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YGEA reference price dips as gold spot price falls

Yangon Region Gold Entrepreneurs Association’s reference price declined to K2,197,000 per tical (0.578 ounce or 0.016 kilogramme) tracking the decrease in gold spot prices. As the gold price rallied to $1,955 in the international market, the reference price increased to K2,303,200 per tical on 2 February. On 4 February, the price moved down to K2,197,200 per tical following the spot price dipping to $1,865 per ounce. The figures indicated an increase of $90 per ounce and over K100,000 per tical within two days.

Despite the YGEA’s reference price, the pure gold spiked at K2,830,000 per tical in the unofficial market, showing a large gap of over K600,000 per tical. YGEA calculated the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100, with some addition, while the US dollar is exchanged at K2,860 in the unofficial forex market. The price of gold in the domestic market is highly correlated with the gold spot prices and dollar exchange rate.

The soaring dollar exchanging at over K4,500 drove the pure gold price up to a record-high of K3.7 million per tical in late August 2022. For the gold price to decline, the Ministry of Natural Resources and Environmental Conservation has been selling gold ingots in Yangon, Mandalay and Nay Pyi Taw under the auction system. With an aim at reducing gold prices, the YGEA and Mandalay Region Gold Entrepreneurs Association sold gold bullion supplied by the executive members and the members as well.

Source: The Global New Light of Myanmar

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Kyat weakens to K2,850 against US Dollar on 18 Jan

Kyat stopped falling against greenbacks and the Kyat-US Dollar counter rate has dipped to K2,850 in the local forex market. During 12-15 January 2023, the hard currency was around K2,900 in the unauthorized market. Thereafter, the rate slid again following the meeting of the governor of the Central Bank of Myanmar (CBM) with the money changers (non-bank financial institutions) on 16 January 2023. As they are highly involved in the foreign exchange business, the governor directed them to keep the CBM posted on any market manipulation that destructs price stability.

Consequently, the exchange rate decreased a bit. The CBM set the reference exchnge rate at K2,100 against the US dollar, showing a large price difference of K700 compared to the unauthorized market rate. However, there is no way to set the new price, as per the notification released on 15 January. Some unscrupulous people were allegedly spreading fraudulent news to manipulate the market and attempt to make the dollar gain, stating that changing reference prices and repaying financing for the fuel oil companies, according to the statement. The CBM injected liquidity into the banking sector.

Approximately US$108 million will be sold within 45 days in the market through foreign salary transfers. CBM has set the currency trading band at 0.3 per cent for the Kyat to fluctuate between these two specified upper and lower exchange rates for transactions, selling or buying, according to a directive issued by the CBM on 10 August 2022. Therefore, financial institutions including banks and informal money changer are instructed to set a dollar value at K2,100 for buying and K2,106 for selling. However, those rates are not effective in trading for now. Last August, a dollar value hit an all-time high of over K4,500 in the grey market. Consequently, the CBM sold dollars at its auction market for the sectors in need, to control the soaring dollar. A total of $443.8 million were sold at an auction rate in 2021 as well. 

Source: The Global New Light of Myanmar

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YGEA reference price soars to K2.262 mln per tical tracking global gold spot prices

The reference price of gold climbed to K2.262 million per tical (0.578 ounce or 0.016 kilogramme) in the domestic market following the increase in global gold spot prices, Yangon Region Gold Entrepreneurs Association stated. At the end of last year, global gold spot prices stood at US$1,823 per ounce and the yellow metal was set at K2,147,500 per tical by the YGEA. As the price rallied to $1,920 in the international market, the reference price rose to K2,262,000 per tical. The figures indicated an increase of $97 per ounce and over K110,000 per tical. Despite the YGEA’s reference price, the pure gold spiked at K2,850,000 per tical in the unofficial market, showing a large gap of K580,000 per tical.

