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Dollar crunch prompts new rule, remittance service for Myanmar workers

23 Sept 05:38 Key points summarised by AI

Myanmar's KBZ Bank launched a digital remittance service with Thailand's Kasikorn Bank, combining their Kpay and KPlus apps for migrant workers.
This new service coincides with an official requirement for Myanmar migrant workers in Thailand to remit at least 25% of their income back home.
The initiative aims to address an intensifying dollar crunch in Myanmar by channeling foreign currency into the country's banking system.
Workers and their families express concerns over high transaction rates and unfavorable bank exchange rates compared to the private market.
While enforcement details are still unclear, recruitment agencies may be tasked with ensuring the mandatory 25% remittance through official banking channels.

Today 09:24 Key points summarised by AI

Thailand secured a US$200 million loan from the World Bank to significantly invest in clean energy and low-carbon urban development initiatives.
The program aims to drive clean energy funding and low-carbon growth, ensuring a just transition for small and medium-sized enterprises, workers, farmers, and local communities.
Channelled through the Export-Import Bank of Thailand, the loan will fund energy efficiency upgrades in public buildings and industrial areas, including rooftop solar installations and electrical system modernizations, reducing initial capital burdens via Energy Service Companies (ESCOs).