CBM says no plan to change reference exchange rate

The Central Bank of Myanmar (CBM) has no plan to change the reference exchange rate and it will maintain USD liquidity and Kyat Liquidity providing operations, according to the CBM’s notification released on 26 May.
Additionally, the CBM will sell more foreign currencies at the FX counters of the relevant banks.
To stabilize and enhance the FX market, the CBM has been providing liquidity through local banks. It helps reduce the need for US dollar liquidity and Kyat liquidity for the businesspersons and stabilize the exchange rate, the statement mentioned.
However, those unscrupulous are attempting to take advantage of some people by manipulating the FX market with false rumours.
This being so, the CBM announced that it has no plan to change the reference exchange rate. The CBM will continue to provide USD liquidity and Kyat liquidity.
Those studying abroad, working abroad under the foreign recruitment program of the Ministry of Labour and going abroad for medical treatment are entitled to buy large amounts of foreign currencies at the banks’ FX counters and the CBM has planned to sell the cards for international payment during the set period.
The CBM warned the people of malicious rumours regarding the FX market.
Investigation and prosecution of market manipulation to hike the exchange rate in the local forex market by disseminating incorrect information will be undertaken under the provisions stipulated in the Central Bank of Myanmar Law and Foreign Exchange Management Law. Tipping off about the manipulators can be done through the CBM’s email: [email protected]. — NN/EM

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