The Central Bank of Myanmar (CBM) sold three million US dollars, two million yuan and 40 million Thai baht for importers/exporters through online trading platforms on 3 April 2024.
CBM sold US$18 million, 12 million yuan and 312 million Thai baht in March, $77.38 million and 850 million Thai baht in February and $68.33 million, 313.5 million Thai baht and 4.2 million yuan in January 2024.
The reference exchange rate set by CBM is K2,100 against a US dollar, while it is valued at some K3,880 at the over-the-counter market at present. The exchange rates currently stand at K105 for a Thai baht and K526 for a yuan.
CBM allowed the authorized dealers (private banks) to operate online forex trading freely as per the market rate depending on supply and demand, starting from 5 December 2023.
Additionally, the outward remittance procedures must adhere to the rules and regulations specified by the Foreign Exchange Supervisory Committee. — NN/EM
