The Central Bank of Myanmar (CBM) has increased its official reference exchange rate from Ks 1,246 to Ks 1,266 per US dollar over the last five days.
This week, foreign currency exchange rates at currency exchange booths were set around Ks 1,275 per dollar, despite the official reference rate.
The exchange rate of kyats per dollar has been rising steadily throughout this year, particularly since June 4, when the CBM’s reference rate was Ks 1,097 per dollar. However, at the same time, one dollar was worth Ks 1,165 in the market.
One June 10, the reference foreign rate was Ks 1,105 per dollar, but at money changers it was Ks 1,300 per dollar.
Later, the CBM raised the reference rate to match market prices.