Plans are underway to make sure foreign currencies are traded in the official market aiming to control high commodity prices, says Governor of Central Bank of Myanmar(CBM) Daw Than Than Swe.     

The CBM governor pointed out the plan  during a recent meeting held in Nay Pyi Taw on August 19.

“In a proactive move to curb soaring commodity prices, Myanmar is actively engaging in foreign currency trading in the legal markets. This initiative is accompanied by a strategic implementation of interest rate and monetary policies, aligned with the nation’s macroeconomic landscape. The gathering served as a platform to explain and deliberate on issues pertaining to foreign trade payments. Intending to streamline financial transactions and cater to the market’s foreign currency demand, the CBM has taken several steps to ensure exchange rate stability. These measures encompass the sale of US dollars to entities involved in the motor oil, edible oil, and import sectors through private banks. Furthermore, the institution is harnessing the Back-to Back SWAP Facility to meet the escalating demand for US dollars. In a bid to enhance accessibility for importers seeking foreign currency,” said Than Than Swe.

The CBM Governor underscored the introduction of an online trading system on 22 June 2023 and she also emphasized the establishment of transparent criteria for fair online trade, reassuring that transactions meeting these criteria will be facilitated.

Concerning foreign exchange rates, she stressed the need for alert against the influence of online and social media narratives that might drive unwarranted price hikes and illegal activities, which are not grounded in market fundamentals and data. 

And then those attendees  discussed about online trading, devising comprehensive strategies to stabilize commodity prices, and addressed situations where goods prices surge due to illicit trading practices.