Myanmar central bank formally drops forex trading ‘band’
Central bank follows IMF recommendation and also lowers official exchange rate
The Central Bank of Myanmar has formally dropped its “trading band” on foreign exchange trading, it announced on August 13.
Today (August 17), it also lowered the official exchange rate, putting the official exchange rate at 1,498 kyats to the US dollar. This is 4.8% lower than the official rate on August 1 and 10% lower than the rate recorded at the beginning of the year. A local media source, the Frontier, reports that the central bank has also dropped its trading band around the kyat.
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