The Central Bank of Myanmar has set a foreign exchange rate of 2,100 kyats per US dollar, but it was around Ks3,330 on the black market on October 17, according to foreign currency dealers.

Despite the bank’s reference rate of Ks2,100, US dollar exchange rates available last year  in the black market were around Ks2,890 per dollar on November 28, 27 and 26 and around Ks2,900 on November 25.

On October 31 last year, it was Ks2,990 per dollar.

Exchange rates of other foreign currencies available on August 8 this year in the black market were Ks3,700 per eruo, Ks2,500 per Singapore dollar, Ks750 per Malaysia ringgit, Ks98.50 per Thai baht, Ks470 per Chinese Yuan, and Ks24 per Japanese yen.

On August 27, 2022, the Central Bank announced that online businesses illegally trading foreign currencies would face effective action under the foreign exchange management law and regulations.