The online trading program between banks and customers, led by the CBM, started in the foreign currency market on June 22, and US$6.89 million were sold to six banks at the rate of 2,920/2,922 kyat per dollar and the exchange rate stated online are illegal, announced the Central Bank of Myanmar (CBM).

The CBM announced that the online trading program between AD licensed banks and customers, and buying and selling between customers has started from June 22.

It has been implemented by the CBM since 2013 to develop the foreign currency market between AD licensed banks, and between AD licensed banks and customers.

Foreign exchange trading between AD licensed banks is carried out through the Refinitiv platform, an international dealing platform. The CBM is planning to enable online trading of foreign currency between AD licensed banks and customers.

On June 22, 2023, under the leadership of the CBM, trading between AD licensed banks and customers and buying and selling between customers was started through online trading.

Initially, six AD licensed banks are included and the transaction amount was US$6.89 million and the exchange rate was 2,920/2,922 kyats per dollar.

The CBM has also provided the sale of dollar using USD SWAP financing, and the amount was US$1.2 million.

The CBM states that the exchange rate traded in the online trading program is the market price and the exchange rates shown in other places, including social media, are illegal.

On June 21, 2023, CBM notified AD licensed banks to submit online transactions between banks and customers and customer-to-customer online transactions to the CBM.