CBM instructs to set forex rate ± 0.3 percent
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Khit / Phoo (NP News) - Aug 11
Central Bank of Myanmar instructed to set the foreign exchange rate within the margin of ± 0.3 percent of the reference rate.
The instruction was activated on August 10, 2022.
This notification was issued after the CBM increased the forex reference rate to 2100 MMK per dollar.
The central bank’s notification ± 0.3 percent of the forex rate will affect the businesses that hold licenses of Authorized Dealer (AD) or Money Changer (MC), and the company or organization that does not have MC license but doing business of remittances and transfers to/from abroad.
The central bank informed that action will be taken as per the Foreign Exchange Management Law and the related regulations if exceeding the specification.
On November 10, 2021, the CBM determined a reference rate of ± 0.5 % for selling, purchasing, and exchanging foreign currency.