Kyat weakens to over K3,500 against US dollar

Kyat depreciated to over K3,500 against the greenback at the over-the-counter market.

The Kyat-dollar exchange rate was only K3,380 on 1 December, and the rate surged to K3,550 on 6 December in the forex market.

Central Bank of Myanmar no longer sets a reference exchange rate and allows authorized dealers to trade dollars at a liberalized exchange rate, according to a notification released on 5 December.

CBM will not intervene in the forex market with a fixed exchange rate, and the authorized banks are entitled to exercise online trading according to the market rate determined by supply and demand dynamics.

Additionally, the CBM notified that outward remittance must comply with the rules and regulations of the Foreign Exchange Management Committee. — NN/EM

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