Dollars and other foreign currencies are being sold in order to stabilize the exchange rate, as well as checking and inspecting exchange counters, although the dollar price has risen to 3,700 kyats today, according to the foreign exchange market.
Between January 1 and March 4, the central bank issued and sold 15 dollars to the foreign exchange market, selling 149.31 million dollars in total. In addition, from February 2 to March 15, foreign currency was sold four times for a total of $10 million using the Online Trading Platform for Exporters and Importers. The sales totaled 7 million Chinese yuan and 122 million Thai baht. Similarly, on January 1st, the central bank printed and sold 4 million US dollars worth of Chinese yuan via the SWAP facility.
Similarly, the consumer goods and pharmaceutical sectors are treated independently, rather than the foreign exchange market. electricity sector; $1.4 million for agricultural and telecommunications importers; they sold 4.2 million Chinese yuan and 13.5 million Thai baht, as well as the dollars required by enterprises that import gasoline twice, for a total of 22.15 million dollars.
In addition to issuing and selling dollars and other foreign currencies, money changers are routinely inspected, and money changers who fail to comply with the provisions of the Foreign Exchange Management Law face temporary suspension and permanent revocation of their business licenses in accordance with Section 35 of the Foreign Exchange Management Law.
More than five money changers had their licenses canceled on March 6, when the exchange counters were randomly inspected for noncompliance with the Foreign Exchange Management Law restrictions. A total of 12 money changer licenses have already been suspended, with five for three months and two for six months.
The Central Bank of Myanmar is now constructing an Online Trading Market that will involve exporters, importers, and banks in order to develop the foreign currency market and stable the exchange rate. Small foreign currency required for international travel are sold at exchange counters supervised by Myanmar’s Central Bank.
However, the dollar’s price rose to more than 3,500 kyats per dollar in the second week of February, after falling down to 3,500 kyats in early February due to ongoing dollar selling. The central bank minted and sold dollars again, but the price began to rise on February 22 to 3,600 kyats per dollar, and it is now at 3,700 kyats per dollar.
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