On December 6, the world dollar price index was around 96 points and the foreign exchange rate was around 1,788 kyats per dollar, but it was being sold at around 1,860 kyats at exchange counters, according to foreign currency traders. Although the foreign exchange rate has reached over 1,700 kyat per dollar, most of the exchange counters are selling dollars at around 1,900 kyat per dollar.
selling foreign currency; purchase; After the central bank issued an instruction to set the exchange rate within the 0.5% range, the market price fell by about 170 kyats per dollar, and on the morning of November 10, the market opened at around 1,780 kyats per dollar.
If the requirement is exceeded, the Foreign Exchange Management Law, Action will be taken according to foreign exchange management regulations. The directive will take effect on November 10, 2021.
The exchange rates of other foreign currencies in the local market on December 6, 2021 are Euro 2020 kyat, 1,320 Singapore dollars Malaysian ringgit 42 kyats 54.5 Thai baht Chinese Yuan 290 kyats 16 Japanese yen.
Selling foreign currencies; purchasing After the central bank issued instructions to set the central bank’s reference exchange rate within the framework of 0.5%, foreign exchange counters are selling at around 1,900 kyat per US dollar.
The foreign exchange operations of the Central Bank of Myanmar in the short term are the increase in the foreign exchange rate; Comparing the exchange rate of the Burmese kyat and the US dollar on a business day to the previous day’s reference exchange rate to minimize overhead; According to such a comparison, if the percentage of Myanmar Kyat’s depreciation exceeds the threshold according to the established rules, open a competitive auction to sell foreign currency (US dollars).
It is reported that the Central Bank of Myanmar has amended Article 35 of the Foreign Exchange Management Regulations with the approval of the Union Government of the Union of Myanmar, exercising the authority conferred by Section 49 Subsection (a) of the Foreign Exchange Management Law.
On December 6, the world gold price was around 1,780 dollars, and the domestic gold price reached 1,769,000 kyats, according to gold dealers.