CBM: exchange rate determined on forex online trading platform

The Central Bank of Myanmar (CBM) notified that the exchange rate transacted on the online trading platform is the actual currency value and the US dollar was exchanged at over K2,900 on 22 June when the online trading platform started.
In 2013, the CBM implemented a forex market for interbank transactions among authorized dealers and bank-customer transactions for foreign exchange market development.
International forex trading platform (Refinitiv) helped the authorized dealers deliver a complete function for inter-bank transactions. The CBM has been managing online trading for bank-customer transactions.
Starting on 22 June, the CBM led the online trading platform for bank-customer transactions and transactions between clients. The total turnover for the trading of the six authorized banks was US$6.89 million with an exchange rate of K2,920-2,922.
AP Financing and sold 1.2 million dollars.
The exchange rate transacted on online trading platforms determines the actual value and the rate in shady dealings and posted on social media platforms are just grey market rates, the CBM warned. The CBM will provide SWAP Financing for the essential goods in need and intervene in the forex market, according to the notification issued on 21 June 2023. — NN/EM

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