Black market dollar rate drops after CBM pressure

The exchange rate for the US dollar is going down on the black market as the Central Bank of Myanmar (CBM) applied pressure on private banks not to manipulate the market, according to private banks and black market dealers.

The CBM warned the private banks on November 19 not to influence the dollar exchange rate as the value of the Myanmar kyat was plummeting.

On November 20, the selling rate at the Thein Phyu exchange counter was Ks 1,052 per dollar and buying rate was Ks 1,044. In the black market, the selling rate was about Ks 1,055 and the buying rate was about Ks 1,050. The selling rate of the private banks was around Ks 1,052 and the buying rate was around Ks 1,043. The CBM fixed the index of the exchange rate to Ks 1,044 per dollar on November 20.

On November 21, Thein Phyu exchange counter bought Ks 1,040 per dollar and sold Ks 1,048. In the black market, the dealers bought around Ks 1,046 per dollar and sold around Ks 1,047. Private banks bought about Ks 1,043 per dollar and sold about Ks 1,052. The CBM fixed the index of the exchange rate at Ks 1,040 per dollar on November 21.

Although the earning rate was Ks 1,080 per dollar on November 19, it had gone down to around Ks 1,060 per dollar in November 20 and about Ks 1,045 per dollar in November 21, according to foreign exchange sources.

Although the US dollar exchange rate was stable in early October, the fixed rates of the CBM and Thein Phyu exchange counter increased from October 5. The exchange rate was increased to around Ks 1,080 per dollar but decreased constantly from November 20.


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