Although the Central Bank of Myanmar (CBM) has set a reference exchange rate as 2,100 kyats per US dollar, the actual rate in the black market is around 3,100 kyats, according to foreign currency dealers.

However, some exchange counters have reportedly closed.  

“In the black market, one US dollar is worth over Ks3,000. This afternoon, they (money changers) are buying a dollar for Ks3,100 and selling it for Ks3,200,” said a man who sold his dollars at an exchange counter.

According to the local foreign currency market on July 10, other foreign currency exchange rates were Ks3,110 per euro, Ks2,160 per Singapore dollar, Ks655 per Malaysian ringgit, Ks85.40 per Thai baht and Ks21.20 per Japanese yen.

The CBM has announced that effective action will be taken against the illegal online foreign currency exchange businesses in line with the foreign currency management law and rules.