YGEA calculated the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100, with some addition, while the US dollar is exchanged at K2,880 in the unofficial forex market. Meanwhile, Myanma Gems Enterprise (MGE) sold the gold at K2.5 million per tical despite the large gap. On 4 January, as a celebration of the 75th Anniversary Independence Day (Diamond Jubilee), new designs of 1 tical and 0.5 tical gold coins have been on sale at the respective shops in Nay Pyi Taw, Yangon and Mandalay of the MGE from 5 January 2023, along with other old coins. Pure gold is offered at K2.5 million per tical. The gold coin amounted to K2.58 million per tical, including making charges of K80,000. The final price of gold is K1.292 million per 0.5 tical with making charges of K42,000.

For 0.25 tical, the market value is K647,000 including making charges of K22,000. The price of gold in the domestic market is positively related to the global gold spot prices and dollar exchange rate. The soaring dollar exchange at over K4,500 pushed up the pure gold price to a record-high of K3.7 million per tical in late August 2022. For the gold price to decline, the Ministry of Natural Resources and Environmental Conservation has been selling gold ingots in Yangon, Mandalay and Nay Pyi Taw under the auction system. With an aim at reducing gold prices, the YGEA and Mandalay Region Gold Entrepreneurs Association sold gold bullion supplied by the executive members and the members as well.

Source: The Global New Light of Myanmar

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Gap in commodity opening and selling prices emerges in markets

Although there is a daily notification of the opening prices of the commodities traded in the commodity depots, a shortage or an abundance of goods has led to price changes in the market time after time, some buyers said. As for onions, commodity depots in the Bayintnaung Market set the opening price at 7 am depending on different origin regions. Depots from some regions often opened more than one price for onion based on its quality. The opening price for potatoes is announced around 10 am. Customers arrive at the Bayintnaung Market before 7 am every day, the opening time of commodity depots.

They speculate the situation of opening prices based on the inventory information of some depots. They pre-order the desired amount of goods on days when the opening prices may increase due to the low availability of goods. Only then, can buyers get the goods when they are in short supply. When commodity depots are overstocked, dealers purchase commodities only after the declaration of opening prices. Brokers sell the commodities, based on the depot opening price, at a higher price owing to high demand and low stock of goods, and at a lower price for bad quality goods and excess goods. Some retail shops in the market can get unpopular commodities at a low price, through the credit system.

Thus, associated people have to inquire about the price changes in the market in addition to the opening prices of commodity depots. Dealers from Yangon have to check the actual purchase price in regions besides the daily opening prices so that they can adjust the selling prices with other dealers. The supply of onion and chilli pepper to the border and some major cities in the delta region has decreased. Thus, direct exports from the origin regions have emerged, resulting in a lower price of commodities due to the lack of brokerage fees. Commodity depots in regions set their opening prices depending on that of the Bayintnaung Market before. Nowadays, brokerage house owners evaluate their opening price by monitoring the market price in other regions as well.

Source: The Global New Light of Myanmar

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Pure gold price rallies to K2.733 mln per tical in domestic market

The prices of pure gold hovered in the bear market with over K2.733 million per tical (0.578 ounces, or 0.016 kilogram) in the domestic market. The price has risen tracking the increase in global gold spot price, which stands at US$1,845 per ounce. Therefore, Yangon Region Gold Entrepreneurs Association (YGEA) raised the reference price to K2,173,500 per tical. There is a price difference of over K550,000 per tical between the YGEA’s reference price and the market price.

YGEA calculated the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100, with some addition, said U Myo Myint, chair of YGEA. The US dollar is exchanged at K2,850 in the unofficial forex market. Meanwhile, YGEA called for the gold shops in Yangon Region to sell pure gold at K2,530,000 per tical, according to its notification released on 30 October 2022. The soaring dollar exchanging at over K4,500 pushed up the pure gold price to a record-high of K3.7 million per tical in late August.

For the gold price to decline, the Ministry of Natural Resources and Environmental Conservation has been selling gold ingots in Yangon, Mandalay and Nay Pyi Taw under the auction system. With an aim at reducing gold prices, the YGEA and Mandalay Region Gold Entrepreneurs Association sold gold bullion supplied by the executive members and the members as well. Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on Gold and Currency Market was formed on 21 January 2022 as gold and currency market stability play a crucial role in the trade facilitation.

