CBM issues notice again to take action against currency manipulators

The Central Bank of Myanmar (CBM) warned of currency manipulators who spread malicious rumours of CBM changing a US dollar reference exchange rate to K2,500, trying to devalue their own currency and interfere with forex market stability to face legal actions, according to a notification dated 31 March.
Rumours have been circulating to disrupt the forex market in recent days. Therefore, the CBM issued this notice again.
There is no way for the CBM to set the new reference exchange rate. Investigation and Prosecuting of market manipulation to hike the exchange rate in the local forex market with malicious rumours will be undertaken, according to the Central Bank of Myanmar’s statement.
The CBM has been steering foreign currency flows. The market is quite stable for now. The CBM is using necessary monetary policy to achieve price stability. However, those unscrupulous are attempting to intervene in the market to lower their own currency value against the US dollar.
The reference exchange rate set by the CBM is K2,100 while it is exchanged at K2,850 in the unauthorized market. — TWA/EM

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