Tag: Exchange Rates

Banks close, gold traders urge calm

Banks and gold traders alike have urged calm amid rumors and uncertainty. Internet outages forced several banks to suspend operations over the weekend, and this week KBZ closed all of its Yangon branches after many of its workers walked out to join o

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US dollar exchange rate against Kyat rises to 1,400

State media reported that the Central Bank of Myanmar (CBM) sold USD 3 million from the state’s foreign reserves on 14 December, making the US dollar reach MMK 1,400 on December 15th in the local forex market. Coupled with the vaccine development a

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Central Bank purchases record amounts of USD

State-media reported that the Central Bank of Myanmar (CBM) purchased record amounts of USD currency in September and October 2020, respectively USD 44.2 and 43 million, to try and maintain the MMK exchange rate as steady as possible. “The instabil

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