Source: The Global New Light of Myanmar

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CBM reassures public about maximum security of banknotes

The Central Bank of Myanmar (CBM) is making concerted efforts to ensure maximum security of banknotes, said Dr Lin Aung, deputy governor of the CBM. He gave the remark at the coordination meeting of banknotes distribution and management matters held on 27 December in Nay Pyi Taw. The CBM has the sole right to publish currency notes and manage the currency. The CBM is prioritizing the security features of the notes, detecting fake notes and eliminating soiled notes.

It will implement exchanging of the notes which have been excessively soiled, brittle and mutilated. The investigation will be undertaken to spot counterfeit notes and seize those counterfeit money sellers and distributors. Under the Union Bank of Burma Act 1952, the Union Bank of Burma’s new financial department was bestowed power to issue the currency notes and commenced the central bank’s banking operations on 1 July 1952.

After that, the promissory notes are amended. Newly issued notes included 1-, 5-, 10-, and 100-Rupee notes. Then, the Kyat currency was connected. Kyat note bears the watermark of a peacock. For the second time, the banknotes had an image of Bogyoke Aung San in military uniform in 1958. Bank notes of K1,5,10 and 100 were issued on 12 February 1958 and 21 days after, K20 and 50 notes were issued respectively. It is the first-ever currency note issued in Myanmar. 

Source: The Global New Light of Myanmar

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Year-end review of currency, gold and fuel oil market

Currency market volatility resulted in price swings in gold and fuel oil in 2022. The World Bank did not issue a Gross Domestic Product growth forecast for Myanmar. Other than Myanmar, the GDP growth forecasts stand at 2.9 per cent for Thailand, 3.8 per cent for Laos, 4.5 per cent for Cambodia, 2.4 per cent for Timor-Leste, 5.9 per cent for Viet Nam, 5.1 per cent for Indonesia, 5.5 per cent for Malaysia and 5.7 per cent for the Philippines. Myanmar is the only country among the ASEAN that the World Bank did not issue a GDP forecast.

Myanmar was hit the hardest by the pandemic-stricken economy and the political changes. The interrelations among three essential key players in the economy (the USD, gold and fuel oil prices) diversified the country’s economy. Stability of those markets matters to the economy. As a result of this, under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability plays a crucial role in the trade facilitation.

The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules or not in the domestic market, and proceeding against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, by-laws and regulations in line with the official directives, illegal foreign currency holding, illegal trade and taking legal actions against price manipulators.

Furthermore, the officials concerned will crack down on those people involved in charging a percentage for money withdrawals at the banks as shadow money. People can file complaints with the committee regarding threats to financial stability, as per this notification. In 2022, Myanmar’s currency, gold and oil prices fluctuated wildly. The remarkable factors of the changes are revealed as follows.

Foreign exchange market
The Central Bank of Myanmar frequently issued directives and notifications this year with the impacts of the uncertainty of the foreign exchange market. According to the provisions stipulated in Sections 11, 12 and 13 of the Foreign Exchange Management Law, all the foreign currency earned by locals has to be exchanged for local currency at the Central Bank of Myanmar’s reference rate by opening the accounts at the authorized dealers (ADs) in the country within one working day, according to the notification released on 3 April 2022. The reference exchange rate for the US dollar was set at K1,850.

The aforementioned notification is effective for all foreign currency accounts opened at the ADs before 3 April 2022. From 4 April, outward remittance is to be undertaken through the ADs under the approval Foreign Exchange Supervisory Committee (FESC) and further directives are to be issued. The statement mentioned changes in the CBM’s reference rate will be further noticed. Those who fail to comply with those directives will face legal action under the Foreign Exchange Management Law. The impacts of those notifications negatively affected the exporters depending on the export value transactions.

Afterwards, the directive released on 30 June said that transactions for the exports of agricultural products including corn, rice, bean and oil crops are to be made in dollars instead of Yuan-Kyat/Baht-Kyat. Therefore, export earnings have to be exchanged for US dollars according to the reference rate of the Central Bank of Myanmar (K1,850). Nonetheless, there is a large gap between the regulated rate and the unauthorized rate of the US dollar. Consequently, it weighed on agricultural exports and exports drastically fell compared to the previous years. Of agricultural products exported to China through cross-border posts, rice and broken rice exports are given green light to proceed with Yuan as before.

