CBM ends fixed exchange rate, permits sales at market rate
The Central Bank of Myanmar (CBM) announced on December 5 that it will no longer set the exchange rate for foreign currency transactions and will allow sales according to the market rate.
Foreign currency trading (AD) licensed banks, when conducting transactions in the foreign currency market (online trading), stated that the exchange rate will not be set by the CBM, but will be freely conducted according to the market rate depending on the exchange rate submitted by those who want to sell and buy foreign currency in the market.
It has been informed that foreign currency purchased in the market should be transferred by the procedures specified by the Foreign Exchange Supervisory Committee.
Asia News Network