dwindle as Checkpoints Multiply

June 19, 2025
1.5k

The ban on imports of older models of buses and trucks will raise business costs at a time when Burma is laboring under a structural trade deficit, which has helped weaken the value of the local currency by over 30 percent against the US dollar since November 2014.

Since the policy was announced on Dec. 15, the official exchange rate set by the Central Bank of Myanmar has climbed to 1,307 kyats per dollar, while black market traders are offering prices of around 1,315 kyats. The rate is the highest since the aftermath of the 2007 Saffron Revolution, when the black market was offering around 1,400 kyats on the dollar.

“There’s been an increase in demand for the dollar recently because the old car import policy is set to expire very soon,” said Soe Tun, chairman of the Myanmar Automobile Dealers Association. “But I think the value of the kyat will increase again once we’ve passed this month’s deadline.”

A number of other factors are also depressing the value of the kyat. The World Bank forecast a slump in Burma’s economic growth in October, following the wet season’s nationwide flooding disaster and lower than expected foreign investment pledges.

The US Federal Reserve’s decision to raise interest rates for the first time since 2006 also suggests the American economy is continuing its slow recovery from the depths of the global economic crisis at the end of last decade, and has helped the US dollar continue to perform strongly against other currencies.

Maung Aung, senior economist at the Ministry of Commerce, said that the next government faced a number of challenges in attempting to reverse the kyat’s slide.

“Our export values are going down, especially for natural gas, jade, and gems,” he said. “We also need to stabilize everything, economically and politically.”

Yet Myo Thet, vice president of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), is optimistic that this stability can be achieved under the incoming government.

“We need an inflow of dollars from abroad. Investors have a ‘wait and see’ attitude during this politically uncertain period in time, which is why large quantities of investments have yet to come into Burma. I think that dollar prices will stabilize more quickly once the new government is sworn in,” he said.

“The new government needs to adopt effective economic policies. It’s also important that it adopts clear policies, because if the policies are good, the economy will be good, too,” he added.

Your Thoughts …
Tags: A_FactivaAutomobilesDevelopmentElectionForeign RelationsTrade
Kyaw Hsu Mon

Kyaw Hsu Mon

The Irrawaddy

Similar Picks:

Drone Attack at Myanmar-China Border Gate Causes Over $14m in Losses
Business

Drone Attack at Myanmar-China Border Gate Causes Over $14m in Losses

by The Irrawaddy
November 27, 2023
38.6k

Jin San Jiao is latest northern Shan State trade hub in crosshairs of ethnic Brotherhood Alliance.

Read moreDetails
General Close to Myanmar Junta Boss Placed Under House Arrest, Interrogated for Corruption
Burma

General Close to Myanmar Junta Boss Placed Under House Arrest, Interrogated for Corruption

by The Irrawaddy
September 14, 2023
28.7k

The arrest of ‘kickback king’ Lt-Gen Moe Myint Tun, once seen as a possible successor to Min Aung Hlaing, comes...

Read moreDetails
Myanmar Junta Counteroffensives Failing Across Country: Analysts
Analysis

Myanmar Junta Counteroffensives Failing Across Country: Analysts

by Hein Htoo Zan
September 20, 2024
16.8k

Three major operations to retake territory from ethnic armies and their allies are being hampered by troop shortages, experts say.

Read moreDetails
Indian Blockade Isolates Myanmar’s Rakhine, Pressures Arakan Army to Leave Chin State
Burma

Indian Blockade Isolates Myanmar’s Rakhine, Pressures Arakan Army to Leave Chin State

by The Irrawaddy
June 28, 2024
13.3k

An ethnic Chin group on India’s border has cut off the last major supply route to Rakhine and issued an...

Read moreDetails
Singapore and Indonesia in Spotlight Over Illegal Arms Exports to Myanmar
Guest Column

Singapore and Indonesia in Spotlight Over Illegal Arms Exports to Myanmar

by Bertil Lintner
October 3, 2023
11.7k

Two recent cases reveal how companies have evaded local and international rules to supply the junta with military hardware.

Read moreDetails
Karen Ethnic Army Launches Final Push to Capture Myawaddy on Thai Border
Burma

Karen Ethnic Army Launches Final Push to Capture Myawaddy on Thai Border

by The Irrawaddy
April 9, 2024
10.3k

The KNLA and PDF groups launched an attack on the last junta battalion defending Myawaddy on Tuesday afternoon and were...

Read moreDetails
Load More
Next Post
Political Dialogue to Begin Jan. 12

Political Dialogue to Begin Jan. 12, as Inclusivity Concerns Linger

Info Minister

Info Minister, Union Parliament Speaker Defend ‘Pension’ Plan

No Result
View All Result

Recommended

China’s Surveillance State Watches Everyone, Everywhere

China’s Surveillance State Watches Everyone, Everywhere

3 days ago
806
‘Reforms Are Not Optional’: Prominent Activist Urges NUG to Act Before It’s Too Late

‘Reforms Are Not Optional’: Prominent Activist Urges NUG to Act Before It’s Too Late

1 day ago
805

Most Read

  • Chinese Investment Reshapes Myanmar’s N. Shan as MNDAA Consolidates Power

    Chinese Investment Reshapes Myanmar’s N. Shan as MNDAA Consolidates Power

    shares
    Share 0 Tweet 0
  • Chin Resistance Tensions Boil Over as CNA Seizes Rival’s Myanmar HQ

    shares
    Share 0 Tweet 0
  • ‘Reforms Are Not Optional’: Prominent Activist Urges NUG to Act Before It’s Too Late

    shares
    Share 0 Tweet 0
  • Myanmar Junta Deploying Conscripts in Major Push to Reclaim Lost Territory

    shares
    Share 0 Tweet 0
  • Trump’s Tariffs to Hit Myanmar’s Garment Manufacturers Hard

    shares
    Share 0 Tweet 0

Newsletter

Get The Irrawaddy’s latest news, analyses and opinion pieces on Myanmar in your inbox.

Subscribe here for daily updates.

Contents

  • News
  • Politics
  • War Against the Junta
  • Myanmar’s Crisis & the World
  • Conflicts In Numbers
  • Junta Crony
  • Ethnic Issues
  • Asia
  • World
  • Business
  • Economy
  • Election 2020
  • Elections in History
  • Cartoons
  • Features
  • Opinion
  • Editorial
  • Commentary
  • Guest Column
  • Analysis
  • Letters
  • In Person
  • Interview
  • Profile
  • Dateline
  • Specials
  • Myanmar Diary
  • Women & Gender
  • Places in History
  • On This Day
  • From the Archive
  • Myanmar & COVID-19
  • Intelligence
  • Myanmar-China Watch
  • Lifestyle
  • Travel
  • Food
  • Fashion & Design
  • Videos
  • Photos
  • Photo Essay
  • Donation

About The Irrawaddy

Founded in 1993 by a group of Myanmar journalists living in exile in Thailand, The Irrawaddy is a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region. From its inception, The Irrawaddy has been an independent news media group, unaffiliated with any political party, organization or government. We believe that media must be free and independent and we strive to preserve press freedom.

  • Copyright
  • Code of Ethics
  • Privacy Policy
  • Team
  • About Us
  • Careers
  • Contact
  • Burmese

© 2023 Irrawaddy Publishing Group. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Business
    • Economy
    • Business Roundup
  • Books
  • Donation

© 2023 Irrawaddy Publishing Group. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.