According to the US dollar policy, 65 per cent of earnings must be exchanged for local currency at the CBM’s reference foreign exchange rate, while exporters can use 35 per cent of export earnings or transfer or sell them to Authorized Dealers or others with an over-the-counter rate within one month. Rice export was excluded from that restriction. The US dollar was valued at only K1,900 in early 2022. Then, Kyat depreciation hovered and weakened at K3,000 in the grey market. Therefore, the relevant authorities also interrogated some gold traders and currency exchange operators in end-July.

Thereafter, the CBM made the four-month fixed rate of K1,850 hike to K2,100 on 5 August. To strengthen the domestic currency in the local forex market, the CBM set CBM set the currency trading band at 0.3 per cent for the Kyat to fluctuate between these two specified upper and lower exchange rates for transactions, selling or buying, according to a directive issued by the CBM on 10 August 2022. Therefore, financial institutions including banks and informal money exchanges set a dollar value of K2,100 for buying and K2,106 for selling.

Nonetheless, those rates are not effective in trading for now. Despite the CBM’s notifications, a dollar value hit an all-time high of over K4,500 in the grey market at the end of July. The prices of pharmaceuticals, commodities, consumer goods, raw materials and other imported goods inflated, triggering a shortage of medicines and some important items. The CBM practised foreign exchange intervention to steer its own currency value and sold the US dollar from the state’s reserve funds at an auction rate for the edible oil, fuel oil and medical sectors. Thanks to the CBM’s intervention, the Kyat-US dollar exchange rate declined to K2,850 at the end of the year.

Gold market
Domestic gold prices moved up and down this year along with instability in the currency market. Gold export came to a halt owing to the restriction of international flights amid the pandemic. The price of gold was only K1,820,000 per tical (0.578 ounce or 0.016 kilogramme) in early 2022. The gold price had a bumpy ride because of the chaos in the foreign exchange market. In a bid to end the black market and stabilize the volatile prices, Yangon Gold Entrepreneurs Association urged the members and gold traders to seek a business licence for gold shops and licence for gold bar transactions and it will take action against those unauthorized dealers involved in online trade platforms under the existing laws, according to its statement released on 17 May.

Additionally, the CBM released a statement on 3 April 2022 that gold transactions were to be made depending on the reference exchange rate (K1,850) to control the price rally. YGEA called for an urgent meeting on 8 April. The meeting determined to carry out gold transactions depending on the CBM’s reference exchange rate. However, it has not come into force yet. The local gold price correlates with the global gold spot price and foreign exchange market.

The soaring dollar exchanging at over K4,500 pushed up the pure gold price to a record-high of K3.7 million per tical in late August. The Ministry of Natural Resources and Environmental Conservation declared the sales of gold coins weighing one tical, 0.5 tical and 0.25 tical through state-run media on 2 September. The gold coins have been on sale at Nay Pyi Taw’s Gems Emporium from 5 September, except on public holidays. The sales have expanded to new locations in the Yangon and Mandalay regions in addition to Nay Pyi Taw.

The governor of the Central Bank of Myanmar (CBM) and officials of the Monitoring and Steering Committee on the Gold and Currency Market discussed matters regarding the stability of the gold and currency market in the afternoon of 14 September in Nay Pyi Taw. At the meeting, the governor of the CBM remarked on the further coordination of the departments concerned, gold bar transactions to be made with the banking system and operations of the banks, further support of the ministries concerned and the CBM to achieve price stability, and further cooperation between gold businesspersons and the officials.

Then, on 30 September, the seven private banks opened special counters at the designated 48 branches to offer banking services for gold transactions. The seven private banks are providing banking services by opening special counters at their 48 branches in Yangon and Mandalay regions and Mon State (Mawlamyine) to facilitate gold transactions with the banking payment system. Those banks are Kanbawza Bank (KBZ Bank), Co-operative Bank (CB Bank) PCL, Ayeyawady (AYA) Bank, Myanmar Apex Bank (MAB), UAB Bank, Yoma Bank and Ayeyawady Farmers Development Bank (A Bank). With an aim at reducing gold prices, the YGEA and Mandalay Region Gold Entrepreneurs Association sold gold bullion supplied by the executive members. the members, gold refinery shops and traders as well.

