Banking Sector: Meeting on foreign exchange rate and financial matters

19 May 2024
2024-05-19 11:50

Governor of the Central Bank of Myanmar (CBM) Daw Than Than Swe presided over a coordination meeting on foreign exchange rate and financial matters, as well as the trading and banking system in Yangon.

At the meeting, the Governor said the Central Bank of Myanmar set policies to stabilize the exchange rate, and the Online Trading Platform is an official market for buying and selling foreign currency. CBM also releases the rate on its Facebook page and website and also takes action against illegal sales.

The CBM sells the needed foreign currency depending on the demand/supply via Online Trading Platforms. And, the Governor called for cooperation in implementing the policies of the CBM and controlling the price manipulators. She also discussed financial matters including the payment for trading via the official banking system, return of export income during the fixed time, foreign currency procurement by AD licensed banks to the beneficiary owner on the Online Trading Platform and making the import licences via the banking system for border trading.

Also, the Governor urged the AD-licensed banks to follow the rules and regulations of CBM. She also stressed the actions taken by the Monitoring and Steering Committee on the gold and currency market. And, deputy minister for Commerce and UMFCCI secretary coordinated the discussion.                   

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