Central Bank of Myanmar (CBM) said that the exchange rate transacted on the online trading platform is the actual currency value and the Dollar was exchanged at over 2,900 Kyats on June 22 when the online trading platform started.
In 2013, the CBM implemented a forex market for interbank transactions among authorized dealers and bank-customer transactions for foreign exchange market development. International forex trading platform (Refinitiv) helped the authorized dealers deliver a complete function for inter-bank transactions. The CBM has been managing online trading for bank-customer transactions.
Starting on June 22, the CBM led the online trading platform for bank-customer transactions and transactions between clients. The total turnover for the trading of the six authorized banks was $6.89 million with an exchange rate of 2,920 – 2,922 Kyats per $. Furthermore, the CBM also provided USD SWAP Financing and sold 1.2 million dollars.
The exchange rate transacted on online trading platforms determines the actual value and the rate in shady dealings and posted on social media platforms are just grey market rates, CBM has warned. The CBM will provide SWAP Financing for the essential goods in need and intervene in the forex market, according to the notification issued on June 21, 2023.
