US Dollar exchange rate stabilizes after CBM declares for free online trading

137200615 15270666204951n
The USD exchange rate has steadied following the CBM's announcement, allowing for free trading at market prices. Photo: Xinhua

The US dollar exchange rate has gradually stabilized due to free trading at market price after the announcement of the Central Bank of Myanmar (CBM) on 5 December for Authorized Dealer (AD) licensed banks to trade freely in the financial market.

It stated that CBM would not fix the exchange rate for online trading by AD-licensed banks, while sellers and buyers would be free to trade at the market rate.

After AD-licensed banks traded US dollars at the market rate, it stabilized around K 3500 a dollar starting from 6 December.

US dollar exchange rates were K 3550, K 3550, K 3560, K 3550, K 3550 and K 3560 a dollar on 6, 7, 8, 9, 10 and 11 December respectively

Similarly, the rates were K 3540, K 3540, K 3540, K 3540, K 3530, K 3525 and K 3525 a dollar on 12, 13, 14, 15, 16, 17 and 18 December respectively.

It then gradually dropped to K 3520 on 19 December and the rates were K 3500, K 3500, K 3510, K 3510, K 3510 and K 3510 a dollar on 20, 21, 22, 23, 24 and 25 December respectively.

MT/ZN

Share this post
Hot News
Hot News
5253 Rakhine students pass matriculation exam amidst various difficulties
Umbrellas for kids sell better
First honouring ceremony to elderly Deva Experts held in Myanmar
High-quality Japan used toys and model cars attract customers
Education conference must contribute to emergence of better results for State’s future
Myanmar’s agri-produce exports cross US$970M in Apr-May
MoNREC designates Yone Taung protected public forest in Haka
Myanmar, Indian Armed Forces to forge friendly ties, further cooperation
MIFER Union Minister receives UAE Ambassador
MoHA Union Minister discusses custody of exhibits