The Ministry of Natural Resources and Environmental Conservation sold three visses of gold ingots each in Yangon and Mandalay under the auction system on 6 October. This move resulted in the gold price decrease of K2,697,000 per tical at the end of the year. Despite the YGEA’s reference price of K2,140,000 per tical, the market price still rocketed to K2,697,000 per tical. There is a price difference of over K500,000 per tical between the reference price and the market price. YGEA calculated the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100, with some addition. The dollar was exchanged at K2,850 in the black market in the end-2022. Meanwhile, YGEA called for the gold shops in Yangon Region to sell pure gold at K2,530,000 per tical, according to its notification released on 30 October 2022.

Fuel oil market
In 2022, the fuel oil market went up and down along with the currency market. Ninety per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally. The domestic fuel price is highly correlated with international prices. The State is steering the market to mitigate the loss between the importers, sellers and energy consumers. Consequently, the government is trying to distribute the oil at a reasonable price compared to those of regional countries.

Some countries levied higher tax rates and hiked oil prices than Myanmar. However, Malaysia’s oil sector receives government subsidies and the prices are about 60 per cent cheaper than that of Myanmar. Every country lays down different patterns of policy to fix the oil prices. Myanmar also poses only a lower tax rate on fuel oil and strives for energy consumers to buy the oil at a cheaper rate. Myanmar annually imports 6 million tonnes of fuel oil from foreign countries. As a result of this, the global crude oil prices and currency market conditions highly affected the fuel oil market.

In early 2022, the prices touched a low of K1,390 per litre for Octane 92, K1,440 for Octane 95, K1,375 for diesel and K1,385 for premium diesel. Tracking the Kyat devaluation against the US dollar in the forex market, a fuel oil price rally happened. The Ministry of Commerce in coordination with the Myanmar Petroleum Trade Association carried out a scheme to distribute fuel oil at fairer rates through the government-sponsored petrol station chains. And, the energy consumers could buy them in early 2022. The total volume of fuel oil that is sold at very cheap rates is equivalent to the amount that the oil importers directly purchased the foreign currency from the CBM.

The Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil is issuing the daily reference rate for oil to offer a reasonable price to energy consumers. The reference rate is calculated as per the price index set by the Mean of Platts Singapore (MOPS), shipping cost, profit margin, premium insurance, tax and other general costs. The rates for regions and states other than Yangon are evaluated after adding the transportation cost and the retail reference rates daily cover on the state-run newspapers and are posted on the media and official website and Facebook page of the department on a daily basis starting from 4 May.

The committee is inspecting the fuel stations whether they are overcharging or not. The authorities are taking action against those retailers of fuel stations under the Petroleum and Petroleum Products Law 2017 if they are found overcharging rather than the set reference rate. The committee is steering the oil sector effectively not to have a shortage of oil in the domestic market and ensure price stability for energy consumers. In early August, some fuel stations in regions and states ran out of oil following the surging US dollar.

Some petrol stations were allegedly suspending fuel sales and setting limited sales on the possible shortage of fuel oil, sparking consumers’ concerns and raising fuel prices. They seemed to take advantage of the consumers’ concerns for their benefits, according to the statement released by the Central Committee on Ensuring Smooth Flow of Trade and Goods on 16 August. The committee has assured adequate fuel supply until end-August. It is also working together with Myanmar Petroleum Trade Association to ensure a steady fuel supply for energy consumers to mitigate concerns, the statement mentioned.

The consumers can complain about the halt in fuel sales and limited sales through the contact numbers of the respective regions and states if they find those stations that violate the rules, the committee stated. Nonetheless, fuel prices continued to gain at K2,605 per litre of Octane 92, K2,670 for Octane 95, K3,245 for diesel and K3,330 for premium diesel at the end of August. The CBM also announced on 31 August that it will provide more than US$200 million through the foreign exchange market according to the decision made by Foreign Exchange Supervisory Committee to ease the commodity inflation triggered by fuel price spike. Later, the fuel prices slightly declined. The year-end market data showed that the fuel prices stood at K2,010 per litre for Octane 92, K2,080 for Octane 95, K2,365 for diesel and K2,445 for premium diesel.

