The Central Bank of Myanmar (CBM) sold US$166.71 million, 18.2 million yuan, and 1.529 billion Thai baht for exporters and importers in the past four months (January-April) 2024, with a view to curbing the volatile exchange rate in the local forex market.
According to CBM notification on 15 March, it joined hands with law enforcement agencies to combat and prosecute those who attempted to manipulate the currency market under the existing laws.
The reference exchange rate set by CBM is K2,100 against a dollar, while it peaked at some K3,960 in the over-the-counter market at present. The exchange rates currently stand at K107 per baht and K538 per yuan.
CBM allowed authorized dealers (private banks) to operate online foreign exchange trading freely as per the market rate depending on supply and demand, starting from 5 December 2023.
Additionally, the outward remittance procedures must adhere to the rules and regulations stipulated by the Foreign Exchange Supervisory Committee. — NN/EM
