The Central Bank of Myanmar (CBM) is making efforts to raise the value of kyat and prevent dollarization by making use of Myanmar currency compulsory for all transactions across the country to make the kyat stronger and to curb illegal hoarding of money, Xinhua reported quoting CBM Deputy Governor U Bo Bo Nge said.

U Bo Bo Nge recalled that the government has allowed the opening of foreign currency exchange counters across the country.

However, it has been found that cash payments are being made using foreign currencies at hotels, restaurants, private schools established by foreign investors, flat rentals to foreigners and souvenir shops.