Executive summary
Kyat per US dollar on four measures
Myanmar · MMK per USD · mid-2026
Source: [CBM Jun 2026]; [Bloomberg May 2026]
Treat Myanmar as a corridor to serve from outside through licensed partners, not a market to build in, until the rate gap and the FATF review settle.
Bloomberg May 2026 = Bloomberg, remittance rules, 15 May 2026 · CBM Jun 2026 = CBM reference and weighted rates, Jun 2026 · FATF Jun 2026 = FATF public statement, 19 Jun 2026 · Tilleke Jan 2026 = Tilleke & Gibbins on Notification 2/2026 · Yoma FY2026 = Yoma Strategic FY2026 results · Kira estimates = KIRA analyst triangulation
Bank-led wallets dominate: KBZPay alone claims 22 mn users and nearly doubled its transactions in 2025
Wallets owned by the large private banks carry everyday payments; the non-bank leader is shifting from fees to float.
22 mn
KBZPay users, close to 60% of adults
[Huawei 2026]
KBZPay annual transactions
Myanmar · number of transactions, bn · 2024-2025 · vendor case study
Source: [Huawei 2026]
Any foreign corridor needs a payout into KBZPay or WavePay; those two wallets are the last mile for most households.
Huawei 2026 = Huawei enterprise case study on KBZPay, 2026 edition (vendor source)
The answer in three lines
A forced formalisation. Worker remittances recorded through official channels reached about US$5.6 bn in 2025, up from US$670 mn in 2022 [Bloomberg May 2026], after rules made migrants send 25% of income through licensed banks.
Profit sits in float and spread, not fees. The leading non-bank wallet's interest income rose 79.0% in FY2026 while its revenue fell 29.7% [Yoma FY2026]; exporters still convert 15% of earnings at the reference rate [Tilleke Jan 2026].
Access is capped from outside. FATF keeps Myanmar on its call-for-action list with enhanced due diligence and will weigh countermeasures if there is no progress by October 2026 [FATF Jun 2026].