YANGON: The Central Bank of Myanmar (CBM) Wednesday banned foreign currency for local payments to stabilise the foreign exchange rate in the country.The bank asked government agencies to pay with only Myanmar kyat, saying the use of foreign currencies for domestic payments could lead to higher demand for dollars and cause exchange rate instability, reported Xinhua.The move came after the CBM found out that some government agencies and organisations were using foreign currencies for local payments, the central bank said in a statement on Wednesday.“Some government agencies were using and accepting foreign currencies in some of their activities including renting lands, capital investments for
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