Foreign Exchange Policy Reform and Informal Currency Deals in Myanmar

2023 Fiscal Year Final Research Report

• Project/Area Number: 18K01640
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07040:Economic policy-related
• Research Institution: Gakushuin University (2021-2023); Institute of Developing Economies, Japan External Trade Organization (2018-2020)
• Principal Investigator: Kubo Koji 学習院大学, 国際社会科学部, 教授 (00450528)
• Project Period (FY): 2018-04-01 – 2024-03-31
• Keywords: ミャンマー / 外国為替市場 / 非公式な経済

Outline of Final Research Achievements

This study examines why Myanmar's private exporters and importers continue to engage in informal foreign currency transactions even after the 2012 reforms eliminated dual exchange rate conditions. In place of a firm survey, which could not be conducted due to the political upheaval in Myanmar, this study uses firm survey data from Cambodia, where foreign currency transactions outside banks are as common as in Myanmar, to analyze firms' choice of foreign currency exchange between banks and non-banks. The results revealed that the degree of cash use and exchange rate perceptions influence the choice of foreign currency exchange method. Furthermore, case studies of Myanmar's border trade and worker remittances confirmed that informal foreign currency markets combined with remittance systems have developed and provided competitive services that outperform the formal market.

Free Research Field

地域研究

Academic Significance and Societal Importance of the Research Achievements

2021年の軍事クーデター以降、裁量的な規制が次々と導入されているミャンマーでは非公式な経済活動の拡大が推測されるが、そうした事象についての研究は限られている。本研究は、ミャンマーの非公式な経済活動について社会的関心に応えるものとして意義がある。