CBM raises exchange rate to K2,100 per dollar

The Central Bank of Myanmar has increased its reference currency exchange rate from K1,850 per dollar, which remained unchanged over four straight months, to K2,100 per dollar on 5 August.
The CBM announced that the people have to change their foreign incomes into Myanmar kyats starting 3 April within one day at K1,850 per dollar, and exchange other foreign currency at K1,850 per dollar.
However, the reference exchange rate rose to K2,100 per dollar but it must exchange only 65 per cent of export incomes. Therefore, the people can keep 35 per cent of export incomes in dollars. When the CBM reference exchange rate was K1,850 per dollar, it was over K2,500 per dollar in the market. Therefore, it has a large impact on the export of agricultural products and the export volume declined, said the merchants.
Moreover, the dollar price is not stable and the Myanmar kyat price drastically declines. The local gold prices also become high and it reaches K2.4 million per tical of pure gold in the market.
Therefore, the authorities inspected the foreign exchange counters and gold entrepreneurs.
In September 2021, the foreign exchange rate hit a record over K3,000 per dollar while K2,220,000 per tical of pure gold in the local market. — NN/GNLM

Share this post
Hot News
Hot News
Moeyungyi Reservoir distributes water to over 53,000 acres of summer paddy in Yangon, Bago regions
2.1 mln+ citizens to receive CSCs in 9 months
Naga nationality traditional dance course offers for new generations
Shweyaungdaw Pagoda to host Buddha Pujaniya festival in Beikthano Ancient Cultural Zone
Research papers invited by Livestock and Aquacultural Research Department of MoALI
MoBA holds 5th Myanmar traditional Htamane-making competition
DPM UM of MoTC attends 13th collective blood donation ceremony of MPT
Myanmar joins 45th Meeting of High-level Task Force on ASEAN Economic Integration (HLTF-EI)
Ministry of Information holds Myanmar traditional Htamane-making competition
DVB TV News’ Facebook Page spreads fabricated news