Source: The Global New Light of Myanmar

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CB Bank sets K2,865 for foreign income inward remittance with additional contribution of K40 per dollar

The government of Myanmar provides K30 per dollar (an equivalent amount of foreign currency) in the salary remitted by Myanmar citizens abroad. The authorized CB Bank will add another K10 to this government’s contribution of K30. When their family members withdraw cash, they will get an additional contribution of K40 per dollar and a dollar exchange rate is set at K2,865, the CB Bank notified.

Those additional contributions cover the foreign income by Myanmar citizens including seamen and Myanmar migrant workers. Only the remittance of foreign salary through the authorized banks is entitled to this. In addition to the additional contributions and commission, they are exempted from tax on foreign income inward remittance under the Union Tax Law. The dollar over-the-counter market rate is estimated at over K2,800.

Transaction is made when the customers and sellers agree on the price. The Central Bank of Myanmar notified on 28 October 2022 about this additional contribution by the government for salary remittance of Myanmar citizens abroad from 1 November. The authorized banks for foreign exchange (KBZ Bank, CB Bank and UAB Bank) are adding the additional support fund of the government, as per the respective statements. This move is to support and encourage the Myanmar workers abroad who are earning foreign earnings for the State.

Source: The Global New Light of Myanmar

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Dollar exchanged at K2,850 higher than CBM’s reference rate

Although the Central Bank of Myanmar (CBM) set the reference exchange rate at K2,100 per dollar, it reached K2,850 per dollar in the market, according to local forex traders. The CBM released a statement at a reference rate within the margin of ± 0.3 for selling, purchasing and exchanging foreign currency on 10 August.

Therefore, the banks and business persons including exchange counters set the purchase price at K2,100 per dollar and the selling price at K2,106 per dollar. Despite the set prices, the purchase price was K2,835 per dollar while the selling price was K2,9855 per dollar in the unauthorized market on 17 December. Thus, the CBM declared on 15 December that there is no plan to fix the reference rate, despite a gap between the market price and the reference price.

Some unscrupulous traders spread rumours of possible changes in CBM’s reference rate and the various reasons for rising dollar prices, to manipulate the market, the CBM stated. In addition, CBM sold US$ 108 million, including USD liquidity and salary transactions, into the market in 45 days and announced further selling in the future. Also, the hard currency US dollar hit a high of over K4,500 in the forex market at August-end. Consequently, the CBM sold dollars at its auction market for the sectors in need, to stabilize the exchange rate. A total of US$443.8 million were sold at an auction rate in 2021 as well. 

Source: The Global New Light of Myanmar

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Kyat depreciation against US dollar slows significantly

Myanmar managed to hold back Kyat depreciation against greenbacks and the Kyat-US Dollar over-the-counter rate has dipped in the local forex market. In August, a dollar value hit an all-time high of over K4,500 in the grey market. The prevailing exchange rate is K2,820 for buying and K2,850 for selling in the grey market.

However, the Central Bank of Myanmar (CBM) set the reference exchange rate for the US Dollar at K2,100. In order to strengthen the domestic currency in the local forex market, the CBM set the currency trading band at 0.3 per cent for the Kyat to fluctuate between these two specified upper and lower exchange rates for transactions, selling or buying, according to a directive issued by the CBM on 10 August 2022.

Therefore, financial institutions including banks and informal money exchanges are instructed to set a dollar value at K2,100 for buying and K2,106 for selling. However, those rates are not effective in trading for now. Consequently, the CBM sold dollars at its auction market for the sectors in need, to control the soaring dollar.

A total of $443.8 million were sold at an auction rate in 2021 as well. Last September 2021, a dollar value hit a peak of over K3,000 in the black market, pushing pure gold up to K2.22 million per tical. Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability play a crucial role in the trade facilitation.

The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules in the domestic market, and proceeding against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, by-laws and regulations in line with the official directives, illegal foreign currency holding, illegal trade and taking legal actions against price manipulators.

Source: The Global New Light of Myanmar