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

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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.


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