Public Notification: Statement by the Central Bank of Myanmar

The Central Bank of Myanmar issued a statement on Friday. It stated that in order to ensure stability in foreign currency exchange rate and to avoid market manipulations, the Central Bank is providing the service for foreign currency exchange via Online Trading Platform for importers at a rate of 3,375 kyats per dollar.

The small scale exchange of foreign currency is also granted at the private banks for the convenience of public in case of medical treatment, scholarship, pilgrimage and job purposes. Public can receive currency exchange services at the designated banks in Yangon, Mandalay, Nay Pyi Taw and Taunggyi.

In Yangon, services are being provided at three KBZ branches, 5 AYA Bank branches and four UAB Branches including the facilities in Yangon International Airport.

In Mandalay, the currency exchange services can be available at three KBZ branches, two AYA Bank branches and three UAB Branches. These counters granted exchange of 300 US dollars to 500 US dollars at a rate of 3,100 kyats per a dollar.

Likewise, in Nay Pyi Taw, each branch of KBZ, AYA Bank and UAB is providing currency exchange services. And the services can also be available at the KBZ Branch (1) in Taunggyi. These work processes have already been notified via the Official Website of the Central Bank of Myanmar as well as the social media platforms and official websites of the KBZ, AYA and UAB Banks respectively.

The Statement mentioned that despite these efforts, there are instigations, aiming to cause instability in currency exchange rates and high exchange rates via various social media platforms, Apps and websites.

Plans have been made to take action to 15 illegal entities for spreading fabricated news as well as for illegal operating of foreign currency exchange services.

Efforts are being made with the rule of law organizations for taking actions in line with the Section 505(A) of the Criminal Law, Section 68(A) of the Communications Law and Sections 38 and 42 of Foreign Currency Management Law.

Public is advised to be cautious of disinformation fabricated by the market manipulators, and to receive the service at the official exchange counters. Daily online trading rate can be available at the website of the Central Bank of Myanmar.